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论文编号：	5253
作者编号：	2220110275
上传时间：	2013/6/5 17:39:09
中文题目：	香港上市对国有燃气企业再融资影响的研究-以B燃气公司为例
英文题目：	A Hong Kong Listing Of State-owned Gas Enterprises Financing Impact Study
指导老师：	程新生
中文关键字：	香港上市，国有燃气企业，融资方式，融资管理
英文关键字：	Hong Kong-listed, state-owned gas companies, financing methods, financing management
中文摘要：	自1993年国有企业青岛啤酒在香港上市以来，我国许多大型国有企业相继在香港上市。香港市场是世界第三大金融中心，具有健全的监管体制、全面的金融服务、成熟的股票市场。国有企业选择在香港上市既能够募集企业发展资金，同时可以利用香港国际化全球化的视野为企业引进先进技术、加强公司治理，提高国有企业的国际竞争力，满足企业财务、商业和治理三个需求，促进国有企业持续、有效的发展。国有燃气企业选择香港上市正是顺应了国有企业香港上市的国际化趋势，遵循国家大力发展能源环保事业的政策。利用香港上市的融资机制、监督管理等机制提升企业的治理水平和经营管理能力，深化企业内部改革，逐渐与国际惯例接轨。香港市场金融产品丰富，使上市后企业再融资的渠道多元化，有利于燃气企业根据自身发展周期长等情况通过多种渠道进行再融资，为企业长期发展提供源源不断的资金支持。因此，上市后的国有燃气企业如何利用香港资本市场进行再融资以及对融资如何进行管理是燃气企业未来发展的关键。目前燃气行业处于良好的快速成长期，现金流稳定，加大非住宅用户的管网建设是燃气企业未来利润增长的核心。因此为了占据更多的市场份额，必须加大对工业户的管网投资建设。本文通过以B燃气公司未来几年拟建长输天然气管线为例，介绍了B燃气企业如何利用香港资本市场优势，选择外币贷款和发行人民币债的负债融资方式筹集资金，保障项目建设顺利实施，实现公司资源价值链，满足利润增长。同时，在这种多元化的再融资方式下，企业融资管理的内部环境和外部环境都产生了变化，在项目融资过程中，要求科学预测资金需求，掌握正确的项目预测数据，合理选择适用本公司发展的融资方式和渠道。因此，香港上市不仅给B燃气公司再融资提供了多项选择，而且带动了B燃气企业再融资的高效管理。本文以天然气管线建设项目为研究对象，使融资理论与工作经验相结合，探讨了B燃气企业在香港上市对项目再融资的影响及对推动融资管理水平的提高起到的重要作用。最后对香港上市燃气企业再融资方式选择提出了一些建议，优化燃气企业融资管理模式，确定合适的资本结构，提高融资效益策略。关键词：香港上市，国有燃气企业，融资方式，融资管理
英文摘要：	Since 1993, state-owned enterprises Tsingtao Brewery listed in Hong Kong, many of China's large state-owned enterprises have been listed in Hong Kong. The Hong Kong market is the third largest financial center in the world, with a sound regulatory system, a full range of financial services, mature stock market. State-owned enterprises listed in Hong Kong to raise enterprise development funds, can take advantage of Hong Kong's international vision of globalization for enterprises to introduce advanced technology, strengthen corporate governance, improve the international competitiveness of state-owned enterprises, to meet corporate finance, business and governance demand and promote state-owned enterprises continued to develop effectively. State-owned gas companies listed in Hong Kong is in line with international trends, the state-owned enterprises listed in Hong Kong follow the policy of the country to vigorously develop energy environmental protection. The use of Hong Kong-listed financing mechanism, supervision and management mechanisms to enhance the level of corporate governance and management capacity, and deepen the internal reform of enterprises gradually with the international practice. A various of financial products of Hong Kong market facilitate the gas enterprises according to their own development cycle long to refinance through a variety of channels, to provide a steady stream of financial support for the long-term development of the enterprise. Therefore, how to use the Hong Kong capital market refinancing and how to manage the financing is the key to future development of gas enterprises. The gas industry is in rapid growth with stable cash flow, increasing the pipeline construction of non-residential users is the core of future profit growth for gas enterprises. Therefore, in order to occupy more market share, we must increase investment in the construction of the industrial user of pipe network. In this paper, taking B gas company’s proposed long-distance natural gas pipeline for example, introduce the B gas enterprises how to utilize the advantages of Hong Kong capital market, choose the mode of financing of the liabilities of the foreign currency loans and the issuance of RMB bonds to raise funds to ensure the project construction, realize company resources value chain to meet profit growth. At the same time, in such a wide range of refinancing, the internal and external environment of the corporate finance management are generated changes in the project financing process, requiring a scientific forecast capital requirements, mastering correct forecast data, choosing reasonable application of this the financing methods and channels for the company development. Therefore, listed in Hong Kong not only gave the B gas company a number of options, but has also brought the B gas companies efficient management. The B gas enterprises listed in Hong Kong on the refinancing of the project and played an important role to promote the improvement of the level of financing management. Finally, the gas enterprises listed in Hong Kong refinancing select a number of recommendations to optimize gas corporate finance management mode, determine the appropriate capital structure and improve financing efficiency strategy. Keywords: Hong Kong-listed, state-owned gas companies, financing methods, financing management
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