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论文编号：	6063
作者编号：	2120112879
上传时间：	2013/12/18 14:19:49
中文题目：	蓟汕高速公路资产证券化研究
英文题目：	Study on Asset Securitization of Jishan Expressway
指导老师：	张晓农
中文关键字：	资产证券化，高速公路，破产隔离，资产池
英文关键字：	Asset securitization, Expressway, Bankruptcy remoteness, Asset pool
中文摘要：	随着水泥、沥青、钢筋等原材料以及征地拆迁和劳动力要素价格的不断提高，高速公路建设成本也不断攀升，融资压力越来越大，政府财政拨款和传统融资方式也有一定的局限性，资产证券化作为一种新兴的融资方式，可以在资产未来收益的支撑下发行证券筹措资金，在基础建设、房地产开发以及预收账款等领域已经有所应用，显示出旺盛的生命力。蓟汕高速公路是天津市的重点工程，工程量大造价高，需要解决巨额建设资金融资问题。本文首先介绍了资产证券化的理论基础、运作原理以及高速公路的发展状况和经济特点，介绍了银行贷款、债券融资、股本融资、BOT、TOT等传统的高速公路融资模式，比较了资产证券化与传统高速公路融资模式的优势与特点，论述了我国高速公路资产证券化的发展环境和资产证券化的有利条件。在此基础上，本文系统介绍了高速公路资产证券化的基本步骤和运营模式，重点介绍了高速公路资产池组建、成立特设目的机构、信用评级与增级、证券销售以及证券化运作模式设计等问题。最后，本文在客观科学地对蓟汕高速公路交通流量和通行费收入进行预测的基础上，根据蓟汕高速公路项目实际情况，结合高速公路资产证券化的特点以及我国资产证券化的发展环境，研究和设计了蓟汕高速公路资产证券化融资运作模式，提出以成立蓟汕高速公路资产证券化公司加信托公司的特设目的机构的交易运作模式，系统研究了蓟汕高速公路资产证券化的资产池组建、信用评级与增级、证券销售、破产隔离、风险及管控等关键性问题。
英文摘要：	Along with increasing of prices of cement, asphalt, steel, land acquisition and labor, highway construction costs are also rising. Traditional financing method such as government financial allocation has some limitations. As the most important & innovative financial instruments, asset securitization is a process and technology of financing by issuing securities on the basis of future income. It has been applied in infrastructure construction, real estate development and prepaid accounts and other fields. Jixian -Shantou Expressway is a key project engineering of Tianjin. It needs to raise huge amounts of construction funds. This paper described the basis theory of asset securitization, operational principle and the development of highways, described the bank loans, bond financing, equity financing, BOT, TOT and other traditional high financing models, compared with asset securitization and traditional highway financing model, discussed the development environment and favorable conditions for asset securitization of highway. On this basis, the paper introduced the basic steps of highways asset securitization and emphatically introduced highway asset pool, credit rating and enhancement, securities sales and securitization operation mode. Finally, this paper researched on the mode of Jixian-Shantou Expressway asset securitization based on scientific forecast on the expressway traffic flow and tolls income, proposed to establish special purpose company of Jixian-Shantou Expressway asset securitization, Studied of asset pool formation, credit rating and enhancement, securities sales, bankruptcy remoteness, risk and control and other key issues.
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