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论文编号：	7909
作者编号：	2120132744
上传时间：	2015/12/8 15:58:14
中文题目：	天津高速公路集团有限公司融资问题研究
英文题目：	Study on Financing Problems & Solutions of Tianjin Expressway Group Co.LTD.
指导老师：	杨斌
中文关键字：	高速公路；融资；资产证券化；融资租赁；PPP；直接融资
英文关键字：	highway；financing,asset seuritization；direct financing；financing lease
中文摘要：	融资就是企业通过各种方法向金融机构筹集资金的过程。按照不同的分类方式，融资有许多类型，如直接融资和间接融资、国内融资和国外融资、信用融资和担保融资，等等。 高速公路的特点是资金需求量大、建设工期长、回报周期长、受政策影响比较大，是典型的劳动、技术、资金密集型行业。天津高速公路集团有限公司在20年的发展过程中，在政府投入较少的情况下，通过吸引直接投资、银行贷款、发行信托等方式积极筹集建设资金，出色地完成了一大批公路建设项目，同时也积累了巨额的债务，导致财务费用居高不下。目前高速集团公司每年通行费收入根本无法覆盖当年本息支出，为了维持公司正常运转，只能通过债务性融资方式筹集资金，致使公司负债规模不断增加，自2011年开始出现亏损并逐年加大。 如果天津高速公路集团有限公司仍然以现状继续融资，资金情况将不断恶化，后续建设项目融资愈发困难，项目难以为继，甚至出现无法偿还银行贷款本息的情况，届时企业可持续发展将会受到巨大挑战和威胁，面临生死存亡的考验。本文通过对过去融资工作的深入总结发现，以银行贷款为主的间接融资方式财务成本十分高昂，而发行证券等直接融资方式财务成本相对较低。同时，资产证券化、融资租赁等行之有效的融资手段，在高速公路领域有过成功案例，其他省市和发达国家有许多有益的经验、成熟的模式可以借鉴，天津高速公路集团有限公司完全可以使用这样的融资方式来筹措资金。 全文分为六章。第一章简要介绍论文的研究背景、研究方法、研究目的；第二章对相关融资理论和文献进行介绍；第三章对天津高速公路集团有限公司融资问题进行介绍；第四章对国内高速公路常用融资方式进行比较，并介绍了其他几个具有代表性的发达国家和兄弟省市在高速公路融资方面的经验和模式；第五章提出了关于天津高速公路集团有限公司创新融资体系的建议，主要是立足于增强企业盈利能力，构建基于不同时空的、从间接融资向直接融资转变的新型融资策略；第六章对全文进行回顾总结。
英文摘要：	Financing is the process of using various ways to raise funds. According to the different classification methods, there are many types of financing. For example, direct financing and indirect financing, domestic financing and international financing, credit financing and secured financing,etc. The highway is a labor, technology, capital intensive industry.Each highway needs a lot of money, and its investment cycle is very long. In the 20 years of development, Tianjin Expressway Group Co.LTD. raised a lot of money through bank loans, foreign investment, the issue of trust,etc.At the same time of constructing so many highways, the company also accumulated a lot of debt. Nowadays annual toll cannot pay off the loan principal and interest. In order to maintain company normal operation, Tianjin Expressway Group Co.LTD. has to continue raising money by borrowing. This led to the increasing debt scale. If the situation continues to deteriorate，the follow-up will be unsustainable。Tianjin Expressway Group co.ltd.will be unable to build new roads,aslo is unable to repay bank loans.The Company may go bankrupt. To avoid this situation, this paper studied the history of financing of Tianjin Expressway Group Co.LTD., revealed the difference between direct financing and indirect financing. The paper also studied the new financing approaches such as financing leasing, asset securitization,etc.What’s more, the paper summarized the experience of other provinces and foreign countries. The paper is divided into six chapters. The first chapter briefly introduces the thesis research background, research methods, research purposes.The second chapter introduces related financing theories and literatures.The third chapter introduces the financing problems of Tianjin Expressway Group co.,ltd..The fourth chapter carries on the comparison to commonly used domestic highway finance methods, and introduces several representative cities and provinces of highway financing experience, even introduces the highway financing model of developed countries. The fifth chapter puts forward innovative financing system suggestion of Tianjin Expressway Group co.,ltd. on the basis of enhancing enterprise’s profitability .Main content of the strategy is changing indirect financing into direct financing .The sixth chapter reviews the full text.
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