四川高速公路公司筹资渠道优化探究.pdf

筹资渠道的优化，即采取多种形式和手段，最大限度地发挥其筹资潜 力，以缓解目前建设资金的短缺情况。更指在新的时期，拓展新的筹 资渠道，利用企业债券、信托投资、BOT等新的筹资渠道筹集更大 金额的，成本更低的，财务风险更小的高速公路建设资金。 【关键词】高速公路 筹资 研究 ABSTRACT TheExpresswayinSichuanProvincehasbeengreatlydeveloped since the construction ofChengdu-Chongging Expressway was commencedin1990.Duringthetwelveyears,atotalnumberofeighteen expresswayprojectshavebeenconductedandmorethanRMB40billion yuanhasbeeninvestedExpresswayprojectsbytheendof2002.More than 1500km expresswayhasbeenconstructedthroughoutSichuan Western Provrnce,whichranksthe5tintheCountryandthe15`inthe RegionofChina.Accordingly,agroupofExpresswayCompanieshave beenestablishedwhoareLegalPersonsoftheExpresswayProjects takingchargeoftheconstructionmanagementoftheExpresswaysand theoperationandmanagementofthecompletedExpressways.The constructionofExpresswayshasthecharacteristicsofstrongpublic welfare,extralargeamountofinvestment,diversifiedchanneloffund raising,longterm ofinvestmentrecoveryandlargeproportionof financialexpensesinconstructioncost.Thus,theExpresswayCompany isdifferentfromordinarymanufacturingenterprise,i.e.,largeinvestment scale,diversifiedinvestmentchannel,highratioofassetliabilities,high financialexpensesandbadrecenteconomicreturn.Astothesecompanies, itisoflong-termsignificanceandrealisticimportancetosearchforthe smoothchanneloffundraising,enoughcapitalforconstruction,decrease ofthecostforfundraisingandfinancialrisks. Itisstillaperiodofhigh-speeddevelopmentoftheExpressway ConstructioninSichuanProvince.IntheTenthFiveYearPlanstarted rfom2001,itisplannedtogoonconstructingfiveExpresswayProjects, newlycommencethirteenExpresswayProjectsandopen800-km expresswaytotrafficwithatotalinvestmentdemandofmorethanRIAB 35billionyuan.Withtheenlargementofconstructionscale,thedemand forfundwillaccordinglyincrease.Lackingofconstructionfundhas becomeanurgentanddifficultproblem. Thi