京沪高速铁路项目融资研究-工商管理专业论文.docxVIP

北京交通大学硕十字{古论文 摘要 通过对京沪高速铁路项目的认真分析，总结了项目融负结构的特 点，对其财务效益、国民经济效益、竞争性、公益性、风险性进行了 分析归纳。对日本、法国、德囡以及韩国等同外 主要的快速轨道系统 的投融资案例进行了分析，同时对 三峡工程、西 气东输、南水北调等 国内重大工程案例进行了分析.总结了其融资结构特征，根据总结的 经验，对本项目在资本结构、资本舍、债务资余筹措等方面的启示 ill 11 了初步的分析和研究 根据国内外 JiHl 建设经验、项目融资特点以 及风险对债务资金比例的约束，确定了本项目的资本余比例。 同时分析现阶段本项目的融 资环境，对各种可能的国际融营i !t 革 迸行了研究，分析了本项目采用的可能性和成本比较。国内融资环境 方面， 分析了国家财政性资 余、中长期 信贷融资、企业债券融资 、股 票融资、自筹资余以及其他资合来源渠道和融资方式的变化趋势， :Jí 从财政性资余运用、商业银行贷款、发行股票、债券融资等方面分衍 了我国加入 WTO 对国内固定资产投资渠道的影响。最后，集巾讨论权 益资余和债务资金各种潜在来源的成本比较及其选择，并提出可行的 磁资方案。另外，提出了因家应对本项目提供的有关政策支持建议以 及建设单位应采取的规避风险措施。 关键字:高速铁路 项目融资 .t t京交涵大学十学位论文 Abstract Through seriously analyzing Beiji吨-Shanghai High-叩eed Railway Project，the characteristics of the financing structure of this project is analyzed and concluded which indude the finance benefits，the national economy bene币ts，the competition ， the non-profit prope内y and the venture. The investment and financing s on oveeas leading railway systeins from Japan，France，German and Korean are studied. At the same time ，the ones on domestic momentous projects such as Sanxia Pr句ect，West-East Natural Gas Ttransmission Project，South-North Water Transm ission Project are also studied . According to the characteristics of the 白nancing structure deríved from these cases，the inspirations on the capital structure ，the capital in cash and the debt money mobilization of Beijing-Shanghai High-speed Railway Project are analyzed and studied elementarily. The ratio of the capital in cash on this railway project is ascertained based on the experiences 01 the project constructing at home and abroad，the characteristics of projects financing and the restriction on the ratio 01 venture capital to debt pital. The financing environment at this stage is anaJyzed. Based on the study of every possible overseas financing channeJs，the possibiJities and cost of those channeJs which can be introduced to this project analyzed. For the domestic financing environment ，the national financial capital，the midd