摘要
我国经济和对外贸易的迅速增长带来了海运业的繁荣。随之而来的,是港口
建设的高潮。但是,在进行港口基础设施建设的同时,也不能忽视配套服务的完
善。在我国很多港口,对拖轮船队的规划和融资仅依赖决策者的经验。本文基于
锦州港的历年数据,对港口如何规划拖轮船队,使之与港口发展相协调进行了探
讨。并且在如何选择拖轮船队的融资方式方面,创新地从优化上市公司资本结构
的角度进行了选择。

本文首先基于港口吞吐量,对锦州港未来拖轮船队的规模进行了规划。然后,
在考虑资金的时间价值的基础上,以总盈利最大为目标,估算了锦州港3700马力
型拖轮的经济适用年数。接下来,文章以锦州港上市为背景,从优化整个公司的
营运效率角度建立了多目标约束方程。以公司的资本构成、股东收益、经营风险、
资本保值增值能力、偿债能力为约束,求出了锦州港最佳的资本结构。并以此对
锦州港未来购置船舶的融资方式提出了建议。

关键词:拖轮;船队规划;融资方式
ABSTRACT
The high speeds of the economy's and foreign trade's developments bring about
the prosperity of shipping industry. Coming along with it, is the popularity of the
construction of ports. However, we should not neglect the investment of supporting
facilities while focus on infrastructure development. In many Chinese ports, the vessel
planning and financing methods merely based on the experience of decision makers.
This thesis discusses these questions using the data from Jinzhou Port. Meanwhile, it
selects the best financing method from the perspective of achieving best capital
structure for listed companies.
First of all, based on the forecast of the port's throughput, this thesis makes a
schedule for Jinzhou Port to expand its tugboat vessel. After that, considering time
value of money, the thesis gets the economic life of 3700PS tugboats in Jinzhou Port in
the aim of getting the most profit. In the following part, the paper builds a group of
constrained equations. The equations are originated from various objectives, namely
capital structure, ROA, operating risk, capital maintenance and appreciation and debt
solvency. In the last part,
Key Words: Tugboat; Engineering construction; Consulting; Strategic planning