摘要
高速公路行业在国民经济发展中占据着非常重要的地位，在经济发展过程
中高速公路里程及通达程度也在一定程度上反映着一个国家的经济发展水平，
随着我国经济总量的不断扩大，人民生活水平全面进入小康，提高物流效率，
便捷大众出行，成为高速公路行业的发展目标，而要实现这一目标，必然要进
一步扩大公路建成里程，高速公路网络化、智能化、便捷化成为必然选择，立
体交通的运用和衔接成为必然的发展趋势。综合交通的发展离不开资金投入，
而企业自身的资金投入往往难以满足建设需求，融资问题自然而然的成为各个
企业考虑的要素，制定切实可行的融资战略成为企业发展的必然选择

融资战略作为财务战略的子战略，属于企业的职能战略，尤其对于大型企
业来说，有效的融资战略直接关系到企业的发展和社会功能的实现。本文首先
阐述了研究的背景和意义，融资方面相关的理论，研究的思路、方法及运用的
工具；其次运用 PEST 分析法对甘肃省公路航空旅游投资集团有限公司的宏观
环境进行分析，运用行业周期理论和波特五力模型对企业行业环境进行分析；
接着通过资料收集，对企业内部环境进行全面分析；最后运用内部因素评价矩
阵（IFE 矩阵），外部因素评价矩阵（EFE 矩阵）、SWOT 分析矩阵、定量战略
计划矩阵（QSPM 矩阵）对企业融资战略进行分析、制定和选择，并最终提出
实施保障措施和建议

通过本文对融资战略的分析，可以得到如下结论：1、通过外部和内部融资
环境分析可知，省公航旅集团所处的高速公路行业融资与企业外部环境和行业
环境的相关性很高。2、通过内外部因素评价矩阵、SWOT 分析矩阵和 QSPM
矩阵的分析可知，集团公司适合采用母子公司协同融资创新战略，即借助各种
发展机遇，整合优质资产，主业与辅业经营相结合，形成合力，打造优质子公
司，形成多个融资渠道，探索 PPP 融资模式及股权融资渠道。3、为保障融资
战略的实施与控制，省公航旅集团应该一方面采用资本结构战略，优化债务结
构，一方面采用融资渠道战略，创新融资渠道

关键词：高速公路；融资模式；职能战略MBA 学位论文 作者：陈伟光 甘肃省公路航空旅游投资集团有限公司融资战略研究
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Abstract
Expressway Industry, evidently plays an significant role in supporting the national economic
development. Therefore, it is inevitable that highway’s accessibility as well as its mileage, to
some extent, could reveal the trend of a nation’s economic growth. As our economy develops, the
living conditions of the people have been improved accordingly. Yet, various vital factors should
be taken into account as to attain the objective of maximizing logistics efficiency as well as
achieving better public travel experiences. It seems that by combining highway mileage
expansion with network; intelligentialize and convenience highway constructions could therefore
accomplish our task objectives in fact take place. In addition to that, no only the
three-dimensional transportation’s utilization but also their engagements will surely leading the
social development trend. Even though integrated transportation development is heavily relied on
the capital investment, enterprise, on the other hand, its own capital investment fails to fulfill
demands of construction. As a result, the concerns of financing problems therefore automatically
fall on each business to take careful consideration. The implementation of feasible financing
strategies, to some extent, is a necessary choice for sustainable organizational development.
Financing strategy, being a subsidiary strategy of financial strategy, belongs to enterprise
strategic analysis functions. Especially for large-scaled enterprises, for instance, it is very much
essential to concentrate on selecting a valid financing strategy which might directly have
far-reaching impact on its current development status quo and the realization of social functions.
This article thus therefore elaborates the research background and its significance; finance
related theory, aims and methodology are also included in this study. Firstly, PEST analytical
approach is applied to Highway Air Travel Investment co., LTD of GanSu province to conduct
macro-environment analysis. Via the adoption of Bussiness Cycle Theory and Michael Porter’s
Five Forces Model demonstrate the procession environment of the business enterprise as a whole.
Then through data gathering, a comprehensive analysis of enterprise’s internal environment, as a
result, is complete. One side, it analyses strategic choice for the financing of an enterprise by
Internal Factor Evaluating Matrix (IFE matrix) and External Factor Evaluating Matrix (EFE
matrix). On the other hand, however, SWOT analysis together with Quantitative Strategic
Planning Matrix (QSPM matrix) illustrates how strategies are formulating and chosen by the
organization. As a result, applicable actions and assurance measures are scheduled to go forward.
Considering the results of financial analysis in this thesis, the conclusions were summarizedMBA 学位论文 作者：陈伟光 甘肃省公路航空旅游投资集团有限公司融资战略研究
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as follows: 1) There is a high correlation between Expressway Industry financing (where
Highway Air Travel Investment co., LTD has involved in) and enterprise’s external as well as
industrial environments. 2) In accordance to various matrix as aforementioned (IFE matrix/ EFE
matrix/ SWOT/ QSPM matrix), parent-subsidiary cooperative financing innovation strategy
appeals to be an ideal means for group company to employ. In other words, with the aid of new
opportunities for development such as high-quality assets consolidations and marriages of
principal-and secondary business could then translate into concerted efforts. With those efforts
building a superior subsidiary corporation is possible. Meanwhile, not only the formation of
multiple financing channels but also the explorations in relates to PPP financing modes and
channels for equity financing should also take into consideration. 3) Highway Air Travel
Investment co., LTD, on one hand, should introduce the capital structural strategy to optimize the
debt structure in order to ensure the implementation and the control of financing strategy. On the
other hand, widening innovative channels of financing are also proposed to approach the above
objectives.
Key words: Expressway; financing modes; functional strategyMBA 学位论文 作者：陈伟光 甘肃省公路航空旅游投资集团有限公司融资战略研究
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目录
一、绪论 ........... 1
（一） 研究背景与意义 ...... 1
1、研究背景3
2、研究意义6
（二） 企业简介8
（三） 相关理论综述 ........ 9
1、国外相关理论 ........ 9
2、国内相关理论 ....... 10
（四） 研究内容与研究思路 . 11
（五） 研究采用方法及运用工具 ......... 14
1、研究采用方法 ....... 14
2、研究运用工具 ....... 14
二、省公航旅集团外部融资环境分析........... 15
（一） 宏观环境分析 ....... 15
1、政治环境分析 ....... 15
2、经济环境分析 ....... 16
3、社会环境分析 ....... 19
4、技术环境分析 ....... 21
（二） 行业环境分析 ....... 22
1、行业概况 ........... 23
2、行业运营情况分析 ... 23
3、行业固定资产投资情况分析 ....... 29
4、行业政策情况分析 ... 30
三、省公航旅集团内部融资环境分析........... 35
（一） 公司治理水平分析 ... 35
1、机构设置 ........... 35
2、管理与决策机制 ..... 35
3、内部控制 ........... 35
（二） 公司主营业务情况分析 ........... 36
（三） 公司财务状况分析 ... 37
1、财务会计信息 ....... 37
2、分析说明 ........... 37
四、省公航旅集团融资现状及问题. 39
（一）省公航旅集团融资现状分析 ........ 3
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