A 集团是于 2002 年市政府新一轮投融资体制改革的大潮下成立的，受市政府委托承担全 市重大交通基础设施项目的融资、投资、建设和管理任务。 本论文研究的集团路桥隧板块主要采用“一路一公司”的运作和经营管理模式，这种模式 在高速公路等重大设施建设和运营初期适应了当时的宏观政策环境，有力支撑了交通建设发 展。但随着路网的逐步完善和外部环境的变化，路桥隧板块面临的问题逐步凸显，主要表现 在：各路桥隧公司之间发展不平衡、部分项目债务负担沉重、部分项目面临收费到期，现有 经营管理模式已难以适应发展需求。 本论文通过对集团所属路桥隧公司的投资建设概况、经营管理模式、收费运营状况等基 本现状进行分析评价，在运用 PEST 分析法、SWOT 分析法等对路桥隧公司的内外部环境、 优势劣势、机遇挑战等进行全面分析的基础上，对各路桥隧项目未来一段时间内的交通流量、 收入成本、财务状况等进行科学预测，研究提出了集团路桥隧公司的统贷统还方案，并评估 统贷统还方案实施的可行性及相应的对策措施，为提升集团路桥隧板块整体财务状况、实现 综合资金平衡提供了很好的解决思路。 关键词: 路桥隧公司；资金平衡； 统贷统还II Abstract Founded in 2002, Group A is the operating and management entity of state-owned assets authorized by Nanjing municipal government. Entrusted by the government to undertake the financing, investment, construction and management of major transportation infrastructure projects in Nanjing. At present, the HBT sector mainly adopts the management mode of one road one company, which strongly supports the development of Nanjing transportation construction. However, with the gradually improved road network and a changing external environment, the problems faced by the HBT sector are surfacing, which are mainly reflected in the unbalanced development among various companies and the heavy debt burden and the almost expiring charging rights of some road companies. Meanwhile, the existing business management mode has been found difficult to meet the current needs of the overall development. This paper aims to analyze and evaluate the current management and financial status of HBT companies, to analyze the national macro-control policies of the adjustment of toll rights, and the “system-loan, system return” of loan-returning highways. By evaluating the feasibility, this paper aims to provide ideas for the overall improvements of the financial status and comprehensive balance of capital of the group’s HBT sector. Key words: loanreturning highways；financial balance of cash flow；interconnected loan system and interconnected returnsystemIII 目录 第一章 概述.................................................................................................................................................................1 1.1 研究背景和目的........................................................................................................................................... 1 1.1.1 研究背景............................................................................................................................................ 1 1.1.2 研究目的............................................................................................................................................ 1 1.2 文献综述........................................................................................................................................................2 1.2.1 国内外收费公路资金来源研究........................................................................................................2 1.2.2 国内外收费公路资金平衡模式研究................................................................................................2 1.2.3 国内外统贷统还理论及政策研究....................................................................................................3 1.3 研究方法........................................................................................................................................................4 1.4 研究内容........................................................................................................................................................4 第二章 A 集团路桥隧公司的基本现状.....................................................................................................................6 2.1 国内外收费公路总体概况...........................................................................................................................6 2.1.1 国外收费公路概况............................................................................................................................6 2.1.2 国内收费公路概况............................................................................................................................7 2.2 集团路桥隧公司的基本概况.......................................................................................................................8 2.2.1 投资建设概况.................................................................................................................................... 8 2.2.2 经营管理模式.................................................................................................................................... 9 2.2.3 收费运营状况.................................................................................................................................. 10 2.3 本章小结......................................................................................................................................................14 第三章 A 集团路桥隧公司的业务分析...................................................................................................................15 3.1 外部环境 PEST 分析................................................................................................................................... 15 3.1.1 政治分析.......................................................................................................................................... 15 3.1.2 经济分析.......................................................................................................................................... 15 3.1.3 社会分析.......................................................................................................................................... 15 3.1.4 科技分析.......................................................................................................................................... 16 3.2 A 集团路桥隧公司的 SWOT 分析.................................................................................................................16 3.2.1 优势分析（Strengths）...................................................................................................................16 3.2.2 劣势分析（Weaknesses）...............................................................................................................17 3.2.3 发展机遇分析（Opportunities）....................................................................................................18 3.2.4 面临威胁及挑战分析（Threats）..................................................................................................20 3.2.5 业务发展策略矩阵..........................................................................................................................21 3.3 战略规划......................................................................................................................................................22 3.4 本章小结......................................................................................................................................................23 第四章 A 集团路桥隧公司的财务状况评估.......................................................................................................... 24 4.1 财务状况评估总体说明............................................................................................................................. 24 4.1.1 测算思路.......................................................................................................................................... 24 4.1.2 测算前提.......................................................................................................................................... 24 4.2 项目交通流量预测分析............................................................................................................................. 25 4.2.1 交通量预测思路..............................................................................................................................25 4.2.2 交通量预测结果..............................................................................................................................25 4.3 各路桥隧公司单体财务状况评估.............................................................................................................26 4.3.1 各项目收入分析..............................................................................................................................27 4.3.2 各项目成本分析..............................................................................................................................28 4.3.3 各项目财务评价..............................................................................................................................31IV 4.4 集团路桥隧公司整体财务状况评估.........................................................................................................32 4.5 本章小结......................................................................................................................................................32 第五章 A 集团路桥隧公司的统贷统还方案研究.................................................................................................. 33 5.1 政策环境分析............................................................................................................................................. 33 5.2 省内外借鉴................................................................................................................................................. 33 5.2.1 省级统贷统还做法..........................................................................................................................33 5.2.2 外省统贷统还做法..........................................................................................................................34 5.3 预测效果与对策措施................................................................................................................................. 35 5.3.1 统贷统还方案.................................................................................................................................. 35 5.3.2 统贷统还效果.................................................................................................................................. 36 5.3.3 相关对策措施.................................................................................................................................. 37 5.4 本章小结......................................................................................................................................................37 第六章 总结与展望.................................................................................................................................................. 38