山东铁路建设投资有限公司(以下简称“山东铁投公司”)自2008年成立,
成立以来通过与铁路总公司(以下简称“铁总”)合资推进地方铁路建设,带动
了山东铁路建设的大发展。山东铁投公司围绕十余条铁路项目开展融资活动,
融资路径主要分为财政融资、项目股权融资及债务融资等
近年来,山东铁投公司对外投资模式逐渐由参股向控股转变,资金来源也
将发生较大变化,继续沿用原有融资结构及融资方式已不能满足公司长期发展
需要。公司当前融资活动面临着股权融资渠道狭窄,市场化融资方式欠缺等突
出问题。为保证公司可持续发展,保证投资资金需求,如何有效提升投资项目
收益及拓宽各类融资渠道,是摆在公司发展道路上的重要难题
本文将以将经典融资理论和新兴的PPP融资模式为指导,以山东铁投公司
成立以来融资活动实际情况为分析基础,对山东铁投公司自成立以来主要融资
活动和融资方式进行研究,对公司融资结构、方式等进行系统分析,从而归纳
出山东铁投公司融资活动及融资路径存在的问题及其严重性,最后,以企业融
资理论等为指导,结合行业特点,就山东铁投公司当前融资路径的改进和优化
提出具体建议,主要包括改进优化原有财政融资方式、优化拓展既有的项目股
权融资渠道及拓宽债务融资方式并提升债务融资能力
本文在以山东铁投公司为实例分析的基础上,对影响行业发展的共性问题
进行了归纳概括,尤其是对该类问题产生的背景、根源及可以采取的变革措施
进行了分析阐述,在国内各省份铁路投融资模式高度相似的情况下,这不仅能
对山东铁投公司下阶段的各项融资活动提供指导借鉴,更将对其他省份进一步
拓展融资渠道,改善铁路融资困境提供借鉴
关键词:地方铁路投融资平台;资本结构;财政融资;股权融资渠道;债
务融资山东大学硕士学位论文
ABSTRACT
With the rapid development of China9s railway construction, the railway
network has been improved significantly, and the leap in railway construction is an
essential help to the sustainable development of China’s economy. While the
investment burden of local railway has been allocated to local government more and
more,how to raise enough capital is a very difficult problem to local government.
Shandong Railway Construction Investment Co., Ltd. was founded in 2008 and
aimed to solve the financing problem of Shandong’s railway construction and
cooperate with China Railway Corporation. The financing activities of Shandong
Railway Construction Investment Co., Ltd. were focused on the 10 railway projects
the company invested, and the main financing path are government capital injection,
debt financing, public and private partnership, etc.
Recently, the company has changed its investment pattern from participate
minority share of railway projects to taking controlling interests of a railway project,
and the financing path has been changed a lot. It is not practical to use the previous
financing path. The company is facing a lot of financing problems such as equity
financing channels have not been effectively opened up, lack of market-oriented
financing, etc. The company needs to build up a sustainable financing patter, and
how to effectively enhance income of railway investment and broaden the financing
path are practical difficulties of the company.
The essay is guided by classical financing theory and popular PPP financing
theory, and based on the financing activities of Shandong Railway Construction
Investment Co.
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