【作者】 武玉琴；

【导师】 夏洪胜；

【作者基本信息】 暨南大学 ， 企业管理， 2006， 博士

【摘要】 本文以我国高速公路项目融资为研究对象，通过融资结构理论，结合实证用主成分分析、相关分析的方法，从公司层面、项目层面、净资产收益率层面，分别研究了—影响高速公路企业融资结构及高速公路项目融资结构的主要因素，对不同净资产收益率高速公路项目设计出不同的融资结构以降低融资成本。 首先在公司层面，本文以国内已上市21家高速公路类企业为研究对象，通过主成分分析确定了影响高速公路上市公司融资结构的5个主成分，它们是国有化程度及实力、公司的经营成长性、公司非债务税盾、公司的短期偿债能力和公司的盈利能力；接着通过相关分析确定了5个因素是如何影响融资结构的，确定公司国有化程度及实力、公司的非债务税盾和公司的短期偿债能力与融资结构具有显著的负相关关系。 其次在项目层面，由于高速公路项目在资金量、运作模式以及存续时间上的特殊性，本研究将运用于企业层面的融资结构理论运用于高速公路项目；通过主成分分析确定了项目的短期偿债能力、项目盈利能力、项目成长性和项目经营能力是高速公路项目融资结构的主要影响因素，其中项目盈利能力与融资结构正相关，即有充足的净资产收益率的项目应保持较高的负债率。 最后，从项目净资产收益率层面，分析了不同收益率的高速公路项目，如何设计融资结构以降低融资成本；得出对于净资产收益率较高的高速公路项目，应加大资产负债率以减少融资成本；对于净资产收益率一般的高速公路项目，应降低资产负债率以减少融资成本；对于净资产收益率很低的公益性高速公路项目，也应降低资产负债率，提高自有资本比例以减少融资成本。更多还原

【Abstract】 The dissertation is a study of the financing of highway projects based on the theories of the financing structure, together with positivist component analysis and correlation analysis. From the multiple perspectives—the level of corporations, of projects, and of capital income rate, the main factors influencing the financing structure of highway enterprises and of highway projects are highlighted respectively, and the different financing structures for highway projects with different capital income rate are designed to reduce the financing cost.In the level of corporations, with the focus on the 21 listed highway enterprises in China, 5 major factors are identified via component analysis, which will influence the financing structure of the listed highway corporations. They are the corporative scale and structure of the shareholding, non-debt tax shield, feasibility of the development, ability to gain profits and to pay off the debts in the short term. Through correlation analysis, it’s discovered how the 5 factors influence the financing structure, and that there exists the obvious negative correlation between the corporative scale and structure of the shareholding, non-debt tax shield, ability to pay off the debts in the short term and the financing structure.In the level of projects, the theories of financing structures relevant to the study of corporations are applied to the study of highway projects because of the special attributes of the sum of the capital, operating patterns and time limits of the existence of highway projects. It’s concluded through component analysis that for the projects, their ability to pay off the debts in the short term, to gain profits , to develop and to operateted well are very important. Among all of these, to gain profits have profound impact on and have the positive correlation with the financing structure of highway projects. The projects with adequate capital income rate should have much higher debt rate.From the perspective of the capital income rate of the projects, it’s discussed how the highway projects with different capital income rate plot their financing structure to reduce the financing cost. The highway projects with higher capital income rate are advised to increase capital debt rate and those with average capital income rate just to decrease capital debt rate. And the highway projects for the public welfare with much lower capital income rate should also reduce their capital debt rate to raise the proportion of their own capital to cut down the financing cost.更多还原