我国港口资产证券化问题研究

【作者】 李娜；

【导师】 曲林迟； 甘爱平；

【作者基本信息】 上海海事大学 ， 国际贸易学， 2007， 硕士

【摘要】 近几年来，随着中国经济的快速增长和外贸进出口货运量的急剧上升，中国港口特别是沿海港口吞吐量增长迅速。与此同时，港口吞吐能力和实际吞吐量的供需矛盾日益突出，一些大型专业化码头普遍超负荷运作，港口生产形势非常紧张。此外，很多港口基础设施建设呈现结构性矛盾，港口功能结构不适应经济发展的需要。究其原因，这种港口供需紧张的局面很大程度上是因为资金投入不足造成的。本文的目的即是为当前普遍存在资金短缺问题的中国港口提供一种相比外资和银行贷款等更加优越的融资方式，其研究内容主要包括中国港口的供需现状、资金来源、融资方式以及资产证券化问题。文中首先对中国港口(沿海和内河)的建设情况、吞吐能力及吞吐量的发展进行了全面的分析，对港口吞吐量和国家主要经济指标进行了相关性研究，认为当前我国港口存在着供给不足的情况。紧接着分析了当前中国港口的资金来源，指出单靠财政直接投资港口建设，资金捉襟见肘，应该寻求港口融资途径的多元化，并对国内外港口的投融资体制和投融资方式进行了比较，总结了我国港口企业的融资方式，分析对比了各项融资方式的利弊，提出港口融资创新工具——港口资产证券化。然后，介绍了资产证券化理论及全球资产证券化市场，阐述了我国资产证券化的发展，分析了我国港口资产实行证券化的动因，指出了港口资产证券化的必然性、可行性，并引入我国以往基础设施资产证券化的经验加以借鉴。接下来，明确了目前在我国实行港口资产证券化所面临的市场障碍、法律障碍以及制度障碍。最后，针对我国国情，提出了港口资产证券化的对策，并建议以天津港为试点进行港口资产证券化操作，分别提出了离岸和在岸两套不同的资产证券化操作方案，对我国港口资产证券化实践操作起到了指导借鉴作用。更多还原

【Abstract】 With the strong growth of Chinese economy and fast increase in the import and export of cargo transportation during the last few years, throughput of Chinese ports especially coastal ports have kept a rapid growing speed. At the same time, the contradiction of operating capacity and factual throughput is apparent, and the situation of port operation is very tense. Moreover, in many ports, there presents structural contradictions in the infrastructure construction, and the functional structure of ports couldn’t satisfy the needs of economic development. The intense situation between port demand and supply there arises, to a large extent, is due to fund deficiency.The paper mainly deals with the status in quo of the domestic port demand and supply, funds resources, the financing methods of Chinese ports and the problems of the asset-backed securitization. The purpose of the paper is to provide Chinese ports with a better port financing method compared with foreign investment, bank loan and so on.First of all, the paper gives a thorough analysis of the construction, throughput capacity and throughput quantity of Chinese ports (coastal ports and freshwater ports). It includes relevant studies on port throughput quantity and main national economical indexes. Then, it analyzes the sources of funds for Chinese ports, and compares the systems and modes of investment and financing between domestic and foreign ports. It also summarizes the previous as well as the current national policies concerning investment and financing, and concludes of the financing methods for port enterprises. Secondly, it introduces the basic concepts and the history of development for asset-backed securitization, as well as the global market for asset-backed securitization. On such basis, it analyzes the reason and the feasibility of asset backed securitization for Chinese port. Some cases are also introduced to give an example to realize the asset backed securitization of Chinese port. Thirdly, the paper points out the obstacles on the way to realize the asset backed securitization. Finally, it gives the way to solve these problems and suggests Tinajin Port as a good enterprise to have a try.更多还原