【作者】 季芳；

【导师】 张华伦；

【作者基本信息】 西安理工大学 ， 工商管理， 2006， 硕士

【摘要】 本文以福建省高速公路项目融资为背景,研究了目前存在于国内外的多种融资方式,其中包括银行贷款,债券融资和股票融资,BOT、ABS以及产业投资基金。通过对各种融资模式的利弊分析并结合福建省当前的实际情况,并在总结了国内外BOT融资的实践及在福建省的成功经验的基础上,确定适合永武高速公路建设的融资模式—BOT融资模式。本文运用市场客货运量、未来交通量预测和微观经济学理论和方法,特别是公路建设项目经济评价办法,对拟建永武高速公路进行了交通量和收费预测,分析和测算了营业收入、建设总成本、和其他费用等,得出了拟建永武高速公路的现金流量表,并在确定出该项目投资基准折现率的基础上,分析了该项目的收益,确定了该项目的投资可行。开展了财务敏感性分析,得出项目的盈利能力是由交通量和收费费率决定的,投资者在决策时以及在今后的经营中应将重点放在这两个方面。本文还对拟建永武高速公路BOT融资过程中可能出现的风险进行了系统探讨,提出了相应风险的管理方法,确定风险分担结构,提出风险控制措施。在此基础上,定性分析和定量分析相结合,在对风险进行界定后运用层次分析法,对拟建永武高速公路采用BOT融资模式的风险进行综合评价,得出各风险都属于“小风险”范围,说明永武高速公路采用BOT融资风险偏低。本文通过对BOT融资方式及其风险管理理论的系统探讨,希望能为永武高速公路建设的融资方式提供一些可操作性的建议。更多还原

【Abstract】 The thesis is about the highway project financing for FuJian province. By analyzing the advantages and weaknesses of project financing modes, including loan ,debenture financing ,stock financing,BOT, ABS Industrial fund, the writer choses the the right mode-BOT for YongWU Highway according to the actual circumstance in Fujian .The thesis makes prediction about the communication volume and toll of Yongwu Highway .It makes program assessment in terms of finance and sensitivity analysis.The thesis uses the theory and methods of prediction and micro economics,especially the theory and method of highway program economy assessment,the takings and the running cost will be analyzed and measured to determine the runoff of the cash during the project running,after the standard of the income rate in the project has been set.The income will be analyzed to confirm the feasibility of investing the project.The sensible factors of the takings in the investing project wil be analyzed,of which the traffic value and toll rates will be the key aspects in the decision-making on the investing and the operating management in the future.The thesis also analyzes the risk in construction of Yongwu Highway BOT project financing. Then certains importance degree of every kind of risk.On the basis of qualitative and quantitative anlysis,the writer use the analytic approach to confirm various kinds of risk ,to confirm the structure of allocation of risks,to propose the control measure of the risk. The writer hope to offer some effcctive suggestions for the construction of Yongwu Highway .更多还原