[Keywords] highway, financing, current situation, our country, talk, technology, based finance theory
Corporate finance theory and technology introduction
Corporate finance enterprises as capital requirements and the form of short-term and long-term financing, debt financing, equity financing and financing activities. Corporate finance techniques is the use of the several forms of financing to raise funds for the development of enterprises to provide financial security means. At present, China's highway financing model mainly includes bond financing, equity financing, bank borrowings, financing, project financing. specific content is as follows:
(A bond financing
Bond financing is an important way for enterprises to raise capital, to need statutory procedures for the issuance of bonds and repayment of principal and interest in a certain period of time. Highway construction is characterized by long duration, investment, capital returns slow, so businesses by way of the issuance of corporate bonds financing a lot of money for long-term use. bond financing the developed world, because of its interest costs than bank loans, so it is favored by the business and corporate financing. draw on the experience of developed countries, the issuance of bonds of an important channel for the company's future financing.
(B equity financing
Equity financing corporate public sale of securities in the stock market for financing economic activities. Highway stock performance has remained positive trend forward, with a total share capital, and large amounts of financing, and to take the way of equity financing for highway The building also has far-reaching significance.
(C bank borrowing facilities
Bank borrowings and financing enterprises to apply for loans to banks in financing activities, which is the main highway financing mode. Expressway in China bank borrowing facilities there are four main categories, namely domestic policy banks and commercial banks in long-term loans, short-term loans, the policy of credit, international intergovernmental credit.
(D project financing
Project finance intermediation raising significant funds for construction enterprises to carry out large-scale construction projects, project financing and comprehensive consideration of the investment structure, financing strategy, this financing method is mainly used in the construction of infrastructure, such as roads , railways, bridges, airports and other highway project financing, including three kinds of BOT (build - operate - transfer), TOT (transfer - operate - transfer, the ABS financing (asset securitization.
Second, our highway financing Analysis
With the development of the socialist market economy, China's highway construction gradually broaden the financing channels, has been from the original simple by the national investment in the development of various forms of development funding to local governments, private capital, banks and foreign. However, highway construction long construction period, funds use a large amount of economic slow effect and other prominent feature, resulting in the current financing difficulties, the status of a single financing channels. specific performance is as follows:
(A) The financing structure is irrational, a single channel
The data show that the proportion of highway financing structure of the central government invested in China, and the provincial and municipal local governments spent only about 13% of the funds for highway construction, and other funding comes mainly from commercial banks and policy banks loans. Single financing structure significantly and unreasonable for the enterprise, less government investment, corporate finance, this situation is likely to bring to the enterprise financing risks, seriously restricting the survival and development of enterprises.Links to free papers Download Center http://eng.hi138.com
(Government policy support is not enough
The Expressway Construction is the people's livelihood, infrastructure, government policy and funding support should increase efforts to ensure the long-term development of the highway construction. The government should improve relevant laws and regulations, to adjust the status of the eastern and western regions the allocation of funds to promote comprehensive and balanced development of the cause of highway construction.
(Three private financing and project financing of the development of immature
With the constant improvement of China's financial system, highway construction financing will also become more diversified in recent years, the introduction of private capital and the development of the project financing has some success, but there are still some problems by highway construction factors of long duration, gains slow wavering private capital investment. immature development of project financing, creditors only have a franchise of the construction project, but not the ownership and control of the project.
(D management and operational systems risk
Ownership and management rights of the highway construction project is a highway enterprises, which easily planted potential risks to highway construction when the construction project owner and managers in the event of a disagreement between the operators and managers, potentially triggering a negative slowdowns or construction of low-grade engineering phenomenon. highway operators control access cost pricing when pricing seriously affect highway enterprise revenue is bound to bring to the enterprise liability crisis, financing risk appears., highway enterprises must establish a sound management system, improve the operational mechanism, through the effective coordination of the relationship between businesses and builders, as well as the relationship between business and government, and comprehensively improve the management capacity of enterprises, to reduce the risk of financing.
Third, the summary
Highway is an important infrastructure to promote socio-economic development, in order to speed up highway construction, should be read in conjunction with their own reality in the way of bank loan financing, debt financing, equity financing, project financing based on innovative financing model to broaden financing channels, active use of the trust, financial leasing, short-term financing bills to raise low-cost funds to make full use of the capital markets, maximize highway listed companies financing capacity, so as to continuously improve highway financing system.
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