【作者】 李贵芬；

【导师】 苏万贵；

【作者基本信息】 天津科技大学 ， 企业管理， 2008， 硕士

【摘要】 为了解决铁路运力紧张的难题,我国于2004年制定了《中长期铁路网规划》,并经国务院审议通过。根据其发展目标可以预测:未来15年我国铁路建设的资金总需求为2万亿到2.5万亿元。但近几年铁路的投资额一直徘徊在500亿至600亿元之间,资金缺口相当巨大。我国铁路正面临着加快发展和建设资金严重短缺的矛盾,铁路融资的压力巨大。我国现有融资方式难以解决我国目前铁路建设急需的巨额资金,因此,我国铁路建设融资需要寻求新的融资方式。资产证券化这一新兴的融资方式在世界范围内发展迅速,发展潜力巨大,是一种理想的方式。本文正是基于以上背景而展开研究,试图通过资产证券化这一创新工具来解决我国铁路建设融资难的问题。本文首先主要介绍了论文的研究背景、研究现状、研究目的、研究意义与基本内容框架;详细分析了世界主要国家铁路建设投融资概况和我国铁路投融资的历史沿革、目前的投融资概况,指出我国铁路建设融资方式和渠道仍比较单一,市场化融资程度低,利用资本市场的力度不够,难以解决我国目前铁路建设急需的巨额资金,我国铁路建设融资需要寻求新的融资途径,并大胆提出了把资产证券化应用到我国铁路建设融资中的设想,为以后各章的研究奠定理论基础和逻辑起点。本文其次从多方面分析了资产证券化融资模式应用于我国铁路建设的可行性;提出了资产证券化在某些铁路建设项目融资中的应用的基本模式和具体模式。本文再次主要从法律、会计、税收等制度方面来论述资产证券化在铁路建设项目融资中的应用的诸多制度障碍及特殊障碍,提出具体可行的措施和建议。本文最后总结了全文的主要观点,指出需要进一步研究的问题。更多还原

【Abstract】 In order to solve the difficulty in railway traffic, Chinese State Department has adopted the《the middle and long term Railway Network Plan》.According to its development goals, we can forecast that the next 15 years Chinese railway construction capital demand total up for 2 trillion to 2.5 trillion RMB. However, in recent years the amount of investment in railway construction has been hovering from 50 to 60 billion RMB, the fund gap is huge. Railway Construction financing is especially urgent in recent years, Chinese railways are facing the contradictions between accelerating the development and a severe shortage of construction funds, the pressure on the financing of the railway construction is tremendous. The existing financing methods and channels are difficult to solve Chinese current railway construction fund difficulty. A huge amount of fund for railway construction forces us to find new financing channels. And asset-backed securitization, as a new financing method has developed rapidly in the world, its potential for development is enormous. This paper is based on the above background, tries to solve Chinese railway construction financing problem through this innovative tool that is asset-backed securitization.This paper first introduces the research background, the research status, the research purpose, the research significance and the content of the basic framework. It analyzes the railway construction investment and financing profiles of the world’s major countries and the history, the current profiles of Chinese Railway Investment and Financing, points out that Chinese railway construction financing methods and channels are still relatively simple, market financing is on a low level, we have not made enough use of the capital market, the existing financing methods and channels are difficult to solve Chinese current railway construction fund difficulty, A huge amount of fund for railway construction forces us to find new financing channels. And bravely proposes to apply the ABS in the financing of railway construction. It provides the theoretical basis and the logical starting point for the following chapters. Then the paper analyses the feasibility of applying the ABS (Asset backed securities) in the financing of railway construction from several aspects, provide the basic model and the specific model of applying the ABS (Asset backed securities) in the financing of railway construction through rational selection and detailed planning. And then the paper describes the common obstacles and special obstacles of applying the ABS (Asset backed securities) in the financing of railway construction from the legal, accounting and tax system, puts forward specific and feasible measures and proposals. At last, it summarizes the main points of the paper, points out the issues that need further study.更多还原