中央建筑企业融资能力研究

Research on the Financing Capacity of Central Construction Enterprises

研究目的:近几年,随着我国基础设施建设领域投资力度的不断加大,国内建筑企业特别是中央建筑企业进入了一个快速发展的黄金期,建筑行业的大投入、大产值、充分竞争的特点,对中央建筑企业投融资能力提出了更高的要求。本文从提升融资能力对于提高中央建筑企业的核心竞争力的重要意义出发,重点分析了中央建筑企业的融资实践现状,特别是永续中票、优先股、可交换公司债券等外部融资渠道和PPP、TOD、"投融资+设计施工总承包+回报"等投融资模式,为中央建筑企业突破发展中的资金"瓶颈"问题,不断提升融资能力提供有效参考。研究结论:(1)债券融资、权益融资、信贷融资、融资租赁、出口信贷等外部融资渠道是中央建筑企业解决发展资金问题的重要融资平台;(2)永续中票、优先股、可交换公司债券等股债兼具创新融资品种,既可增加中央建筑企业的权益,又可缓解财务压力,能够有效解决中央建筑企业对长期资金的需求;(3)包括EPC+F、BT、BOT、TOD和PPP项目等在内的产融结合新模式,是进一步提升中央建筑企业参与大型基础设施建设领域的投资建设能力的有效渠道;(4)本研究成果可应用在中央建筑企业提升融资能力领域。

Research purposes： In recent years, with china＇ s larger investment in infrastructure, domestic construction enterprises especially central government -owned enterprises have undergone a fast development period. The characteristics of lager investment, higher revenue, and sufficient competitiveness in the construction field request greater financing capacity for central government -owned enterprises. In order to raise the core competitiveness of central government - owned enterprises, this paper analyses the current condition of their financing practice, especially the external financing channel such as sustainable ticket, preference share, exchangeable bonds, and also the mode of PPP, TOD, and EPC ＋ F ＋ R. On this bases, this paper provides reference for the promotion of financing capacity so as to outbreak the ＂bottleneck＂ of financing. Research conclusions： （ 1 ） The external financing channels such as bond financing, equity financing, credit financing, finance lease, and export credit are important financing platforms of solving the financing issues. （2）The innovative financing modes such as sustainable ticket, preference shares, exchange bonds will increase the equities and release the financial pressure of the enterprises, which could fulfill the long - term financing requirement for central government - owned enterprises. （3） The new modes including ECP ＋ F, BT, BOT, TOD and PPP are efficient financing channels for promoting the investment and construction capacity of central government - owned construction enterprises in the field of large infrastructure projects. （4）The research result could be utilized to improve the financing capacity of centralgovernment- owned construction enterprises.