自从2011年开始,国家央行连续五次上调存款准备金率,使得各银行金融

机构放贷额度不断萎缩。“十二五”全国大规模开展基础设施建设,从事公路建

设的公司就必须不断拓展融资渠道,使得融资多元化。本文以交易成本、融资次

序理论为理论基础,构建了公路建设的债务性融资模式,研究了公路建设债务性

融资决策,为公路建设融资提供了科学的决策方法。

本文以甘肃省公路航空旅游投资集团有限公司(以下简称省公航旅集团)为

研究对象。首先,介绍了融资相关理论,交易成本理论和融资次序理论,为建立

系统、科学的债务型融资模型打好理论基础,同时介绍了公路建设融资途径及公

路企业融资现状。其次,对省公航旅集团融资现状进行分析,介绍了省公航旅集

团发展历程,当前财务状况及融资情况,及当前融资存在的问题。再次构建了省

公航旅集团融资方案。在以融资目标和原则的指导下,提出了不同的融资方案,

运用交易成本理论和融资次序理论,选择适合省公航旅集团融资方案。同时分析

了融资方案实施存在的主要风险,提出了防范措施,更好保障方案实施。

最后,通过对省公航旅集团融资方案进行评价,逐一分析各方案优缺点,为

公司各层次的决策者提供必要的、有价值的信息,从而为公司顺利完成省委省政

府既定十二五基础设施建设资金募集工作打下坚实基础。

关键词:省公航旅集团;债务性融资模型;构建;应用;方案

ABSTRACT

Nationwide infrastructure construction in a large-scale arises resulting from the Twelfth

Five-Year Plan, offering a favorable opportunity to the highway construction enterprises; however

the enterprises are still facing a challenge that lending quota in financing institutions is

unceasingly reducing as the Peoples Bank of China has consecutively increased reserve

requirement ratios for 5 times since the year of 2011. Therefore, a highway construction enterprise

has to expand and so as to diversify its financing channels to break through. This paper is to

establish a debt financing model and study debt financing decision-making against highway

construction industry using the transaction cost and pecking order theories as theoretical basis,

finally provide scientific and reasonable solution for financing decision making against highway

construction.

This paper takes the Gansu Provincial Highway Aviation Tourism Investment Group Co” Ltd.

(GHATG) as the object of study. Firstly, it presents the corresponding financing theories, including

transaction cost and pecking order theories, to establish a solid theory basement for the systematic

and scientific financing model-setting, and gives an overview on the financing channels for and

the current financing state of highway construction enterprises. Secondly, analyzes the GHATG'

financing state, presenting its development history, current financial and financing conditions and

its chock points in financing; subsequently, proposes various financing solutions under the

guidance of financing target and principles,and select appropriate ones for GHATG after

comprehensively comparing and analyzing based on the cost model, which is built by utilizing the

transaction cost and pecking order theories. Finally, proposes proper risk prevention actions after

studying and analyzing the risk posing by the solutions selected,and ensures the feasibility of the

solutions,so as to provide the decision makers at all levels with the necessary and valuable

information, consequently lays a foundation for the fund-raising for infrastructure construction

required by the provincial Party committee within the scope of Twelfth Five-Year Plan.

Key words: LS Reshipment;Financial Analysis Model; Building; Application