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密级：保密期限：硕士学位论文题目：高速公路建设项目投融资方式的研究学号：姓名：专业：导师：学院：学位论文原创性声明本人郑重声明：所呈交的论文是本人在导师的指导下独立进行研究所取得的研究成果。除了文中特别加以标注引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写的成果作品。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律后果由本人承担。作者签名：日期：年月日学位论文版权使用授权书本学位论文作者完全了解学校有关保留、使用学位论文的规定，同意学校保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本人授权华南理工大学可以将本学位论文的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文。保密□，在年解密后适用本授权书。本学位论文属于不保密□。（请在以上相应方框内打“√”）作者签名：日期：年月日导师签名：日期：年月日高速公路建设项目投融资方式的研究摘要为支撑经济和社会全面发展的迫切需要，我国政府从2001年起，开始制定“国家高速公路网规划”，指导今后20年到30年内高速公路的建没和发展。然而，目前高速公路建设资金严重匮乏，资金来源比较单一，主要以国内外银行贷款、交通部专项资金和地方自筹资金为主，显然限制了高速公路项目进一步的发展。由于高速公路投资巨大，政府、企业的大量资金沉淀其中，产生了额存量资产。同时，国内商业银行现任严格控制贷款规模，贷款项目审批手续复杂，中长期贷款利率高，而且过多商行贷款也使得投资结构比例失调，很难在今后经营中按期还本付息。一些国际金融机构贷款和国际间政府贷款虽具有还贷期长，利率低的特点，但存在着审批程序复杂、办理周期长、定点采购原材料、潜在汇率风险大和政治色彩浓等问题。因此，积极探索新的融资方式，扩大融资渠道，盘活巨额存量资产以弥补高速公路建设资金的缺口是值得进一步研究的重要课题。本文从资产证券化融资的原理开始展开论述，讨论了高速公路建设证券化融资的必要性和可行性，并对证券化融资存在的问题和风险及防范对策进行了分析，最后以一个事例——浙江台州高速公路的融资与发展的概况，分析高速公路证券化发展过程中存在的问题，提出高速公路发展的对策。关键字：高速公路；台州高速；融资方式ABSTRACTInordertosupporttheeconomicalandthesocialfullscaledevelopmenturgentneed,ourcountrygovernmentfrom2001,startstoformulatethenationalhighspeedhighwaynetworkplan,thehighwaywillnotconstructandthedevelopmenttheinstructionnext20yearsto30yearsin.However,atpresentthehighwayconstructionfundseriousisdeficient,thefundoriginatedquitesolely,mainlybythedomesticandforeignbankloan,theMinistryofCommunicationsspecialfundandtheplaceself-providesthefundprimarily,hasobviouslylimitedthehighwayprojectfurtherdevelopment.Becausethehighwayinvestmentishuge,thegovernment,amongenterprise'smassivefundsprecipitation,hashadthevolumestoragequantityproperty.Atthesametime,internalcommercebankincumbentstrictcontrolloanscale,loanprojectexaminationandapprovalprocedurecomplex,centerthelongtermloaninterestrateishigh,moreovertheexcessivelymanyfirmsloanalsocausesinvestmentstructureimbalance,verydifficultlyontimewillrepayprincipalandinterestinthenextmanagement.Someinternationalfinanceorganizationloansandtheinternationalgovernmentloanalthoughhavealsoloansthetimelong,interestratelowcharacteristic,buthastheexaminationandapprovalprocedurecomplex,handlesthecyclelong,thefixed-pointpurchaserawmaterial,thelatentexchangerateriskbigandthepoliticalcoloristhickandsoonthequestion.Therefore,positivelyexploresthenewfinancingway,theexpandedfinancingchannel,theplateexactlylargeamountstoragequantitypropertymakesuptheimportanttopicwhichthehighwayconstructionfundthegapisworthfurtherstudying.Thisarticlestartsfromthepropertynegotiablesecuritiesfinancingprincipletolaunchtheelaboration,discussedthehighwayconstructionnegotiablesecuritiesfinancingnecessityandthefeasibility,andhascarriedontheanalysistothenegotiablesecuritiesfinancingexistencequestionandtheriskandtheguardcountermeasure,finallybyaninstance-ZhejiangTaizhouhighwayfinancingandthedevelopmentsurvey,thequestionwhichintheanalysishighwaynegotiablesecuritiesdevelopingprocessexists,proposedthehighwaydevelopscountermeasure.KEYWORDS:Highway;Taizhouishighspeed;Financingway目录1绪论...............................................................................................................................................71.1课题选题背景和意义........................................................................................................71.1.1研究背景..................................................................................................................71.1.2研究意义..................................................................................................................71.2国内外的研究现状............................................................................................................81.3研究的方法与创新点........................................................................................................91.3.1研究方法..................................................................................................................91.3.2论文的创新点........................................................................................................102资产证券化融资原理..................................................................................................................112.1资产证券化的含义..........................................................................................................112.1.1资产证券化的概念................................................................................................112.1.2资产证券化的含义................................................................................................112.1.3高速公路资产证券化............................................................................................122.2资产证券化的理论基础..................................................................................................142.2.1资产证券化的核心原理........................................................................................142.2.2破产隔离原理........................................................................................................142.2.3信用增级原理........................................................................................................152.3高速公路建设可选择的融资方式.....