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本文选取了10家高速公路上市公司来研究高速路板块。研究结果认为,目前高速路板块的主要融资手段是银行贷款,这一融资方式存在融资成本高、部分财务指标质量不佳、存量资产没有盘活等缺点。通过研究发现,我国高速路板块近年来发展态势良好,表现在主营业务收入净额增幅大、现金流稳定、经营净利率高等方面。为了降低融资成本,盘活存量资产,本文根据高速路板块的特点和资产证券化的性质,提出了高速路收费证券化的融资方式,分析了其可行性,同时对其做了粗浅的设计。
This article selected 10 freeway listed companies to study the highway section. The result shows that the main means of financing for expressways is bank loans. This financing method has the disadvantages of high financing cost, poor quality of some financial indicators, and inability of stock assets. Through the research, we found that the expressways in our country have enjoyed a good momentum of development in recent years, manifested in a large increase in the net income of main business, stable cash flow and high operating net profit margin. In order to reduce the financing costs and activate the existing assets, this paper puts forward the financing method of toll securitization of expressway according to the characteristics of expressway segment and the nature of asset securitization, analyzes its feasibility and at the same time makes a superficial design.