收费公路建设市场融资工作经过十几年的发展,特别是经过“九五”的大发展,已经形成银行贷款、股票、利用外资、转让经营权、债券等多渠道、多方式并存的融资格局。但是,在融资活动中也暴露出融资结构不合理,融资工作不规范,法律环境不健全等诸多问题。其中较为突出的是公路行业贷款总量偏高,逐渐突出的风险问题对公路行业、金融行业乃至国民经济整体都造成了潜在的不利影响。而与此同时,债券等一些有潜力的融资渠道还很不畅通,股票市场融资的潜力还没有充分发挥,国内的法律环境和投资环境也远未能达到令投资者满意的程度。如果这些问题在今后仍得不到很好地解决,将严重影响公路建设正常的融资活动,制约公路事业的健康发展。 After more than 10 years of development, the financing of toll road construction market has formed a multi-channel and multi-modal coexistence financing system including bank loans, stocks, foreign capital utilization, transfer of management rights and bonds through the rapid development of “95” pattern. However, in the financing activities, many problems such as irrational financing structure, irregular financing work and imperfect legal environment have also been exposed. Among them, the outstanding loans are high in the highway industry. The increasingly prominent risk problems have potentially adversely affected the highway industry, the financial industry and even the national economy as a whole. In the meantime, some potential financing channels such as bonds are still not well-established, and the potential of stock market financing has not been brought into full play. The legal environment and investment environment in China are far from satisfactory to investors. If these problems are still not properly solved in the future, it will seriously affect the normal financing activities of highway construction and restrict the healthy development of highway projects.