M交通产业集团有限公司融资结构研究
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摘要
改革开放三十年以来,公路行业的投资建设一直高速成长,目前中国高速公路通车总里程达到6.5万公里,仅次于美国,位居世界第二。这种高速成长一方面来自于政府为发展经济不断解决交通瓶颈,另一方面也存在为经济增长而投资的情况。在融资方面,在高速公路收费经营权可以抵押,通行费收入稳定等利好政策的支持下,高速公路行业的融资一直比较顺利。
但在这一历史发展过程中,由于公益性与盈利性这两个相互矛盾命题的出现,使得各个省级交通产业集团在融资结构上有许多一致的鲜明特点,包括股权性资金不足、抵押贷款多、直接融资量小、贷款久期长等。针对这些特点,我们判断,高速公路行业的项目独立法人主体结构对企业经营和流动性管理带来了一些难度,过度依赖间接融资和短贷长用是融资结构中的突出问题。M集团公司作为M省唯一一家在全省范围内进行公路投资和经营的企业,其融资结构中也存在上述问题。
本文采用了文献研究法、资料系统分析法和专家访谈法进行综合研究。首先,本文从影响融资结构的决定因素理论入手,较为深入的剖析了我国国有独资公路企业融资结构的基本现状和产生融资结构问题的基本原因,以明确本文的研究对象;其次,本文选择笔者所熟悉的M集团公司作为研究对象,比较详细地阐述了M集团公司的基本组织架构、行业特性、业务模式、融资现状以及财务状况等基本情况;以M集团公司的基本情况为背景,进一步选取了M集团公司历年来合并财务报表中的财务数据,通过统计分析的方法,对M集团公司融资结构中主要问题进行了详细的分析,发现M集团公司存在资源配置优化受限、直接融资难、资金短贷长用等问题;最后,本文以M集团公司目前所面临的融资结构问题为出发点,提出了完善融资决策机制、科学预测企业现金流量、开展集团现金池业务、提升直接融资比例等对策和建议。
综上,本文认为M集团公司最终解决融资结构问题的途径是通过资产的证券化,使得集团能够实现整体上市,前提是政府妥善解决非盈利项目。
During the thirty years of reform and opening-up in China, the investment in highway industry grew very fast. Recently the total highway mileage of china reached 65,000 kilometers, ranked the second in the world after USA. This rapid growth come partly from the effort that government take to break through the bottleneck of transportation, partly form the investment on highway itself is some kind of catalyzes to economy. The financing of highway project is relatively easy for the following reasons: the toll road is very popular mortgage in china, the toll road revenue is very stable in nature.
But in this developing process, for the dual nature of public welfare and profit making in this industry, all the provincial highway industry companies have the same characteristic: including the absence of equity capital, very high share of mortgage loan, the long duration of loan and very small proportion of direct financing. From those aspects, we concluded that the independent legal entity structure of highway industry bring some liquidity risk and operation risk, and the two outstanding problems in financial structure are the over reliance on indirect financing and the unmatched assets and liabilities. As the sole company that invested in the whole region of M province, M group got the same problems mentioned above.
The literature research method, documents system-analysis method and expert interviews method were used in this paper. We firstly discussed the determinant theory of financial structure, analyzed the basic situation of whole state-owned highway companies and the basic causes of financial structure problems. Secondly, we choose the M group from which we can easily get information and literature as the object of study, and we analyzed the basic organization structure, industry characteristics, business model, financing situation and financial information. All of this basic information can be taken as background and the financial information from the consolidated financial statements as the supplements, we used the statistical methods and found M group’s problems such as limited resource allocation optimization, direct financing difficulties, financial issues such as short-term loans with long. We proposed the possible solutions to the financial structure problems of M group: we could adjust the financial structure dynamically through the perfection of the financing decision making mechanism, we could minimize the funding risk through the forecasting of cash flow, we could construct group cash pool system to develop the new internal financing channel, we can develop more kinds of direct financing method to reduce the financing cost etc.
Finally, this paper concluded that securitization of M Group’s assets by being Listed as a whole is the best way to improve M Group’s financing structure, provided that the government properly resolve the non-profit project.
但在这一历史发展过程中,由于公益性与盈利性这两个相互矛盾命题的出现,使得各个省级交通产业集团在融资结构上有许多一致的鲜明特点,包括股权性资金不足、抵押贷款多、直接融资量小、贷款久期长等。针对这些特点,我们判断,高速公路行业的项目独立法人主体结构对企业经营和流动性管理带来了一些难度,过度依赖间接融资和短贷长用是融资结构中的突出问题。M集团公司作为M省唯一一家在全省范围内进行公路投资和经营的企业,其融资结构中也存在上述问题。
本文采用了文献研究法、资料系统分析法和专家访谈法进行综合研究。首先,本文从影响融资结构的决定因素理论入手,较为深入的剖析了我国国有独资公路企业融资结构的基本现状和产生融资结构问题的基本原因,以明确本文的研究对象;其次,本文选择笔者所熟悉的M集团公司作为研究对象,比较详细地阐述了M集团公司的基本组织架构、行业特性、业务模式、融资现状以及财务状况等基本情况;以M集团公司的基本情况为背景,进一步选取了M集团公司历年来合并财务报表中的财务数据,通过统计分析的方法,对M集团公司融资结构中主要问题进行了详细的分析,发现M集团公司存在资源配置优化受限、直接融资难、资金短贷长用等问题;最后,本文以M集团公司目前所面临的融资结构问题为出发点,提出了完善融资决策机制、科学预测企业现金流量、开展集团现金池业务、提升直接融资比例等对策和建议。
综上,本文认为M集团公司最终解决融资结构问题的途径是通过资产的证券化,使得集团能够实现整体上市,前提是政府妥善解决非盈利项目。
During the thirty years of reform and opening-up in China, the investment in highway industry grew very fast. Recently the total highway mileage of china reached 65,000 kilometers, ranked the second in the world after USA. This rapid growth come partly from the effort that government take to break through the bottleneck of transportation, partly form the investment on highway itself is some kind of catalyzes to economy. The financing of highway project is relatively easy for the following reasons: the toll road is very popular mortgage in china, the toll road revenue is very stable in nature.
But in this developing process, for the dual nature of public welfare and profit making in this industry, all the provincial highway industry companies have the same characteristic: including the absence of equity capital, very high share of mortgage loan, the long duration of loan and very small proportion of direct financing. From those aspects, we concluded that the independent legal entity structure of highway industry bring some liquidity risk and operation risk, and the two outstanding problems in financial structure are the over reliance on indirect financing and the unmatched assets and liabilities. As the sole company that invested in the whole region of M province, M group got the same problems mentioned above.
The literature research method, documents system-analysis method and expert interviews method were used in this paper. We firstly discussed the determinant theory of financial structure, analyzed the basic situation of whole state-owned highway companies and the basic causes of financial structure problems. Secondly, we choose the M group from which we can easily get information and literature as the object of study, and we analyzed the basic organization structure, industry characteristics, business model, financing situation and financial information. All of this basic information can be taken as background and the financial information from the consolidated financial statements as the supplements, we used the statistical methods and found M group’s problems such as limited resource allocation optimization, direct financing difficulties, financial issues such as short-term loans with long. We proposed the possible solutions to the financial structure problems of M group: we could adjust the financial structure dynamically through the perfection of the financing decision making mechanism, we could minimize the funding risk through the forecasting of cash flow, we could construct group cash pool system to develop the new internal financing channel, we can develop more kinds of direct financing method to reduce the financing cost etc.
Finally, this paper concluded that securitization of M Group’s assets by being Listed as a whole is the best way to improve M Group’s financing structure, provided that the government properly resolve the non-profit project.
引文
[1]肖作平,吴世农.我国上市公司资本结构影响因素实证研究.证券市场导报, 2002第9期
[2]肖作平.资本结构影响因素,理论和证据.证券市场导报, 2003年第6期
[3]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究.会计研究, 1998第8期;
[4]吕长江,韩慧博.公司资本结构特点的实证分析,南开管理评论, 2001年第5期
[5]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析.厦门大学学报:哲学社会科学版, 2000年3月
[6]冯根福,吴林江,刘世彦.我国上市公司资本结构形成的影响因素分析.经济学家,2000年第5期
[7]张则斌,朱少醒,吴健中.上市公司资本结构的影响因素.系统工程理论方法应用, 2000年第9期
[8]李义超.中国上市公司资本结构研究.博士论文.浙江大学, 2001年;
[9]汪恒杰,李姚矿,沈菊琴.我国上市公司资本结构决策的实证研究.运筹与管理, 2002年第1期
[10]王娟,杨风林.中国上市公司资本结构影响因素的最新研究.国际金融研究, 2002年第8期;
[11]陈超,饶育蕾.中国上市公司资本结构、企业特征与绩效.管理工程学报, 2003年第1期
[12]刘志彪,姜付秀,卢二坡.资本结构和产品市场竞争强度.经济研究, 2003年第3期
[13]蒋殿春.中国上市公司资本结构和融资倾向.世界经济, 2003年第7期
[14]谭克.中国上市公司资本结构影响因素研究.经济科学出版社, 2005年
[15]中国人民银行研究局,世界银行外国投资咨询服务局,国际金融公司中国项目开发中心
[16]中国动产担保物权与信贷市场发展.中信出版社, 2006年
[17]收费公路权益转让办法,中华人民共和国交通运输部、国家发展和改革委员会.中华人民共和国财政部令, 2008年第11号;
[18]收费公路管理条例.中华人民共和国国务院令, 2004年9月
[19]张丽英,高速公路项目的融资理论与融资技术研究.吉林大学博士学位论文, 2001年
[20]吴果行.我国高速公路投融资方式探讨.经济体制改革, 2004年第3期
[21]李保红,杨宏志.委托-代理关系下的企业筹资决策模型.数学的实践与认识, 2002年第3期
[22] F. Modigliani and M. H. Miller, Corporate Income Taxes and the Cost of Capital, the American Economic Review, 1963, 53;
[23] Jensen M.C. and Meckling W. H, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 1976, 3;
[24] Myers S.C., The Capital Structure Puzzle, The Journal of Finance, 1984, 39(3);
[25] Rajan R. and Zingales, What Do We Know about Capital Structure? Some Evidence from International Data, Journal of Finance, 1995, 50;
[26] John Wald. Capital structure with dividend restrictions. Journal of Corporate Finance, 1999, 5;
[27] Titman S and Wessels R, the Determinants of Capital Structure Choice, Journal of Finance, 1988, 43
[28] DeAngelo, Harry and Masulis, R.W, Leverage and Dividend Irrelevancy under Corporate and Personal Taxation, Journal of Finance. 1980, 35;
[29] Marsh, Paul. The choice between equity and debt: An empirical study. Journal of Financial, 1982, 37;
[30] Wi Saeng Kim and Eric H. Sorensen, Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy, the Journal of Financial and Quantitative Analysis. 1986, 21;
[31] W. Carl Kester. Capital and Ownership Structure: a Comparison of United States and Japanese Manufacturing Corporations, Financial Management. 1986, 15;
[32] Irwin Friend and Larry H. P. Lang, an Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure, the Journal of Finance. 1988, 43;
[33] Mackie-Mason, Jeffrey K. Do taxes affect corporate financing decisions? Journal of Finance, 1990, 45;
[34] Vojislav Maksimovic and Sheridan Titman, Financial Policy and Reputation for Product Quality, the Review of Financial Studies. 1991, 4;
[35] Tim C Opler and Sheridan Titman, Financial Distress and Corporate Performance, the Journal of Finance. 1994. 49;
[36] Bathala C and Moon, K. P, Managerial ownership, Debt Policy and the impact of Institutional Holdings: An agency perspective, Financial Management. 1994, 23;
[37] Dan Kovenock and Gordon Phillips, Capital Structure and Product Market Rivalry:How Do We Reconcile Theory and Evidence? The American Economic Review, 1995, 85;
[38] Booth, L. and Aivazian, V. Capital Structure in Developing Countries, Journal of Finance, 2001, 5;
[39] Goyal, V. K., Lehnb, K. and Racic, S. Growth opportunities and corporate debt policy the case of the U. S. defense industry. Journal of Financial Economics, 2002, 64;
[40] Edward I. Altman, Financial Ratios. Discriminant Analysis and the Prediction of Corporate Bankruptcy, the Journal of Finance, 1968, 23;
[41] Myers S C. Determinants of corporate borrowing. Journal of Finance Economic, 1977, 5;
[2]肖作平.资本结构影响因素,理论和证据.证券市场导报, 2003年第6期
[3]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究.会计研究, 1998第8期;
[4]吕长江,韩慧博.公司资本结构特点的实证分析,南开管理评论, 2001年第5期
[5]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析.厦门大学学报:哲学社会科学版, 2000年3月
[6]冯根福,吴林江,刘世彦.我国上市公司资本结构形成的影响因素分析.经济学家,2000年第5期
[7]张则斌,朱少醒,吴健中.上市公司资本结构的影响因素.系统工程理论方法应用, 2000年第9期
[8]李义超.中国上市公司资本结构研究.博士论文.浙江大学, 2001年;
[9]汪恒杰,李姚矿,沈菊琴.我国上市公司资本结构决策的实证研究.运筹与管理, 2002年第1期
[10]王娟,杨风林.中国上市公司资本结构影响因素的最新研究.国际金融研究, 2002年第8期;
[11]陈超,饶育蕾.中国上市公司资本结构、企业特征与绩效.管理工程学报, 2003年第1期
[12]刘志彪,姜付秀,卢二坡.资本结构和产品市场竞争强度.经济研究, 2003年第3期
[13]蒋殿春.中国上市公司资本结构和融资倾向.世界经济, 2003年第7期
[14]谭克.中国上市公司资本结构影响因素研究.经济科学出版社, 2005年
[15]中国人民银行研究局,世界银行外国投资咨询服务局,国际金融公司中国项目开发中心
[16]中国动产担保物权与信贷市场发展.中信出版社, 2006年
[17]收费公路权益转让办法,中华人民共和国交通运输部、国家发展和改革委员会.中华人民共和国财政部令, 2008年第11号;
[18]收费公路管理条例.中华人民共和国国务院令, 2004年9月
[19]张丽英,高速公路项目的融资理论与融资技术研究.吉林大学博士学位论文, 2001年
[20]吴果行.我国高速公路投融资方式探讨.经济体制改革, 2004年第3期
[21]李保红,杨宏志.委托-代理关系下的企业筹资决策模型.数学的实践与认识, 2002年第3期
[22] F. Modigliani and M. H. Miller, Corporate Income Taxes and the Cost of Capital, the American Economic Review, 1963, 53;
[23] Jensen M.C. and Meckling W. H, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 1976, 3;
[24] Myers S.C., The Capital Structure Puzzle, The Journal of Finance, 1984, 39(3);
[25] Rajan R. and Zingales, What Do We Know about Capital Structure? Some Evidence from International Data, Journal of Finance, 1995, 50;
[26] John Wald. Capital structure with dividend restrictions. Journal of Corporate Finance, 1999, 5;
[27] Titman S and Wessels R, the Determinants of Capital Structure Choice, Journal of Finance, 1988, 43
[28] DeAngelo, Harry and Masulis, R.W, Leverage and Dividend Irrelevancy under Corporate and Personal Taxation, Journal of Finance. 1980, 35;
[29] Marsh, Paul. The choice between equity and debt: An empirical study. Journal of Financial, 1982, 37;
[30] Wi Saeng Kim and Eric H. Sorensen, Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy, the Journal of Financial and Quantitative Analysis. 1986, 21;
[31] W. Carl Kester. Capital and Ownership Structure: a Comparison of United States and Japanese Manufacturing Corporations, Financial Management. 1986, 15;
[32] Irwin Friend and Larry H. P. Lang, an Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure, the Journal of Finance. 1988, 43;
[33] Mackie-Mason, Jeffrey K. Do taxes affect corporate financing decisions? Journal of Finance, 1990, 45;
[34] Vojislav Maksimovic and Sheridan Titman, Financial Policy and Reputation for Product Quality, the Review of Financial Studies. 1991, 4;
[35] Tim C Opler and Sheridan Titman, Financial Distress and Corporate Performance, the Journal of Finance. 1994. 49;
[36] Bathala C and Moon, K. P, Managerial ownership, Debt Policy and the impact of Institutional Holdings: An agency perspective, Financial Management. 1994, 23;
[37] Dan Kovenock and Gordon Phillips, Capital Structure and Product Market Rivalry:How Do We Reconcile Theory and Evidence? The American Economic Review, 1995, 85;
[38] Booth, L. and Aivazian, V. Capital Structure in Developing Countries, Journal of Finance, 2001, 5;
[39] Goyal, V. K., Lehnb, K. and Racic, S. Growth opportunities and corporate debt policy the case of the U. S. defense industry. Journal of Financial Economics, 2002, 64;
[40] Edward I. Altman, Financial Ratios. Discriminant Analysis and the Prediction of Corporate Bankruptcy, the Journal of Finance, 1968, 23;
[41] Myers S C. Determinants of corporate borrowing. Journal of Finance Economic, 1977, 5;