公路经营企业上市融资的经验分析与启示

我国公路建设处于高速发展的时期,在优化公路行业投融资体制的过程中,如何让公路上市公司在公路建设的大发展中发挥更大的作用具有重要的理论价值和现实意义。通过对我国公路上市公司进行了调查,采用规范研究与实证研究相结合的研究方法,对公路上市公司股权结构、融资结构进行了分析,并发现高度集中的股权结构、平均水平偏低的资产负债结构说明公路经营企业通过上市进行融资及再融资仍有较大的发展空间,也反映出我国公路行业的管理体制已不能适应投资主体多元化的需要。通过完善法律法规以保障公路的社会公益属性,改革公路行业管理体制,同时进一步强化收费公路的商品属性,鼓励公路经营企业通过上市进行融资、再融资以投资其他更多的公路项目,从而促进我国公路事业的持续、健康的发展。

Analysis and Enlightenment of Financing Experience of Highway Enterprise from IPO

The road construction in China is in the period of high speed development.How to make listed company play a more positive role in the great development of road construction in the investment and financing system in optimizing road industry has important theoretic value and realistic significance.By doing research on the listed company of China,adopting criterion and demonstration method,and analyzing the share structure and financing structure,this paper discovers that the share structure is highly centralized,and the average asset-liability structure is low.Thus,the road companies have more development space in financing in stock market and refinancing,and the road management system in China can't meet the demand of the multi-development of investment body.The research implicates that commonweal property of road should be protected by improving law and rule.In order to realize continuous and healthy development of China's road industry,it is necessary to reform the managerial institution,strengthen commodity attribute of toll road,encourage companies to finance from stock market and refinance for investing more road projects.