導語：BD高速公路企業財務風險分析一(yi)文(wen)來源于(yu)網友上傳，不代表本站(zhan)觀(guan)點，若需要(yao)原創文(wen)章可(ke)咨詢(xun)客服老(lao)師，歡迎參(can)考。

【摘要】近年來，隨著路網的不斷完善，高速公路建設逐漸呈現出飽和的趨勢。部分企業因線路通行流量不及預期，出現了持續虧損、財務風險加重的現象，造成高速公路企業總體債務規模持續增長。文章在分析行業債務特征的基礎上，以廣東省bd高速公路為(wei)例，探(tan)討了虧損型高(gao)速公(gong)路企(qi)業的財務風(feng)險，提出高(gao)速公(gong)路企(qi)業應當加強(qiang)資(zi)(zi)本規劃，針對(dui)盈利期、虧損期項目采取差異(yi)化手段降低公(gong)司(si)財務風(feng)險，統籌公(gong)司(si)資(zi)(zi)金管理，降低資(zi)(zi)金成本，提高(gao)資(zi)(zi)金使用效率等(deng)建(jian)議。

【關鍵詞】高速公(gong)路；財務風險；負債

我(wo)國(guo)收(shou)費(fei)高速(su)公路(lu)按投(tou)(tou)(tou)資主(zhu)體不同分(fen)為(wei)(wei)經營(ying)性公路(lu)和政府(fu)還貸(dai)公路(lu)。經營(ying)性高速(su)公路(lu)由企業投(tou)(tou)(tou)資建(jian)設或受讓(rang)所得，政府(fu)通(tong)(tong)常授予投(tou)(tou)(tou)資方(fang)為(wei)(wei)期(qi)(qi)25～30年(nian)的收(shou)費(fei)權以(yi)覆蓋其(qi)投(tou)(tou)(tou)資成(cheng)本和必要(yao)收(shou)益(yi)。對于投(tou)(tou)(tou)資方(fang)，在項目建(jian)設期(qi)(qi)需一次性投(tou)(tou)(tou)入建(jian)設成(cheng)本，但投(tou)(tou)(tou)資收(shou)回(hui)卻依賴(lai)長達數十年(nian)的經營(ying)期(qi)(qi)收(shou)費(fei)。流(liu)動(dong)性錯配下(xia)，資本結構和期(qi)(qi)限的設計對企業尤(you)為(wei)(wei)重要(yao)。近(jin)年(nian)來，部分(fen)區域經營(ying)性高速(su)公路(lu)收(shou)入狀況不佳，通(tong)(tong)行費(fei)收(shou)支缺口巨大，疊加債務期(qi)(qi)限與(yu)通(tong)(tong)行費(fei)收(shou)益(yi)期(qi)(qi)限錯配，面臨流(liu)動(dong)性困難。

一、高速公路行業負債現狀分析

近(jin)年(nian)(nian)(nian)(nian)(nian)來，我國(guo)(guo)經營(ying)性(xing)(xing)(xing)收(shou)費(fei)(fei)公(gong)路(lu)(lu)(lu)債(zhai)(zhai)(zhai)(zhai)(zhai)務余(yu)額(e)(e)(e)仍處(chu)(chu)于(yu)(yu)(yu)高(gao)(gao)(gao)速(su)(su)(su)(su)增(zeng)長態(tai)勢，債(zhai)(zhai)(zhai)(zhai)(zhai)務余(yu)額(e)(e)(e)總(zong)(zong)(zong)量較高(gao)(gao)(gao)，通行費(fei)(fei)收(shou)支缺(que)口(kou)呈持續(xu)擴大趨勢。如(ru)表(biao)1所(suo)示，根據交通運輸部門發布的(de)(de)(de)(de)統計數據，近(jin)五年(nian)(nian)(nian)(nian)(nian)來，我國(guo)(guo)收(shou)費(fei)(fei)公(gong)路(lu)(lu)(lu)總(zong)(zong)(zong)里(li)程(cheng)由2016年(nian)(nian)(nian)(nian)(nian)末的(de)(de)(de)(de)17.11萬(wan)公(gong)里(li)增(zeng)長至2020年(nian)(nian)(nian)(nian)(nian)末的(de)(de)(de)(de)17.92萬(wan)公(gong)里(li)，債(zhai)(zhai)(zhai)(zhai)(zhai)務余(yu)額(e)(e)(e)由2016年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)48554.7億(yi)元增(zeng)長至2020年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)70661.2億(yi)元，累積(ji)增(zeng)加22106.5億(yi)元，增(zeng)長幅度(du)高(gao)(gao)(gao)達31.3%。收(shou)費(fei)(fei)公(gong)路(lu)(lu)(lu)通行費(fei)(fei)缺(que)口(kou)在(zai)2016—2018年(nian)(nian)(nian)(nian)(nian)度(du)較為(wei)平穩，但2019、2020年(nian)(nian)(nian)(nian)(nian)度(du)持續(xu)攀升，分別(bie)上(shang)漲19.2%和54.2%。從資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)結構看(kan)，經營(ying)性(xing)(xing)(xing)高(gao)(gao)(gao)速(su)(su)(su)(su)公(gong)路(lu)(lu)(lu)企(qi)業資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)結構中負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)比(bi)(bi)重普遍(bian)高(gao)(gao)(gao)于(yu)(yu)(yu)所(suo)有者權益。各省(sheng)(sheng)高(gao)(gao)(gao)速(su)(su)(su)(su)公(gong)路(lu)(lu)(lu)集(ji)(ji)團負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)大多(duo)處(chu)(chu)于(yu)(yu)(yu)60%～70%區間(jian)(jian)，高(gao)(gao)(gao)速(su)(su)(su)(su)上(shang)市(shi)公(gong)司(si)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率一(yi)般低于(yu)(yu)(yu)集(ji)(ji)團公(gong)司(si)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率。以2020年(nian)(nian)(nian)(nian)(nian)末為(wei)例(li)(li)(li)，如(ru)表(biao)2所(suo)示，A股聚(ju)焦高(gao)(gao)(gao)速(su)(su)(su)(su)主業的(de)(de)(de)(de)12家上(shang)市(shi)公(gong)司(si)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率個(ge)體差異較大，最低為(wei)皖通高(gao)(gao)(gao)速(su)(su)(su)(su)，資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率僅26.64%，最高(gao)(gao)(gao)為(wei)山(shan)西路(lu)(lu)(lu)橋(qiao)，資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率達77.72%。但上(shang)市(shi)公(gong)司(si)母公(gong)司(si)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率偏離(li)度(du)較低，除山(shan)西路(lu)(lu)(lu)橋(qiao)建(jian)(jian)設集(ji)(ji)團資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率達78.17%外(wai)，其(qi)他(ta)省(sheng)(sheng)份高(gao)(gao)(gao)速(su)(su)(su)(su)集(ji)(ji)團資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率均處(chu)(chu)于(yu)(yu)(yu)59%～72%之間(jian)(jian)。較非(fei)上(shang)市(shi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)而言，上(shang)市(shi)公(gong)司(si)擁有的(de)(de)(de)(de)路(lu)(lu)(lu)段收(shou)益質量更(geng)(geng)高(gao)(gao)(gao)，融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)渠(qu)(qu)(qu)道更(geng)(geng)為(wei)豐富。從負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)結構看(kan)，不(bu)同項(xiang)目(mu)階段的(de)(de)(de)(de)高(gao)(gao)(gao)速(su)(su)(su)(su)公(gong)路(lu)(lu)(lu)企(qi)業經營(ying)性(xing)(xing)(xing)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)與金(jin)(jin)(jin)融(rong)(rong)性(xing)(xing)(xing)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)的(de)(de)(de)(de)比(bi)(bi)例(li)(li)(li)存在(zai)較大差異。基于(yu)(yu)(yu)高(gao)(gao)(gao)速(su)(su)(su)(su)公(gong)路(lu)(lu)(lu)建(jian)(jian)設運營(ying)模(mo)(mo)式分析，高(gao)(gao)(gao)速(su)(su)(su)(su)公(gong)路(lu)(lu)(lu)企(qi)業經營(ying)性(xing)(xing)(xing)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)主要為(wei)應(ying)(ying)(ying)(ying)付(fu)款(kuan)(kuan)(kuan)(kuan)項(xiang)，金(jin)(jin)(jin)融(rong)(rong)性(xing)(xing)(xing)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)則(ze)包括(kuo)長、短期借款(kuan)(kuan)(kuan)(kuan)、應(ying)(ying)(ying)(ying)付(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)券等多(duo)種融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)工具形成(cheng)的(de)(de)(de)(de)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)。若(ruo)高(gao)(gao)(gao)速(su)(su)(su)(su)公(gong)路(lu)(lu)(lu)企(qi)業擁有在(zai)建(jian)(jian)項(xiang)目(mu)或(huo)更(geng)(geng)新改(gai)(gai)造項(xiang)目(mu)，則(ze)尚未(wei)支付(fu)的(de)(de)(de)(de)工程(cheng)款(kuan)(kuan)(kuan)(kuan)形成(cheng)的(de)(de)(de)(de)應(ying)(ying)(ying)(ying)付(fu)賬款(kuan)(kuan)(kuan)(kuan)金(jin)(jin)(jin)額(e)(e)(e)較高(gao)(gao)(gao)，占(zhan)(zhan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)總(zong)(zong)(zong)額(e)(e)(e)比(bi)(bi)例(li)(li)(li)較大；若(ruo)企(qi)業經營(ying)的(de)(de)(de)(de)各項(xiang)路(lu)(lu)(lu)段均處(chu)(chu)于(yu)(yu)(yu)正(zheng)常運營(ying)狀態(tai)，則(ze)應(ying)(ying)(ying)(ying)付(fu)賬款(kuan)(kuan)(kuan)(kuan)主要由日常保養維護工程(cheng)形成(cheng)，金(jin)(jin)(jin)額(e)(e)(e)較低，占(zhan)(zhan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)總(zong)(zong)(zong)額(e)(e)(e)比(bi)(bi)例(li)(li)(li)較低。應(ying)(ying)(ying)(ying)付(fu)職工薪酬、應(ying)(ying)(ying)(ying)交稅費(fei)(fei)等項(xiang)目(mu)占(zhan)(zhan)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)總(zong)(zong)(zong)額(e)(e)(e)比(bi)(bi)例(li)(li)(li)較低。金(jin)(jin)(jin)融(rong)(rong)性(xing)(xing)(xing)負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)方(fang)面，銀(yin)行貸(dai)款(kuan)(kuan)(kuan)(kuan)仍是主要的(de)(de)(de)(de)債(zhai)(zhai)(zhai)(zhai)(zhai)務融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方(fang)式。如(ru)表(biao)1所(suo)示，2016—2018年(nian)(nian)(nian)(nian)(nian)度(du)，全國(guo)(guo)收(shou)費(fei)(fei)公(gong)路(lu)(lu)(lu)債(zhai)(zhai)(zhai)(zhai)(zhai)務余(yu)額(e)(e)(e)中，銀(yin)行貸(dai)款(kuan)(kuan)(kuan)(kuan)占(zhan)(zhan)比(bi)(bi)均高(gao)(gao)(gao)于(yu)(yu)(yu)82%，其(qi)他(ta)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方(fang)式占(zhan)(zhan)比(bi)(bi)處(chu)(chu)于(yu)(yu)(yu)14%～18%區間(jian)(jian)，反映出(chu)高(gao)(gao)(gao)速(su)(su)(su)(su)公(gong)路(lu)(lu)(lu)建(jian)(jian)設融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)渠(qu)(qu)(qu)道較為(wei)單一(yi)，高(gao)(gao)(gao)度(du)依賴銀(yin)行貸(dai)款(kuan)(kuan)(kuan)(kuan)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)。近(jin)兩(liang)年(nian)(nian)(nian)(nian)(nian)來，伴隨著資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)市(shi)場(chang)改(gai)(gai)革推進，資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)支持證券化等新型融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)渠(qu)(qu)(qu)道的(de)(de)(de)(de)開(kai)放、PPP建(jian)(jian)設模(mo)(mo)式的(de)(de)(de)(de)探索應(ying)(ying)(ying)(ying)用，其(qi)他(ta)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方(fang)式的(de)(de)(de)(de)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)規模(mo)(mo)呈現上(shang)升態(tai)勢，但負(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)結構占(zhan)(zhan)比(bi)(bi)改(gai)(gai)善仍不(bu)明顯。

二、廣東BD高速財務風險分析

廣東(dong)BD高(gao)(gao)速(su)(su)(su)(su)(su)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)路(lu)(lu)(lu)有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)（以(yi)下(xia)(xia)(xia)簡稱“BD高(gao)(gao)速(su)(su)(su)(su)(su)”）是(shi)廣東(dong)省交通(tong)(tong)(tong)集團有(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)下(xia)(xia)(xia)屬三級公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)，成(cheng)立(li)于(yu)(yu)2009年(nian)(nian)(nian)(nian)(nian)6月，經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)業(ye)務(wu)(wu)(wu)主(zhu)(zhu)要(yao)(yao)包括(kuo)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)路(lu)(lu)(lu)工程建(jian)(jian)(jian)筑以(yi)及公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)路(lu)(lu)(lu)的(de)(de)管理與(yu)養(yang)護。近年(nian)(nian)(nian)(nian)(nian)來(lai)，BD高(gao)(gao)速(su)(su)(su)(su)(su)及其(qi)下(xia)(xia)(xia)屬BS分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)和(he)(he)(he)(he)(he)MD分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)產(chan)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率(lv)(lv)逐年(nian)(nian)(nian)(nian)(nian)增(zeng)長。如表3所示(shi)，2016年(nian)(nian)(nian)(nian)(nian)以(yi)來(lai)，BD高(gao)(gao)速(su)(su)(su)(su)(su)合并口徑(jing)資(zi)(zi)(zi)(zi)產(chan)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率(lv)(lv)從77.40%一(yi)(yi)(yi)路(lu)(lu)(lu)增(zeng)長至(zhi)(zhi)(zhi)91.33%，旗下(xia)(xia)(xia)BS公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)產(chan)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率(lv)(lv)從83.25%增(zeng)長至(zhi)(zhi)(zhi)87.03%，MD公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)產(chan)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率(lv)(lv)從71.30%增(zeng)長至(zhi)(zhi)(zhi)95.65%。至(zhi)(zhi)(zhi)2020年(nian)(nian)(nian)(nian)(nian)末，BD高(gao)(gao)速(su)(su)(su)(su)(su)及其(qi)分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)產(chan)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)率(lv)(lv)遠高(gao)(gao)于(yu)(yu)同業(ye)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)一(yi)(yi)(yi)般水(shui)平(ping)。在(zai)(zai)(zai)成(cheng)本(ben)(ben)構成(cheng)上(shang)(shang)，BD高(gao)(gao)速(su)(su)(su)(su)(su)營(ying)(ying)業(ye)總(zong)(zong)(zong)成(cheng)本(ben)(ben)中(zhong)(zhong)占(zhan)(zhan)比(bi)(bi)(bi)(bi)(bi)最大(da)的(de)(de)為(wei)(wei)固定資(zi)(zi)(zi)(zi)產(chan)折舊(jiu)(jiu)(jiu)費(fei)(fei)和(he)(he)(he)(he)(he)財(cai)務(wu)(wu)(wu)費(fei)(fei)用(yong)(yong)(yong)，二者(zhe)(zhe)合計(ji)占(zhan)(zhan)比(bi)(bi)(bi)(bi)(bi)歷(li)年(nian)(nian)(nian)(nian)(nian)來(lai)均超(chao)過(guo)80%。2020年(nian)(nian)(nian)(nian)(nian)度(du)，固定資(zi)(zi)(zi)(zi)產(chan)折舊(jiu)(jiu)(jiu)費(fei)(fei)和(he)(he)(he)(he)(he)財(cai)務(wu)(wu)(wu)費(fei)(fei)用(yong)(yong)(yong)占(zhan)(zhan)總(zong)(zong)(zong)成(cheng)本(ben)(ben)的(de)(de)比(bi)(bi)(bi)(bi)(bi)例(li)分(fen)(fen)(fen)(fen)(fen)別為(wei)(wei)51%和(he)(he)(he)(he)(he)43%，合計(ji)占(zhan)(zhan)比(bi)(bi)(bi)(bi)(bi)達94%。固定資(zi)(zi)(zi)(zi)產(chan)折舊(jiu)(jiu)(jiu)主(zhu)(zhu)要(yao)(yao)為(wei)(wei)路(lu)(lu)(lu)產(chan)折舊(jiu)(jiu)(jiu)，占(zhan)(zhan)比(bi)(bi)(bi)(bi)(bi)超(chao)過(guo)80%。BD高(gao)(gao)速(su)(su)(su)(su)(su)對(dui)路(lu)(lu)(lu)產(chan)折舊(jiu)(jiu)(jiu)采用(yong)(yong)(yong)工作(zuo)量法(fa)，按(an)照(zhao)車流(liu)(liu)(liu)量占(zhan)(zhan)預(yu)測總(zong)(zong)(zong)標準車流(liu)(liu)(liu)量比(bi)(bi)(bi)(bi)(bi)例(li)進行(xing)分(fen)(fen)(fen)(fen)(fen)攤。財(cai)務(wu)(wu)(wu)費(fei)(fei)用(yong)(yong)(yong)方(fang)面(mian)主(zhu)(zhu)要(yao)(yao)為(wei)(wei)借款(kuan)(kuan)利(li)息(xi)(xi)(xi)支(zhi)出，受債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)總(zong)(zong)(zong)額(e)(e)(e)和(he)(he)(he)(he)(he)利(li)率(lv)(lv)影(ying)響(xiang)。近年(nian)(nian)(nian)(nian)(nian)來(lai)，BD高(gao)(gao)速(su)(su)(su)(su)(su)有(you)(you)(you)息(xi)(xi)(xi)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)規模持續(xu)增(zeng)長，財(cai)務(wu)(wu)(wu)費(fei)(fei)用(yong)(yong)(yong)居高(gao)(gao)不(bu)(bu)下(xia)(xia)(xia)。總(zong)(zong)(zong)體而言，BD高(gao)(gao)速(su)(su)(su)(su)(su)營(ying)(ying)業(ye)成(cheng)本(ben)(ben)較(jiao)為(wei)(wei)固定，難以(yi)通(tong)(tong)(tong)過(guo)控制成(cheng)本(ben)(ben)顯著提(ti)(ti)升公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)盈(ying)利(li)情況。BD高(gao)(gao)速(su)(su)(su)(su)(su)虧(kui)損(sun)的(de)(de)主(zhu)(zhu)要(yao)(yao)原因(yin)(yin)是(shi)收(shou)(shou)(shou)入(ru)(ru)(ru)不(bu)(bu)及盈(ying)虧(kui)平(ping)衡點，特別是(shi)旗下(xia)(xia)(xia)MD分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)，通(tong)(tong)(tong)行(xing)費(fei)(fei)收(shou)(shou)(shou)入(ru)(ru)(ru)較(jiao)低(di)(di)，虧(kui)損(sun)嚴重(zhong)。高(gao)(gao)速(su)(su)(su)(su)(su)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)路(lu)(lu)(lu)企(qi)業(ye)收(shou)(shou)(shou)入(ru)(ru)(ru)來(lai)源(yuan)(yuan)較(jiao)為(wei)(wei)單一(yi)(yi)(yi)，主(zhu)(zhu)要(yao)(yao)源(yuan)(yuan)于(yu)(yu)通(tong)(tong)(tong)行(xing)費(fei)(fei)收(shou)(shou)(shou)入(ru)(ru)(ru)、服務(wu)(wu)(wu)區(qu)經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)收(shou)(shou)(shou)入(ru)(ru)(ru)等其(qi)他(ta)收(shou)(shou)(shou)入(ru)(ru)(ru)占(zhan)(zhan)比(bi)(bi)(bi)(bi)(bi)較(jiao)低(di)(di)。BD高(gao)(gao)速(su)(su)(su)(su)(su)收(shou)(shou)(shou)入(ru)(ru)(ru)主(zhu)(zhu)要(yao)(yao)來(lai)源(yuan)(yuan)于(yu)(yu)BS分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)和(he)(he)(he)(he)(he)MD分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)通(tong)(tong)(tong)行(xing)費(fei)(fei)收(shou)(shou)(shou)入(ru)(ru)(ru)，但(dan)MD分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)通(tong)(tong)(tong)行(xing)量低(di)(di)，虧(kui)損(sun)嚴重(zhong)。兩(liang)家分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)產(chan)總(zong)(zong)(zong)額(e)(e)(e)相(xiang)近，但(dan)經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)狀況差異較(jiao)大(da)。以(yi)2020年(nian)(nian)(nian)(nian)(nian)度(du)為(wei)(wei)例(li)，兩(liang)家分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)營(ying)(ying)業(ye)利(li)潤率(lv)(lv)分(fen)(fen)(fen)(fen)(fen)別為(wei)(wei)-9.4%和(he)(he)(he)(he)(he)-668%，收(shou)(shou)(shou)入(ru)(ru)(ru)貢(gong)獻(xian)率(lv)(lv)分(fen)(fen)(fen)(fen)(fen)別為(wei)(wei)88.46%和(he)(he)(he)(he)(he)11.54%，虧(kui)損(sun)貢(gong)獻(xian)率(lv)(lv)分(fen)(fen)(fen)(fen)(fen)別為(wei)(wei)9%和(he)(he)(he)(he)(he)91%。短(duan)期(qi)(qi)(qi)內，BS分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)有(you)(you)(you)望實現扭(niu)虧(kui)為(wei)(wei)盈(ying)，但(dan)MD公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)預(yu)期(qi)(qi)(qi)仍維(wei)持嚴重(zhong)虧(kui)損(sun)，甚至(zhi)(zhi)(zhi)出現資(zi)(zi)(zi)(zi)不(bu)(bu)抵(di)債(zhai)(zhai)(zhai)(zhai)(zhai)。債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)結構層面(mian)，由(you)(you)于(yu)(yu)BD高(gao)(gao)速(su)(su)(su)(su)(su)控制的(de)(de)各(ge)項(xiang)目(mu)(mu)均已建(jian)(jian)(jian)成(cheng)通(tong)(tong)(tong)車，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)無重(zhong)大(da)在(zai)(zai)(zai)建(jian)(jian)(jian)項(xiang)目(mu)(mu)和(he)(he)(he)(he)(he)更(geng)(geng)新(xin)改造(zao)項(xiang)目(mu)(mu)，經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)性(xing)(xing)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)占(zhan)(zhan)比(bi)(bi)(bi)(bi)(bi)較(jiao)低(di)(di)。2020年(nian)(nian)(nian)(nian)(nian)末，經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)性(xing)(xing)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)僅(jin)占(zhan)(zhan)3%。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)金(jin)(jin)(jin)融(rong)(rong)性(xing)(xing)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)主(zhu)(zhu)要(yao)(yao)源(yuan)(yuan)于(yu)(yu)銀行(xing)貸(dai)(dai)(dai)款(kuan)(kuan)和(he)(he)(he)(he)(he)母(mu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)委托(tuo)貸(dai)(dai)(dai)款(kuan)(kuan)。至(zhi)(zhi)(zhi)2020年(nian)(nian)(nian)(nian)(nian)末，銀行(xing)貸(dai)(dai)(dai)款(kuan)(kuan)占(zhan)(zhan)金(jin)(jin)(jin)融(rong)(rong)性(xing)(xing)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)余(yu)額(e)(e)(e)94.13%，母(mu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)委托(tuo)貸(dai)(dai)(dai)款(kuan)(kuan)占(zhan)(zhan)比(bi)(bi)(bi)(bi)(bi)5.87%，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)融(rong)(rong)資(zi)(zi)(zi)(zi)高(gao)(gao)度(du)依賴銀行(xing)貸(dai)(dai)(dai)款(kuan)(kuan)。在(zai)(zai)(zai)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)使(shi)用(yong)(yong)(yong)上(shang)(shang)，銀行(xing)貸(dai)(dai)(dai)款(kuan)(kuan)主(zhu)(zhu)要(yao)(yao)滿(man)足(zu)建(jian)(jian)(jian)設(she)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)需求，母(mu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)委托(tuo)貸(dai)(dai)(dai)款(kuan)(kuan)主(zhu)(zhu)要(yao)(yao)用(yong)(yong)(yong)于(yu)(yu)彌補經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)虧(kui)損(sun)導致的(de)(de)流(liu)(liu)(liu)動性(xing)(xing)困難。債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)期(qi)(qi)(qi)限(xian)方(fang)面(mian)以(yi)長期(qi)(qi)(qi)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)為(wei)(wei)主(zhu)(zhu)，短(duan)期(qi)(qi)(qi)金(jin)(jin)(jin)融(rong)(rong)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)僅(jin)占(zhan)(zhan)1.41%。銀行(xing)貸(dai)(dai)(dai)款(kuan)(kuan)除流(liu)(liu)(liu)貸(dai)(dai)(dai)外(wai)(wai)主(zhu)(zhu)要(yao)(yao)為(wei)(wei)銀團貸(dai)(dai)(dai)款(kuan)(kuan)，貸(dai)(dai)(dai)款(kuan)(kuan)期(qi)(qi)(qi)限(xian)為(wei)(wei)20年(nian)(nian)(nian)(nian)(nian)（其(qi)中(zhong)(zhong)建(jian)(jian)(jian)設(she)期(qi)(qi)(qi)耗(hao)用(yong)(yong)(yong)約(yue)5年(nian)(nian)(nian)(nian)(nian)），母(mu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)委托(tuo)貸(dai)(dai)(dai)款(kuan)(kuan)期(qi)(qi)(qi)限(xian)為(wei)(wei)3年(nian)(nian)(nian)(nian)(nian)。短(duan)期(qi)(qi)(qi)內，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)不(bu)(bu)存(cun)在(zai)(zai)(zai)大(da)額(e)(e)(e)外(wai)(wai)部負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)到期(qi)(qi)(qi)的(de)(de)壓力。與(yu)長期(qi)(qi)(qi)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)到期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)(bi)(bi)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)虧(kui)損(sun)導致的(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)所有(you)(you)(you)者(zhe)(zhe)權益為(wei)(wei)負(fu)(fu)(fu)的(de)(de)風(feng)險更(geng)(geng)為(wei)(wei)突出。BD高(gao)(gao)速(su)(su)(su)(su)(su)自(zi)成(cheng)立(li)以(yi)來(lai)持續(xu)虧(kui)損(sun)，至(zhi)(zhi)(zhi)2020年(nian)(nian)(nian)(nian)(nian)末累計(ji)確(que)認(ren)虧(kui)損(sun)37.11億元，占(zhan)(zhan)實收(shou)(shou)(shou)資(zi)(zi)(zi)(zi)本(ben)(ben)和(he)(he)(he)(he)(he)資(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)積之和(he)(he)(he)(he)(he)的(de)(de)72.81%。按(an)2017—2020年(nian)(nian)(nian)(nian)(nian)度(du)年(nian)(nian)(nian)(nian)(nian)均虧(kui)損(sun)額(e)(e)(e)計(ji)算，在(zai)(zai)(zai)不(bu)(bu)增(zeng)加(jia)注資(zi)(zi)(zi)(zi)的(de)(de)前(qian)提(ti)(ti)下(xia)(xia)(xia)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)將于(yu)(yu)2023年(nian)(nian)(nian)(nian)(nian)資(zi)(zi)(zi)(zi)不(bu)(bu)抵(di)債(zhai)(zhai)(zhai)(zhai)(zhai)。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)旗下(xia)(xia)(xia)MD公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)由(you)(you)于(yu)(yu)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)水(shui)平(ping)更(geng)(geng)高(gao)(gao)，虧(kui)損(sun)情況更(geng)(geng)為(wei)(wei)嚴重(zhong)，所有(you)(you)(you)者(zhe)(zhe)權益至(zhi)(zhi)(zhi)2021年(nian)(nian)(nian)(nian)(nian)末為(wei)(wei)負(fu)(fu)(fu)數。所有(you)(you)(you)者(zhe)(zhe)權益為(wei)(wei)負(fu)(fu)(fu)后(hou)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)履行(xing)將高(gao)(gao)度(du)依賴母(mu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)擔保增(zeng)信，外(wai)(wai)部融(rong)(rong)資(zi)(zi)(zi)(zi)環境將更(geng)(geng)為(wei)(wei)惡(e)劣。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)進一(yi)(yi)(yi)步依賴母(mu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)委托(tuo)借款(kuan)(kuan)“輸血”。相(xiang)比(bi)(bi)(bi)(bi)(bi)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)違(wei)約(yue)，現金(jin)(jin)(jin)流(liu)(liu)(liu)形(xing)勢更(geng)(geng)為(wei)(wei)嚴峻。由(you)(you)于(yu)(yu)通(tong)(tong)(tong)行(xing)費(fei)(fei)收(shou)(shou)(shou)入(ru)(ru)(ru)不(bu)(bu)足(zu)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)現金(jin)(jin)(jin)凈(jing)流(liu)(liu)(liu)量尚不(bu)(bu)足(zu)以(yi)支(zhi)付利(li)息(xi)(xi)(xi)費(fei)(fei)用(yong)(yong)(yong)。2017—2020年(nian)(nian)(nian)(nian)(nian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)現金(jin)(jin)(jin)利(li)息(xi)(xi)(xi)保障倍(bei)數分(fen)(fen)(fen)(fen)(fen)別為(wei)(wei)0.59、0.71、0.92、0.87，均小于(yu)(yu)1。因(yin)(yin)此，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)在(zai)(zai)(zai)債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)融(rong)(rong)資(zi)(zi)(zi)(zi)方(fang)面(mian)不(bu)(bu)僅(jin)完全依賴“借新(xin)還舊(jiu)(jiu)(jiu)”，連(lian)償還貸(dai)(dai)(dai)款(kuan)(kuan)利(li)息(xi)(xi)(xi)支(zhi)出都依賴母(mu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)以(yi)委托(tuo)借款(kuan)(kuan)形(xing)式(shi)“輸血”。綜上(shang)(shang)所述，BD高(gao)(gao)速(su)(su)(su)(su)(su)所轄(xia)MD分(fen)(fen)(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)兩(liang)個高(gao)(gao)速(su)(su)(su)(su)(su)項(xiang)目(mu)(mu)自(zi)正式(shi)通(tong)(tong)(tong)車營(ying)(ying)運以(yi)來(lai)，通(tong)(tong)(tong)行(xing)量不(bu)(bu)佳，通(tong)(tong)(tong)行(xing)費(fei)(fei)收(shou)(shou)(shou)入(ru)(ru)(ru)遠低(di)(di)于(yu)(yu)盈(ying)虧(kui)平(ping)衡點，導致公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)持續(xu)虧(kui)損(sun)，財(cai)務(wu)(wu)(wu)狀況惡(e)化。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)經(jing)(jing)(jing)(jing)(jing)營(ying)(ying)現金(jin)(jin)(jin)凈(jing)流(liu)(liu)(liu)量無法(fa)覆蓋(gai)有(you)(you)(you)息(xi)(xi)(xi)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)利(li)息(xi)(xi)(xi)，外(wai)(wai)部融(rong)(rong)資(zi)(zi)(zi)(zi)環境呈惡(e)化趨勢。若通(tong)(tong)(tong)行(xing)費(fei)(fei)收(shou)(shou)(shou)入(ru)(ru)(ru)無法(fa)在(zai)(zai)(zai)短(duan)期(qi)(qi)(qi)內快速(su)(su)(su)(su)(su)提(ti)(ti)高(gao)(gao)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)將面(mian)臨債(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)違(wei)約(yue)風(feng)險。

三、建議與啟示

（一(yi)）加強(qiang)資本規劃

BD高速(su)案例(li)具有(you)一定(ding)典型性(xing)。從(cong)各(ge)省經營性(xing)收(shou)(shou)費公(gong)(gong)(gong)路(lu)運(yun)(yun)行(xing)(xing)情(qing)況(kuang)看，“貧(pin)(pin)富(fu)(fu)不均”現(xian)象普遍存在(zai)，對于(yu)(yu)(yu)經濟稍弱的地區，由(you)于(yu)(yu)(yu)運(yun)(yun)輸量(liang)(liang)較低(di)，導致高速(su)公(gong)(gong)(gong)路(lu)建(jian)成投(tou)(tou)(tou)產初期(qi)通(tong)行(xing)(xing)費收(shou)(shou)入(ru)不及(ji)盈(ying)虧平衡(heng)點(dian)的現(xian)象較為(wei)(wei)常(chang)見。在(zai)BD高速(su)內(nei)部(bu)，兩家(jia)分(fen)公(gong)(gong)(gong)司(si)(si)經營業績(ji)因路(lu)線(xian)差異(yi)呈現(xian)“貧(pin)(pin)富(fu)(fu)不均”現(xian)象。BS分(fen)公(gong)(gong)(gong)司(si)(si)運(yun)(yun)營線(xian)路(lu)起于(yu)(yu)(yu)惠州(zhou)，途徑東(dong)莞，終于(yu)(yu)(yu)深圳，沿(yan)線(xian)區域經濟條(tiao)件較好，客貨運(yun)(yun)輸量(liang)(liang)大。BS項目(mu)(mu)建(jian)成通(tong)車以(yi)(yi)來，通(tong)行(xing)(xing)收(shou)(shou)入(ru)逐年增(zeng)長(chang)，獲(huo)利能(neng)力穩步提升。但MD項目(mu)(mu)和MD東(dong)延線(xian)項目(mu)(mu)均位于(yu)(yu)(yu)梅(mei)州(zhou)市內(nei)，沿(yan)線(xian)經濟條(tiao)件一般(ban)，客貨運(yun)(yun)輸量(liang)(liang)較低(di)，通(tong)行(xing)(xing)費收(shou)(shou)入(ru)增(zeng)速(su)乏力。BD高速(su)需要(yao)對BS公(gong)(gong)(gong)司(si)(si)和MD公(gong)(gong)(gong)司(si)(si)所轄高速(su)項目(mu)(mu)剩余(yu)經營期(qi)內(nei)通(tong)行(xing)(xing)費收(shou)(shou)入(ru)進(jin)行(xing)(xing)預(yu)測，以(yi)(yi)便中(zhong)長(chang)期(qi)資本(ben)規劃(hua)。如果(guo)預(yu)期(qi)項目(mu)(mu)短(duan)期(qi)內(nei)能(neng)夠實現(xian)盈(ying)利，則(ze)(ze)可(ke)以(yi)(yi)考慮(lv)股(gu)(gu)權融資、股(gu)(gu)權轉讓、擴大債(zhai)權融資等(deng)方式募集資金改善財務狀(zhuang)況(kuang)。如果(guo)預(yu)期(qi)項目(mu)(mu)中(zhong)長(chang)期(qi)內(nei)通(tong)行(xing)(xing)費收(shou)(shou)入(ru)難(nan)以(yi)(yi)增(zeng)長(chang)至盈(ying)虧平衡(heng)點(dian)，則(ze)(ze)該項目(mu)(mu)投(tou)(tou)(tou)資成本(ben)可(ke)能(neng)在(zai)經營期(qi)內(nei)無法收(shou)(shou)回。對此(ci)，應當(dang)適當(dang)增(zeng)加股(gu)(gu)東(dong)投(tou)(tou)(tou)資以(yi)(yi)彌補(bu)虧損或由(you)股(gu)(gu)東(dong)為(wei)(wei)項目(mu)(mu)公(gong)(gong)(gong)司(si)(si)負債(zhai)擔保(bao)增(zeng)信，以(yi)(yi)避免公(gong)(gong)(gong)司(si)(si)出現(xian)債(zhai)務違約。如果(guo)預(yu)期(qi)項目(mu)(mu)中(zhong)長(chang)期(qi)內(nei)現(xian)金利息保(bao)障倍數(shu)持續低(di)于(yu)(yu)(yu)1，則(ze)(ze)公(gong)(gong)(gong)司(si)(si)可(ke)能(neng)存在(zai)流動(dong)性(xing)風險，需要(yao)補(bu)充流動(dong)性(xing)。

（二）處置盈(ying)利(li)期項目股權

對于(yu)已經(jing)進入盈(ying)(ying)利(li)期(qi)(qi)(qi)的(de)(de)高(gao)速(su)，可(ke)以(yi)(yi)(yi)處置(zhi)項(xiang)目公(gong)(gong)司(si)(si)(si)股(gu)權以(yi)(yi)(yi)改善(shan)母(mu)(mu)公(gong)(gong)司(si)(si)(si)財(cai)務狀況。BD高(gao)速(su)案例中，BS項(xiang)目即(ji)將進入盈(ying)(ying)利(li)期(qi)(qi)(qi)，公(gong)(gong)司(si)(si)(si)經(jing)營現金流(liu)良好，可(ke)以(yi)(yi)(yi)探索將BD分公(gong)(gong)司(si)(si)(si)轉設(she)(she)(she)(she)為獨立子公(gong)(gong)司(si)(si)(si)。在不喪失控制權的(de)(de)前(qian)(qian)提(ti)下，將BD公(gong)(gong)司(si)(si)(si)少(shao)數股(gu)權對外轉讓，或(huo)將BD公(gong)(gong)司(si)(si)(si)注入上市公(gong)(gong)司(si)(si)(si)。高(gao)速(su)公(gong)(gong)路(lu)項(xiang)目資(zi)產(chan)(chan)權屬清晰，成(cheng)(cheng)本固(gu)定，收(shou)(shou)益(yi)來(lai)源單一，股(gu)權交易法律(lv)風(feng)險較低(di)。對于(yu)投資(zi)者而(er)(er)(er)言(yan)，基(ji)(ji)礎(chu)設(she)(she)(she)(she)施項(xiang)目進入盈(ying)(ying)利(li)期(qi)(qi)(qi)后，收(shou)(shou)益(yi)來(lai)源穩定，現金流(liu)豐沛，適(shi)合(he)作(zuo)為低(di)風(feng)險投資(zi)標(biao)的(de)(de)。公(gong)(gong)司(si)(si)(si)還可(ke)以(yi)(yi)(yi)考(kao)慮將盈(ying)(ying)利(li)期(qi)(qi)(qi)項(xiang)目公(gong)(gong)司(si)(si)(si)收(shou)(shou)益(yi)予以(yi)(yi)(yi)資(zi)產(chan)(chan)證(zheng)券(quan)(quan)化。近年來(lai)，我國開啟公(gong)(gong)開募(mu)集基(ji)(ji)礎(chu)設(she)(she)(she)(she)施資(zi)產(chan)(chan)支持證(zheng)券(quan)(quan)基(ji)(ji)金（基(ji)(ji)礎(chu)設(she)(she)(she)(she)施公(gong)(gong)募(mu)REITs）改革。2021年5月(yue)，滬杭甬杭徽(hui)高(gao)速(su)成(cheng)(cheng)為上海交易所首批公(gong)(gong)開發(fa)售的(de)(de)基(ji)(ji)礎(chu)設(she)(she)(she)(she)施公(gong)(gong)募(mu)REITs。資(zi)產(chan)(chan)證(zheng)券(quan)(quan)化后，母(mu)(mu)公(gong)(gong)司(si)(si)(si)仍保留對高(gao)速(su)公(gong)(gong)路(lu)的(de)(de)運(yun)營管理權。資(zi)產(chan)(chan)支持證(zheng)券(quan)(quan)基(ji)(ji)金存續期(qi)(qi)(qi)限為公(gong)(gong)路(lu)收(shou)(shou)費經(jing)營期(qi)(qi)(qi)截止日。母(mu)(mu)公(gong)(gong)司(si)(si)(si)可(ke)提(ti)前(qian)(qian)收(shou)(shou)回(hui)建設(she)(she)(she)(she)投資(zi)成(cheng)(cheng)本和部分未來(lai)收(shou)(shou)益(yi)。對于(yu)投資(zi)者而(er)(er)(er)言(yan)，持有資(zi)產(chan)(chan)支持證(zheng)券(quan)(quan)較直(zhi)接持有股(gu)權具有更佳的(de)(de)流(liu)動性，便于(yu)處置(zhi)或(huo)交易。總體而(er)(er)(er)言(yan)，母(mu)(mu)公(gong)(gong)司(si)(si)(si)通(tong)過處置(zhi)盈(ying)(ying)利(li)期(qi)(qi)(qi)項(xiang)目股(gu)權，可(ke)以(yi)(yi)(yi)快速(su)回(hui)籠資(zi)金，降低(di)公(gong)(gong)司(si)(si)(si)流(liu)動性風(feng)險。同(tong)時(shi)，處置(zhi)損益(yi)可(ke)以(yi)(yi)(yi)提(ti)前(qian)(qian)兌(dui)現項(xiang)目投資(zi)收(shou)(shou)益(yi)，增加(jia)母(mu)(mu)公(gong)(gong)司(si)(si)(si)所有者權益(yi)，改善(shan)財(cai)務狀況。

（三(san)）改善(shan)虧損期項目財務狀況

對(dui)(dui)于(yu)虧(kui)(kui)(kui)損(sun)(sun)(sun)期(qi)項(xiang)(xiang)(xiang)目(mu)(mu)(mu)，要(yao)(yao)持(chi)(chi)續研判其(qi)虧(kui)(kui)(kui)損(sun)(sun)(sun)是否(fou)將長(chang)期(qi)延(yan)續，項(xiang)(xiang)(xiang)目(mu)(mu)(mu)總投資(zi)能(neng)否(fou)在經營期(qi)內收回。如果(guo)項(xiang)(xiang)(xiang)目(mu)(mu)(mu)為(wei)短(duan)期(qi)虧(kui)(kui)(kui)損(sun)(sun)(sun)，預(yu)計未來(lai)期(qi)間通行(xing)費收入能(neng)夠顯著(zhu)提(ti)升，則(ze)母(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)可以(yi)(yi)(yi)為(wei)項(xiang)(xiang)(xiang)目(mu)(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)提(ti)供(gong)(gong)(gong)進(jin)一步(bu)的(de)流(liu)動性支持(chi)(chi)，以(yi)(yi)(yi)幫助項(xiang)(xiang)(xiang)目(mu)(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)度過虧(kui)(kui)(kui)損(sun)(sun)(sun)期(qi)。如果(guo)項(xiang)(xiang)(xiang)目(mu)(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)為(wei)長(chang)期(qi)虧(kui)(kui)(kui)損(sun)(sun)(sun)，預(yu)計項(xiang)(xiang)(xiang)目(mu)(mu)(mu)整體收益將為(wei)負數，則(ze)要(yao)(yao)評(ping)估虧(kui)(kui)(kui)損(sun)(sun)(sun)是否(fou)可以(yi)(yi)(yi)接受，適(shi)當爭(zheng)(zheng)取(qu)利益補償(chang)。對(dui)(dui)于(yu)BD公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)，其(qi)下屬MD公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)虧(kui)(kui)(kui)損(sun)(sun)(sun)嚴重，即將面臨(lin)資(zi)不抵債。如果(guo)屬于(yu)短(duan)期(qi)虧(kui)(kui)(kui)損(sun)(sun)(sun)，則(ze)BD公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)及(ji)上級公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)可以(yi)(yi)(yi)為(wei)MD公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)提(ti)供(gong)(gong)(gong)流(liu)動性支持(chi)(chi)。支持(chi)(chi)形式包括為(wei)MD公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)注資(zi)，提(ti)供(gong)(gong)(gong)委托貸款(kuan)，新增(zeng)(zeng)債務(wu)擔保等(deng)，避免(mian)項(xiang)(xiang)(xiang)目(mu)(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)財務(wu)狀況持(chi)(chi)續惡化(hua)以(yi)(yi)(yi)至(zhi)于(yu)信用風險提(ti)升。如果(guo)預(yu)計項(xiang)(xiang)(xiang)目(mu)(mu)(mu)將長(chang)期(qi)虧(kui)(kui)(kui)損(sun)(sun)(sun)，則(ze)要(yao)(yao)評(ping)估母(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)能(neng)否(fou)承受相應(ying)經濟(ji)后果(guo)，采(cai)取(qu)恰(qia)當的(de)應(ying)對(dui)(dui)策(ce)略。由于(yu)項(xiang)(xiang)(xiang)目(mu)(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)建設成本中貸款(kuan)比(bi)例(li)較高(gao)，如果(guo)持(chi)(chi)續虧(kui)(kui)(kui)損(sun)(sun)(sun)，則(ze)項(xiang)(xiang)(xiang)目(mu)(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)可能(neng)無力償(chang)還債務(wu)本息(xi)，需要(yao)(yao)母(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)履行(xing)擔保責任。母(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)可以(yi)(yi)(yi)向(xiang)政府爭(zheng)(zheng)取(qu)延(yan)長(chang)高(gao)速公(gong)(gong)(gong)(gong)路通行(xing)費收費期(qi)限，以(yi)(yi)(yi)增(zeng)(zeng)加通行(xing)費總收入，或向(xiang)沿(yan)線(xian)地方(fang)政府爭(zheng)(zheng)取(qu)財政補貼(tie)，或吸(xi)引沿(yan)線(xian)地方(fang)國有企業增(zeng)(zeng)資(zi)入股，以(yi)(yi)(yi)減少母(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)虧(kui)(kui)(kui)損(sun)(sun)(sun)，保障項(xiang)(xiang)(xiang)目(mu)(mu)(mu)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)財務(wu)可持(chi)(chi)續。

（四(si)）加強資金(jin)統(tong)籌管(guan)理

當前，BD公(gong)司(si)(si)(si)(si)經營現(xian)金(jin)(jin)凈流(liu)量無(wu)法覆蓋有(you)息負債利(li)息，流(liu)動性緊(jin)張，需要加強(qiang)資(zi)金(jin)(jin)統(tong)籌管理(li)，避免出現(xian)債務違(wei)約情(qing)形。公(gong)司(si)(si)(si)(si)旗下兩家(jia)分(fen)(fen)公(gong)司(si)(si)(si)(si)經營狀況差異明顯(xian)，BS公(gong)司(si)(si)(si)(si)現(xian)金(jin)(jin)流(liu)狀況好于MD公(gong)司(si)(si)(si)(si)，可以(yi)利(li)用(yong)(yong)BS分(fen)(fen)公(gong)司(si)(si)(si)(si)階(jie)段(duan)性結余(yu)資(zi)金(jin)(jin)為MD分(fen)(fen)公(gong)司(si)(si)(si)(si)提供墊款(kuan)，實(shi)現(xian)公(gong)司(si)(si)(si)(si)內部資(zi)金(jin)(jin)統(tong)籌調(diao)用(yong)(yong)，提高(gao)(gao)資(zi)金(jin)(jin)使(shi)用(yong)(yong)效率(lv)。公(gong)司(si)(si)(si)(si)債務余(yu)額較(jiao)大，財務費(fei)用(yong)(yong)占營業成本(ben)比例較(jiao)高(gao)(gao)，如能降(jiang)低資(zi)金(jin)(jin)成本(ben)，則(ze)不僅(jin)有(you)助于公(gong)司(si)(si)(si)(si)降(jiang)低虧損，亦能降(jiang)低公(gong)司(si)(si)(si)(si)付(fu)息壓(ya)力(li)。例如，將建設期(qi)銀團貸(dai)款(kuan)拆(chai)團，與金(jin)(jin)融機(ji)構進(jin)行針對(dui)性談判，調(diao)整還款(kuan)計劃(hua)，下浮貸(dai)款(kuan)利(li)率(lv)，從而節約利(li)息支出。

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作者(zhe)：顧(gu)杰 單位：廣東省(sheng)公(gong)路(lu)建設(she)有(you)限公(gong)司