| Yingkou port, founded in1861, has rapid growth in recent years. In2012cargo throughput ranked nineth among China’s coastal ports. Yingkou port plans investment of18billion yuan for construction during "Twelve-Five ", and plans to strengthen the Bayuquan port area and the construction of the New Harbor District in Panjin area and the fairy island. Yingkou port is expected to reach400million tons of cargo throughput before2015, Yingkou port construction funds for the future demand. Port industry is an infrastructure industry, has a natural monopoly, and a steady growth of business, reasonable choice of financing mode for the port itself has a profound influence on the development of the national economy and is related to the future sustainable development of port enterprises and improve the competitiveness of key issues. Researching financing model of Yingkou port, for the long-term development of port construction and future, which is particularly important theoretical and practical significance.This article explores the current main financing channels for China’s port construction funds and the mode of financing, introducing the port of Yingkou port’s current development situation, future development goals and building financial needs and financing situation of the company since2006.And by the method of total asset-liability rate and constitution to measure the proportion of sources of financing the financing structure of the company. It can be conclude that company’s financing sources primarily based on exogenous financing, supplemented by internal financing. Debt financing accounts for the vast proportion of financing. High debt financing has become important features of the company’s financing model. Debt financing of Yingkou port has many help of listed companies, but at the same time, debt financing will also bring risks to the company. In the article, author selects current ratio, quick ratio, asset-liability ratio and time interest earned ratio for analysis, and compare with the mean of traffic transport industry. It can be seen that those financial indicators of the company are in the downstream level. But recent years lots of funds has been used to support the construction of Yingkou port. The scale, and net profit has grown quickly these years. Overall, financial risk of the company can be controlled. Therefore, debt financing is suitable for the development of Yingkou port. But in the future, Yingkou port company needs to engage in optimizing financing structure, coordinating the development of capital markets, broadening access to finance, while continuing to improve corporate governance, improve capital efficiency, enhance self accumulation capacity, reasonable financial costs control, seeking more scientific and effective financing models. This is a necessary choice of Yingkou port company. |
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