金融学院知识库

  探索乡村振兴与金融的有效融合是金融领域一项重要课题。紧密围绕乡村振兴战略目标而推出的超短期融资券，在各类融资模式中脱颖而出，作为一种直接融资方式，以其低融资成本、高灵活性、发行注册效率高等优点，成为投资者和发行人首选融资工具，成为拓宽资金来源的重要渠道。乡村振兴超短期融资券的发行充分发挥金融服务实体经济、定向提供资金保障的作用，募集资金30%以上应用在乡村振兴项目中，使企业融资状况得到有效改善，带动乡村振兴项目所在地区的经济增长，促进就业与增收，具有明显的乡村振兴效果。

  本文以2022年山西路桥集团发行的乡村振兴超短期融资券-“22晋路桥SCP001”作为研究对象，发行人的资质和专业水平在公路投资建设行业具有突出的竞争优势，在全国特别是山西省内处于领先地位，成功募集的10亿元资金中3.04亿元用于乡村振兴领域，募集资金主要是用来偿还乡村振兴项目所形成的本金和利息，其发行极大地改善了发行人的经营状况。作为山西省首发的乡村振兴超短期融资券，研究其融资效应，对于今后我国其他企业拓展乡村振兴超短期融资券融资路径具有非常好的示范效应。

  本文通过文献分析法、案例分析法与比较分析法，首先对乡村振兴超短期融资券定义及融资效应基本概念进行了界定，介绍了乡村振兴超短期融资券融资发展现状，并梳理了相关理论基础。其次从债券融资主体简介及经营情况、行业影响，债券融资动因和债券融资情况等方面对“22晋路桥SCP001”乡村振兴超短期融资券案例进行介绍，并从社会效应、成本效应、财务效应和融资风险四方面对案例融资效应进行多角度的分析。最后得出结论认为发行超短期融资券降低了企业融资成本；财务业绩、经营业绩明显提升；债券发行社会效应显著；但同时也会给企业带来一定的融资风险。根据案例，可以得出以下建议：增强企业实力，提升企业信用等级；建立偿债基金，降低违约风险；完善监管体制，设置风险警戒线；明确乡村振兴定位，募集资金需量化。

关键词：“22晋路桥SCP001” 乡村振兴 超短期融资券 融资效应

    Exploring the effective integration of rural revitalization and finance is an important topic in the financial field. The ultra-short-term financing bond, which is launched closely around the strategic goal of rural revitalization, stands out among various financing models. As a direct financing method, it has become the preferred financing tool for investors and issuers with its advantages of low financing cost, high flexibility and high issuance and registration efficiency, and has become an important channel to expand the source of funds. The issuance of ultra-short-term financing bonds for rural revitalization gives full play to the role of financial services to the real economy and targeted funding guarantee, and more than 30% of the raised funds are applied in rural revitalization projects, which effectively improves the financing situation of enterprises, promotes economic growth in the areas where rural revitalization projects are located, promotes employment and income, and has obvious rural revitalization effects.

    In this paper, "22 Jin Road Bridge SCP001", the ultra-short-term financing bond for rural promotion issued by Shanxi Road and Bridge Group in 2022, is taken as the research object. The issuer's qualification and professional level have outstanding competitive advantages in the road investment and construction industry, and are in a leading position in the country, especially in Shanxi Province. Of the 1 billion yuan successfully raised, 304 million yuan was used in the field of rural revitalization. The raised funds were mainly used to repay the principal and interest formed by the rural revitalization project, and its issuance greatly improved the operating conditions of the issuer. As the first ultra-short-term financing bond for rural revitalization in Shanxi Province, studying its financing effect has a very good demonstration effect for other enterprises to expand the financing path of ultra-short-term financing bond for rural revitalization in the future.

    Through literature analysis, case analysis and comparative analysis, this paper first defines the definition of ultra-short-term financing bonds for rural revitalization and the basic concept of financing effect, introduces the development status of ultra-short-term financing bonds for rural revitalization, and sorts out the relevant theoretical basis. Secondly, the paper introduces the case of "22 Jin Road Bridge SCP001" ultra-short-term financing bond for rural revitalization from the aspects of the introduction of the main body of bond financing, the operation situation, the industry influence, the motivation of bond financing and the situation of bond financing, and analyzes the case financing effect from multiple angles from the social effect, cost effect, financial effect and financing risk. Finally, it is concluded that the issuance of ultra-short-term financing bonds reduces the financing cost of enterprises. Significant improvement in financial performance and operating performance; The social effect of bond issuance is significant; But it will also bring some financing risks to enterprises. According to the case, the following suggestions can be made: enhance the strength of enterprises and enhance the credit rating of enterprises; Establish a sinking fund to reduce default risk; Improve the supervision system and set up risk warning lines; Clear positioning of rural revitalization, raising funds need to be quantified.

Keywords："22 Jin Road Bridge SCP001"; Rural revitalization ;Ultra-short-term financing bonds; Financing effect