按照交通运输部规划，用三到五年的时间加快交通建设任务，在十二五期间力争高速
公路里程达到 11 万公里，基本建成国家高速公路网。
本文以 S 快速路公司作为案例分析企业，对该企业在近年中出现的融资困境的原因进
行深入研究和分析，并参与到 S 快速路公司在资本市场对新型融资产品的探索、通过资产
重组取得境外上市公司的股权进行境外资本市场融资活动、运用高速公路服务区资产进行
售后回租方式使沉淀资金的固定资产转化为现金、利用已盈利高速公路项目尝试资产支持
商业票据的运作以及通过公司架构调整，成立专门的公司结算中心对集中 S 高速公路对外
贷款资源及对集团资金归集等方式，分析各种新型融资途径在理论、实践上对 S 快速路公
司在资本市场上的改变和影响，从而得出本文结论。
关键词：融资困境；新型融资；资本市场；售后回租；结算中心
ABSTRACT
Highway as an important transportation infrastructure, along with the development of human
society, economy and generated. China since the reform and opening up, along with the
sustained and rapid development of the national economy, China's road construction by leaps
and bounds. China's first expressway, Shanghai-Jiading Expressway was opened to traffic in
1988, after 20 years of hard work, as of December 2011 of over 80,000 kilometers of
highways jump, ranking first in the world 2. Accelerate transportation construction tasks in
accordance with the plan of the Ministry of Transport, with three to five years time, strive
highway mileage of 110,000 kilometers during the second five, the basic completion of the
national highway network.
In this paper, as a case analysis to high-speed S Expressway Company enterprise, carried out
in-depth research and analysis of the predicament of corporate financing in recent years, and
to participate in the exploration of high-speed S Expressway Company in the capital markets
for new financing products, made outside through the reorganization of assets listed the
company's equity capital market financing outside activities, the use of the assets of the
motorway service area leaseback precipitation funds, fixed assets into cash, earnings
highway project to try to asset-backed commercial paper operations and corporate structure
adjustment set up a special settlement center of the Group of the concentrated S Expressway
external loan resources and the Group's capital imputation, analysis of a variety of new
means of financing in the theory and practice of high-speed S Expressway Company changes
in the capital markets and the impact, so as to arrive the paper concludes.
Key word：Financing Predicament；New Financing Channel；Lease back；Settlement Center
==>>