I 摘要 近年来，随着改革的深化，中国的金融体系面临着改革，商业银行的经营正 经历着金融脱媒、利率市场化和互联网金融带来的巨大变化和市场影响，加上监 管政策日益自由化，现有资产管理业务不断扩大，中国金融市场正式进入“大资 产管理”时代，中国经济以银行为主导的间接融资逐渐过渡到资源配置在资本市 场直接融资为主要手段的时代。在正常的基础上，传统产业经济产能过剩逐渐加 剧、并购政策不断完善、债务市场需求业务扩大，资本市场催生了企业进行股权 融资和债权融资，为商业银行业务发展提供了广阔的市场前景和机遇。 在当前环境，建立完善的资本市场，股权投资和债权投资以轻资本和高收益 的特点，已然成为了商业银行提高盈利能力的手段并逐步走向业务创新的步伐。 商业银行获准从事股权投资后，能获得最有效的风险补偿机制，高资本投资的收 益便可以覆盖由于不良资产的产生损失，简单来说，一级市场的融资资金可以赚 取更高的投资回报率。商业银行在向企业进行债权投资的同时，自然愿意同时进 行股权投资。 本文以四川蓉傲农牧股份有限公司向商业银行进行股权投资和债权投资作为 研究对象，在对投资项目进行可行性分析的基础上，论证拟投资项目的建设计划、 实施方案、投资收益的风险把控与技术经济论证相符，该项目拥有技术可行性、 具备行业良好的竞争优势、具备财务可行性和投资收益可行性，综合得出此项目 投资具有可行性以及经济效益具有合理性。建议对蓉傲农牧股份有限公司采取“股 权+债权”投资的方式，总投资 1.3 亿元，在这之中股权投资的 3000 万元企业将 其运用于与市农担保的银行流动资金贷款进行置换；10000 万元债权投资用于实施 A 市 C 镇 A 村大兴养殖场改扩建、B 县菜场养殖场改扩建及 A 市 B 镇同富生猪养殖 基地建设项目。对同类投资项目具有一定的借鉴经验，对资本市场的股权融资和 债权融资发展，以及商业银行业务扩展等方面可产生积极影响。 关键词，融资，股权投资，债权投资，项目可行性分析ABSTRACT II ABSTRACT In recent years, with the deepening of the reformation, China’s financial system is coming to the time point of innovation. Commercial banks are experiencing great changes under the influence of financial disintermediation, interest rate marketization and the online financing. Additional with the easing of banking regulatory policy, expanding of exist asset management business, China’s financial market officially entered the asset management era. Which means that the Chinese economic is gradual transition from the indirect financing era leaded by commercial banks to the direct financing era which allocation of resources financing in the capital market. On the normal basis, the excess capacity of traditional industries gradually increased, mergers and acquisitions policy continues to improve, the debt market demand for business expansion, the capital market has spawned enterprises equity financing and debt financing for commercial banking business development provides a broad market prospects and opportunities. In the current environment, establishing and improving the capital market, with the feature of asset-Light and high-yield, equity and debt investment has become the main methods of commercial banks to improve the profitability and gradually move toward the pace of business innovation.Therefore, commercial banks are hard to increasing its profits depend only on the loan interest. If commercial banks are allowed to engage in equity investment, they can obtain the most effective risk compensation mechanism and high capital investments to cover losses of the bad assets. In simple terms, financing funds of the primary market can earn higher returns. Commercial Banks are natural willing to simultaneously do equity investment and debt investment to enterprises at the same time. This paper takes Sichuan Rong Ao agricultural Limited by Share Ltd to commercial banks to make equity financing and debt financing as the research object, based on the feasibility analysis of investment projects, demonstration of investment project construction plan, implementation plan, investment income and risk control and technical and economic demonstration line, the project has technical feasibility, with the industry a good competitive advantage, with the financial feasibility, investment feasibility, and concluded that this project is feasible, economic benefits is reasonable. It is recommended to take equity + debt investment in agriculture and animal husbandry in Chengdu proud Limited by Share Ltd, a total investment of 130 million yuan, 30ABSTRACT III million yuan investment in equity which will be applied to the agricultural and guaranteed bank liquidity loans 100 million yuan replacement; debt investment for the implementation of A city C town of Avillage in Daxing farm extension B County farms farm extension and A city B town with rich pig breeding base construction project. For similar investment projects with a certain reference experience, the development of capital market equity financing and debt financing, as well as commercial banks, such as the expansion of business can have a positive impact. Keywords: financing, equity investment, debt investment, project feasibility analysis目 录 IV 目 录 第一章 绪论........................................................................................................................1 1.1 选题背景............................................................................................................ 1 1.2 研究意义............................................................................................................ 1 1.3 研究思路及框架................................................................................................ 2 1.3.1 研究思路.................................................................................................. 2 1.3.2 报告框架.................................................................................................. 2 第二章 项目外部环境分析................................................................................................3 2.1 行业管理体制及政策法规................................................................................ 3 2.2 行业分析............................................................................................................ 5 2.2.1 行业产业链分析...................................................................................... 5 2.2.2 生猪养殖模式.......................................................................................... 6 2.2.3 猪肉生产情况分析.................................................................................. 6 2.2.4 猪肉消费情况分析.................................................................................. 7 2.2.5 行业竞争格局分析.................................................................................. 8 2.2.6 行业价格波动分析.................................................................................. 9 2.2.7 行业进入壁垒........................................................................................ 10 2.2.8 区域市场分析.........................................................................................11 第三章 被投资企业情况..................................................................................................12 3.1 企业基本情况.................................................................................................. 12 3.1.1 股权结构................................................................................................ 12 3.1.2 管理情况................................................................................................ 14 3.1.3 经营情况................................................................................................ 15 3.2 企业发展计划及目标...................................................................................... 19 3.3 项目建设情况.................................................................................................. 20 3.3.1A 市 B 镇同富养殖场项目..................................................................... 20 3.3.2A 市 C 镇 A 村大兴养殖场项目............................................................ 21 3.3.3 B 县菜场养殖场项目 ............................................................................. 23 第四章 被投资企业财务分析.................................