文档介绍：城市交通基础设施融资模式及风险研究
摘要
长期以来,国有资本的投资在我国的城市交通基础设施建设中处于绝对的优势,
采取的是国家立项、财政拨款、银行融资、政府主管、建委建设施工、管理所养护的
运营机制。在这样的投融资运营模式下,我国的城市交通基础设施建设取得了很多成
绩。但交通基础设施建设对资金的大量需求,也使得仅仅依靠政策扶持搞交通建设已
经不能适应社会发展的需要。国家对重点工程从资金上作重点扶持,但关系到地方经
济发展的非重点交通基础设施工程建设资金依然困难。
在此形势下,基于我国目前的融资环境,通过对交通基础设施项目融资方式及其
项目在融资过程中的风险的研究,探讨拓宽融资途径、降低交通基础设施项目的投资
风险、提高交通基础设施项目投资收益率的途径,对政府部门制定决策、相关企业参
与投资具有重要的现实意义。
本文通过对城市交通基础设施的融资现状及融资环境进行分析,总结了适合城市
交通基础设施的融资方式,并根据上海的实际情况有针对性地提出了上海市市政债券
市场运作的设想,以期为交通基础设施项目的融资开辟一崭新的融资渠道;通过对交
通基础设施项目在融资过程中的成本分析,综合考虑了项目前期不同融资渠道的相应
成本率对项目运营阶段的现金流的影响,建立了确定最优成本率模型;探讨 PPP/PFI
合作模式中政府和私人投资者之间的关系,从双方的合作关系引出对投资双方收益及
风险分摊的分析,并以项目最大内部收益率为目标考虑合理的最优的公私出资比例,
从而在城市交通基础设施领域合理有效地引入民间资本,提高项目收益率提出有效的
建议,并以青浦区段轨道交通 2 号线为例作了实例应用。
关键词:交通基础设施,融资,公私合作,融资模式
RESEARCH ON FINANCING MODEL OF TRANSPORTATION
INFRASTRUCTURE AND RELEVANT RISK
ABSTRACT
In the past,central and local governments which acted mainly as investor and regulator
played an important role in the transportation provision and greatly promoted the
development of transportation infrastructure. With the acceleration of urbanization and
boosting traffic requirement, which arouse terrific needs of transportation infrastructure, it
is difficult for the government alone to offer the huge amount of capital for the
transportation provision. Although the central government is still giving much support for
the significant transportation infrastructure project which is critical for the whole country’s
development, but many similar projects which have an important effects on local
development can not be carried on or be suspended by lacking of necessary capital.
In order to solve above problem, based on current financial environment, the writer
does some research on the current financial channel and model, which can be applied to the
transportation project and the relevant risks in the financing processes for the transportation
projects. The paper discusses how to widen the channel of fin