摘要
城市轨道交通项目融资的贷款人并不是项目所有者,不可能从项目的投资中获得股本收益。因此,当贷款人在考察是否为采用项目融资方式建设的城市轨道交通项目提供融资时,所关心的重点是项目未来的偿债能力。本文在分析偿债资金来源的基础上,构造城市轨道交通项目的现金流模型,并从贷款偿还期、债务覆盖率、利息覆盖率、债务承受比率等方面,对城市轨道交通项目融资的偿债能力进行分析。
The creditors in urban rail traffic financing project are not the owner of the project, it is impossible to obtain the capital stock income from the investment of the project. While the creditors investigate to offer financing for the urban rail traffic or not, the focal point cared about is the future debt paying ability of the project. This text at the foundation of analyzing the source to pay the debts capital, structures the cash flow model of urban rail traffic project, and from some respects such as loan repayment period, coverage rate of the debt, interest coverage rate, debt withstanding ratio, etc, analyzes the debt paying ability in urban rail traffic financing project.
出处
《价值工程》
2006年第12期166-168,共3页
Value Engineering
关键词
城市轨道变通
项目融资
偿债能力
现金流
urban rail traffic
financing project
debt paying ability
cash flow