城市轨道交通项目融资BT模式研究

Research on the BT Mode for Project Financing for Urban Mass Transit

研究目的:通过分析我国城市轨道交通的发展现状和目前城市轨道交通发展的投融资问题,结合BT模式与其他融资方式的区别,研究BT项目融资模式应用于城市轨道交通工程建设中的一系列问题。研究结论:发展BT模式使产业资本和金融资本全新对接,形成了一种新的融资格局,既为政府提供了一种解决基础设施建设项目资金周转困难的新融资模式,又为投资方提供了新的利润分配体系的追求目标,为剩余价值找到了新的投资途径。采用BT模式不仅获取了较大的投资效益,提高了项目管理的效率,而且使投资方增强了人文技能、管理水平及参与市场的竞争能力,积累了BT模式融资的经验,增加了施工业绩,为以后打入融资建筑市场创造了条件;BT模式扩大了资金来源,使项目顺利建设移交给政府,推进了当地经济的可持续发展,提高了经济效益和社会效益,为其他行业的融资树立了典范。

Research purposes： Through analyzing the current development situation of urban mass transit and the existing financing mode for urban mass transit in China and comparing the difference of BT mode with other financing modes, this paper studies the issues on the BT mode for project financing for urban mass transit. Research conclnsions：Developing BT mode can make the industrial capital newly linking with the financial capital to form a new financing pattern. It not only provides a new financing pattern for the government to solve the problem of difficult turnover of fund for construction of infrastructure, but also provides the pursuing target of the new profit distribution system for investor and a new investment way for the surplus value. Using the BT mode not only gains the great investment benefit and improves the project management efficiency, but also enhances the humanities skill, the management level and the market competitive ability, obtains the financing experience with BT mode and increases the construction achievement to create the conditions of entering the financing market for construction. The BT mode expands the sources of fund to make the project smoothly turning over to the government, pushes forward the sustainable development of the local economy, enhances the economic efficiency and the social efficiency and sets up the model for other industry＇s financing.