铁路项目利用民间资本的开发模式研究

Study on Development Strategies of Tapping Private Finance for Railway Projects

本文研究利用民间资本的铁路项目开发模式。根据资金来源把融资策略分为政府投资、公私合资和民间投资;根据项目与既有铁路网的关系把运营策略分为独立运营和统一运营。在独立运营策略下,如果项目效益好,可采用BOT开发模式,否则,采用组合开发模式引入政府的支持;在统一运营策略下,可采用"建造-移交-贷款"、"建造-租赁-移交"和"建造-维护-移交"等开发模式,从而消除统一运营对引入民间资本的阻碍。采用何种开发模式主要取决于项目本身的特性、政策环境和铁路行业管理体制。

Because of limited fiscal budgets, the development of railway projects needs private finance. In order to study how to tap the private finance, this paper classified the financing strate- gies for railway projects into public financing, private financing, and public-private joint financing according to their funding sources, and divided operating strategies into autonomous operation and centrally controlled operation according to the relationships between the projects and the existing railway networks. If a railway was operated by developers autonomously, BOT might be em- ployed when the railway could generate sufficient revenues; or mixed development strategies might be employed to introduce the government support when the railway could not generate suf- ficient revenues. If a railway was operated by a government agency, the paper proposed three de- velopment strategies. They are Build-Transfer-Lend （BTL）, Build-Lease-Transfer （BLT）, and Build-Maintain-Transfer （BMT）. Which strategy was more suitable for a given railway project depended upon the characteristics of the project, relevant policies, railway regulations and so on.