财政金融动员模式探讨——以中关村自主创新示范核心区为例

The Discuss of Financial Mobilization Models——A Case Study of Zhong Guan Cun National Independent Innovative Demonstration Core Zone

海淀区作为国家自主创新示范区的核心区,其发展和空间资源存在供需矛盾。为解决这种矛盾,必须防范由于融资结构的不合理造成土地一级开发所需资金投入不足的问题,以及采用国民经济动员活动中的财政金融动员的手段,开拓融资新渠道:从财政金融动员和融资创新的角度提出以资产证券化为主的多种融资模式的互补应用。针对现行土地储备制度下融资模式的缺陷,分别构建了产业投资基金、专项资产管理计划和资产支撑证券三种动员模式,运用资产证券化原理对三种模式进行了分析和评价,设计了真正满足风险隔离要求的资产支撑证券模式产品结构。

As the core region of National Independent Innovative Demonstration Zones, Haidian district faces the conflict between the supply and demand of space. And the shortage in financing which would be put into land primary development caused by inappropriate financial structure is the root cause which had restrained space supply. Therefore, it is necessary to exploit other source of finance with financial mobilization of national economy mobilization activities. The article presents the complementarily apphance of multiple financing models which mainly focus on assets securitization methods from the angle of financial mobilization and financing innovation.Aiming at the defect of the current financing model which is based on the land development policy, the structure of financing models which is truly meet the risk isolation requirement through building were designed and analyzed, including the Industry Investment Fund, Special Asset Management Plan and Assets Backed Security.