城际铁路筹融资模式分析研究

Analysis and Research on Financing Model of Intercity Railway

研究目的:城际铁路项目是资本密集型项目,需要在建设期投入巨额投资,如何拓宽城际铁路融资渠道、盘活巨额存量资产,实现资产保值和增值是城际铁路快速持续发展的关键。因此,探讨城际铁路筹融资模式具有重要意义。研究结论:本文结合城际铁路的特点,提出了城际铁路筹融资模式应在政府主导的前提下,争取银行贷款资金支持,运用市场机制采取多元化融资方式:(1)土地及物业开发融资是最有效的将公共交通的外部收益回流至轨道交通建设的方式;(2)地方政府债券是政府筹集基础设施建设资金的一个很好的重要来源;(3)BT项目融资方式适宜于在非经营性基础设施项目的融资中采用;(4)中期票据具有比地方债券和企业债券更少的限制优势,是城际铁路最有潜力的融资渠道。(5)本文可供我国城际铁路、市郊铁路和城市轨道交通等领域筹融资方式的参考。

Research purposes： As the capital -intensive projects, the intercity railway project require huge amounts of investment in the construction period. How to broaden the financing way for the intercity railway, how to revitalize the huge stock of assets and how to realize preserving and increasing the value of the assets are crucial to the rapid and sustainable development of the intercity railway. So exploring the financing model for the intercity railway has great significance. Research conclusions：In combination with the characteristics of intercity railway, in this paper it is proposed that the financing model for intercity railway should be led by the government, along with using the market mechanisms and diversified financing methods and getting the support of the bank loans. （ 1 ） The financing model of land and property developments is the most effective way to make the public benefits of transport back to the construction of urban rail transit. （2） The local government bond is a good financing source for the infrastructure funding by the government. （3） The BT project financing is available for the financing for the non - operating infrastructure projects. （4） The medium - term note is the most potential financing way for intercity railway because it has the less restrictions compared with local bonds and corporate bonds. （5） The financing models presented in this paper can provide the reference to the financing for intercity railway, suburb railway, urban rail transit and other area.