公共交通综合枢纽投融资模式的研究

Study on Comprehensive Public Transport Hub Investment and Financing Mode

主要根据公共交通综合枢纽场站的开发模式、盈利模式和运营管理模式等特点,提出了三种适合公共交通综合枢纽场站建设的融资模式,分别为公私合营(PPP)、建设—移交(BT)、资产证券化(ABS)。通过案例分析对某采用BT的融资模式的公共交通综合枢纽站进行经济评估表明,公共交通综合枢纽站通过吸引民间资本参与枢纽项目的建设和管理,将有利于缓解政府资金压力,提高开发商的经营利润,分散政府和开发商在建设运营项目中带来的风险,实现二者之间的互利共赢。

This paper has proposed three types of financing mode suitable for comprehensive public transport hub station construction,that are respectively public- private partnership（ PPP）,Build- transfer（ BT） and Asset- backed securitization（ ABS） according to features of development mode,profit model and operation management model of comprehensive public transport hub station. By case analysis,economic evaluation has been made on a comprehensive public transport hub station adopted BT financing mode and the results showed that it is benefit for reducing government funds pressure,inproving operating profit of developers,spreading risks of government and developers brought by construction and operation projects and realizing mutual benefit and win- win result between them to attract private capital into construction and management of comprehensive public transport hub station projects.