城市轨道交通项目融资悖论与网络融资全面创新

Project Financing Paradox and Innovative Practice on Financing Mode in Urban Rail Transit Network Construction

结合上海轨道交通建设实践,分析了项目融资模式在城市轨道交通网络建设阶段存在的4大问题。介绍了城市轨道交通网络融资模式的内涵及其创新实践。城市轨道交通网络融资模式,开创了"城市轨道交通网络融资特别授权"模式,以及"网络总银团加项目子银团"全新模式,实现了网络融资贷款的贷款审批条件、贷款期限和贷款利率的统一。由项目融资到网络融资的网络化思维转换和体制创新突破,既化解了融资矛盾、规避了金融风险,又促进了银行间的公平有序竞争,充分利用了各类银行信贷资源,支持了城市轨道交通网络的建设。

Combined with the practice of Shanghai urban rail transit construction, 4 main problems in project financing and investment mode for urban rail transit network construction are analyzed. Then, the contents of financing and innovative practice are introduced. Urban rail transit network financing mode created a ＂ Specially authorized network finiancing for urban rail transit＂ mode and a new ＂ Network leading financial group ＋ Project subinancial group＂ pattern, achieved the unity of loan approval, loan period and loan interest rate. The paradigm shift and innovative institutional breakthrough not only resolved the fi- nancing conflicts and evaded financial risks, but also promoted fair and orderly competition between banks, made full use of loaning resources of banks and supported the construction of urban rail transit network.