我国城市轨道交通投融资模式转变与创新

Transformation and Innovation for Investment and Financing of Urban Rail Transit in China

我国城市轨道交通正处于快速建设发展期,政府资金来源和投融资环境发生了较大变化,以往"土地出让金+银行贷款"的投融资模式难以为继,亟待转变与创新。本文在对城市轨道交通投融资现状的回顾和对面临新形势的分析基础上,提出了对我国城市轨道交通投融资模式转变与创新的建议:利用地方政府性债券弥补土地出让金减少产生的资本金缺口;加快推进政府和社会资本合作(PPP)模式的应用,更好地吸引社会资本参与城市轨道交通投融资;充分利用企业项目收益债、优先股等直接融资手段;积极争取抵押补充贷款(PSL)替代商业贷款,降低融资成本。

Along with the rapid development of urban rail transit in China, the source of government funding and the environment for investment and financing have been changed. Because the previous ＂land-transferring income ＋ bank loan＂ mode is no longer sustainable, transformation and innovation for investment and financing of urban rail transit in China are urgently needed. Based on the review of the current situation and the analysis of the emerging new circumstances of the investment and financing mode, this paper proposes the suggestions for the mode transformation and innovation： local government debts can be used to fill the gaps of insufficient capital fund caused by the decrease of land-transferring income; the application of Public and Private Partnership （PPP） mode should be accelerated, so as to better attract the participation of the social capital; enterprise project benefit bond and preferred shares can be used to increase direct financing; Pledged Supplementary Lending （PSL） can be used to replace commercial loan and lower the financing cost.