中国参与非洲基础设施建设的ACP投融资模式研究

Research on Investment and Financing Models of Chinese Companies Undertaking African Infrastructure

当前,非洲大多数国家处于经济起步阶段,基础设施建设需求大,但由于财政实力弱,且社会、政治、经济、环境造成的高投资风险,大多数国家难以负担大规模的准经营性或非经营的基础设施建设。而中国正处于经济结构转型期,存在投资转移和升级的需求。中非在经贸发展上存在内在一致性,在基础设施建设领域存在广阔的合作空间。如何利用非洲的资源优势来筹资建设当地的基础设施,并为中国企业提供更多的参与机会是一项重大课题。在政府间合作的基础上,采用ACP模式成立项目公司,通过当地政府特许授权该公司开发自然资源等盈利项目来补贴基础设施建设投资,并通过滚动开发等方式来逐步实现开发建设。

There is a large deficit in Africa infrastructure development at present, which is caused by many factors. Capital shortage seems to be an apparent factor, but a deep -rooted problem is that due to Afri- ca＇s social and political environment, there are many quasi -operating projects and high investment risks, which are difficult to be financed by concessions and ABS without governments＇ subsidy. Therefore, the arti- cle suggests that based on governmental cooperation, by practicing PPP and comprehensive measures, project company based on ACP model can be founded with a well - established governance structure. The project com- pany can fund itself in infrastructure development with revenues from developing resources through a conces- sion granted by the local government. And thus, infrastructure can be developed gradually in a sustainable way.