双循环背景下创新国际一体化项目投融资模式及机制研究

Research on Innovative Investment and Financing Modes and Mechanisms of International Integrated Project in Context of Dual Circulation

为推动实现高水平“外循环”,助力国内大循环发展,全球能源互联网发展合作组织提出了“电-矿-冶-工-贸”一体化的发展模式,帮助中国企业实现高效率、高效益的海外投资,同时为国内制造产业提供支撑。首先基于一体化项目的内涵,研究了涉及的参与主体,通过分析政府、企业、金融机构和第三方等主体的利益诉求,为构建适用有效的投融资模式提供基础。其次,提出了以“全生命周期PPP+国际开发性金融”为主体的投融资模式,一方面将项目从建造到可持续运营的全过程、全产业链条纳入投融资设计的重点,另一方面有效整合东道国、中国和国际多边开发性金融机构的力量,解决不发达国家财政短缺、金融基础较差的问题,保障项目落地实施。此外,还基于对“赢联盟”和卡洛特水电站两个大型海外项目投融资模式的剖析,探讨了“全生命周期PPP+国际开发性金融”模式的可行性。最后,为保证项目顺利开展,从完善国际项目统筹协调机制、构建双循环投融资有利环境以及推动国际合作等三方面提出了一体化项目发展的机制建设及政策建议。

To promote high-level“international circulation”,and development of domestic circulation,the Global Energy Internet Development Cooperation Organization proposed the co-development mode of“electricity-mining-metallurgymanufacturing-trade”,to help Chinese enterprises realize high efficiency,and beneficial investment overseas.First,based on the connotation of the integration project in this paper,paper we analyzed the interest demands of the government,enterprises,financial institutions,and third parties,which provided the basis for the construction of an effective investment and financing model.Second,we proposed the“full life cycle PPP+International Development Finance”investment and financing model.On the one hand,the entire process of the projects’construction and sustainable operation,as well as the optimization and integration of the complete industrial chain were brought into the focus of investment and financing design;on the other hand,it effectively integrated the power of the host country,China,and international multilateral financial development institutions,to solve the problems of financial shortages,and poor financial foundations in underdeveloped countries,while ensuring project implementation.Further,based on the analysis of the SMB-Winning Consortium and Karot hydropower station projects,we discussed the feasibility of the proposed investment and financing model.Lastly,to ensure smooth development of the integrated project,we proposed mechanism construction and policy suggestions for the development of integrated projects from three aspects:improving the overall planning and coordination mechanism of international projects,building a favorable environment for double cycle investment and financing,and promoting international cooperation.