新型城镇化基础设施建设债券融资模式研究

发布时间：2018-03-01 18:21

本文关键词： 新型城镇化基础设施融资市政债券城镇基建债券　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：党的十八大顺利召开后,新型城镇化再次成为社会关注的热点。在这一社会发展背景下,基础设施建设融资成为许多地方政府面临的难题。同时,随着城镇化的不断推进,农村集体土地被大量征收,由于我国制度设置上的缺陷、监管的漏洞以及补偿标准的不合理等问题,导致失地农民补偿不足的问题日趋严重。本文首先以市政债券融资模式研究现状为论文的研究基础,简要概述了基础设施、市政债券和土地征用的相关理论；其次,分析了我国当前地方政府进行基础设施建设的主要融资渠道、面临的融资困境,结合我国城镇化建设当中征地补偿不足的情况,全面反映出我国当前在新型城镇化建设中面临的困境；随后,通过对比美国、日本等发达国家繁荣的市政债券市场以及波兰、印度尼西亚等发展中国家新兴的市政债券市场的实践经验,得出符合我国城镇化基本现状的城镇基础设施融资的经验和启示；最后,本文提出城镇基建债券融资这一创新融资方法,城镇基建债券以市政债券为雏形,主要由政府作为发行主体,以政府的税收和盈利基础设施的未来现金流作为保障对城镇化基础设施建设进行融资,同时以债权分配的方式提高对失地农民的补偿。文章从从债券的发行、流通、偿付和债权分配等方面制定了城镇基建债券的模式,通过对某公路的融资进行模拟案例分析,初步验证了城镇基建债券进行基础设施建设融资和提高对失地农民补偿的可行性。论文研究表明,城镇基建债券是适合我国城镇化现状的创新融资模式,不仅能解决我国基础设施建设融资困难的问题,同时可以改善政府与失地农民之间的利益分配不均衡的情况。
[Abstract]:After the 18 National Congress of the Communist Party of China (CPC) was successfully held, the new type of urbanization once again became the focus of attention of the society. In this context of social development, the financing of infrastructure construction has become a difficult problem for many local governments. At the same time, with the development of urbanization, The rural collective land is expropriated in large quantities. Because of the defects in the system setting, the loopholes of supervision and the unreasonable compensation standard, the problem of compensation insufficient for the land-lost farmers is becoming more and more serious. Firstly, based on the research status of municipal bond financing model, this paper briefly summarizes the related theories of infrastructure, municipal bond and land expropriation. This paper analyzes the main financing channels and difficulties faced by local governments in infrastructure construction in China, and combines with the insufficient compensation for land requisition in the construction of urbanization in China. A comprehensive reflection of China's current difficulties in the construction of new urbanization; subsequently, by comparing the booming municipal bond markets of the United States, Japan and other developed countries, as well as Poland, The practical experience of the emerging municipal bond market in Indonesia and other developing countries shows the experience and enlightenment of the financing of urban infrastructure in line with the basic status of urbanization in China. Finally, This paper puts forward the innovative financing method of urban capital construction bond, which is based on municipal bonds, mainly by the government as the main issuer. The future cash flow of the government's tax and profit infrastructure is used as the guarantee to finance the construction of the urbanization infrastructure, while the compensation to the land-losing farmers is increased by the distribution of the creditor's rights. In the aspects of payment and distribution of creditor's rights, the model of urban capital construction bond is established, and the feasibility of financing infrastructure construction and improving the compensation to landless farmers is preliminarily verified by the simulation case analysis on the financing of a certain highway. The research shows that urban infrastructure bond is an innovative financing model suitable for the present situation of urbanization in China, which can not only solve the problem of financing difficulties in infrastructure construction in China. At the same time, it can improve the imbalance of benefit distribution between the government and the landless farmers.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F299.24

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