珠三角城际铁路投融资模式研究

发布时间：2018-02-09 11:53

本文关键词： 珠三角城际投融资模式风险评估创新　出处：《北京交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：摘要：改革开放以来,我国国民经济持续快速发展,人民生活水平大大提高。目前的交通设施已经不能满足人们生活日益增加的生活需要和经济的发展。随着我国城市化进程的加快,城市间交通问题越来越严峻,城际铁路作为介于城市轨道交通和高速铁路之间的一种交通方式,对解决城市与城市之前快速高效的沟通提供了强有力的保障。本文以国家发改委已经批准的珠三角地区城际铁路交通网规划(2009年修订)为例,规划明确形成以广州、深圳、珠海为主要枢纽,总里程预计1900公里以上,总投资在3700亿人民币左右,如此大规模的建设需要巨额的资金投入,如何解决投融资问题,是整个建设运营过程中非常重要的一环。珠三角城际铁路具有造价高,投资大,周期长,社会公益性强以及盈利能力有限等特点。由于资金需求量大,完全依靠政府投资城际铁路的建设是难以适应大规模建设需要,建设资金不足、政府财政难以承担运营补贴的问题,从而影响了城际铁路的可持续发展。因此,通过何种方式引入社会资金,如何在多种融资模式的融资方案进行综合评价和选择就显得尤为重要。本论文以珠三角城际铁路建设投融资模式为研究对象,通过对国内外相似行业投融资案例的研究分析、BT/BOT/PPP/ABS/TOD等投融资模式的研究对比、广东省本地实际环境的研究归纳等方面深入剖析,探讨用合适的方式解决珠三角城际铁路建设资金和运营补贴问题,并对研究的投融资模式进行风险评估和分析,提出适合的解决方案。针对珠三角城际铁路投融资模式给出了因地制宜、有针对性的投融资建议,即政府投融资和市场化投融资统筹考虑,运用各种政府补贴方式,吸引社会资本,解决资金瓶颈,真正实现多赢,有序保障城际铁路建设。在模拟测算设计部分中,采用经典的经济模型——必要报酬率、资金成本、企业净现值作为依据,重点测算融资成本、经济效益和资本的时间价值等核心参数,通过对穗莞深项目在市场化投融资模式下的BT模式、TOD模式和PPP模式进行分析比较,得出了PPP模式为较理想的投融资模式的结论。虽然项目的参数设置还较为简略,但是在核心内容方面有较好的测算模拟,对穗莞深项目以及其他珠三角城际铁路项目具有较好的实际参考价值。在全国多个地域开展城际铁路建设的情况下,希望该研究对通过创新城际铁路的投融资模式以解决建设资金短缺和减轻运营补贴压力具有重要的参考意义。
[Abstract]:Abstract: since the reform and opening up, China's sustained and rapid economic development, people's living standard has been greatly improved. The current traffic facilities can not meet the development of living life and increasing economy. Along with our country city to speed up the process, the inter city traffic problem is becoming more and more serious, intercity railway as a transport mode between city traffic and high speed railway, provides a strong guarantee for the city and the city before the fast and efficient communication. In the Pearl River Delta Intercity Rail Transportation Network Planning Based on the national development and Reform Commission has approved (revised in 2009) as an example, a clear plan formed in Guangzhou, Shenzhen, Zhuhai as the main hub, the total mileage is expected more than 1900 kilometers, a total investment of 370 billion yuan, so large-scale construction needs large capital investment, how to solve the financing problem, is the A very important part of the construction process. The Pearl River Delta Intercity Railway has high cost, large investment, long cycle, strong social welfare and profitability is limited. Due to the demand for funds, rely on government investment in construction of intercity railway is difficult to adapt to the needs of large-scale construction, the lack of funds for construction, the government cannot afford the problem of operating subsidies, thereby affecting the sustainable development of intercity railway. Therefore, the introduction of social capital through what way, how to carry out comprehensive evaluation on Financing Scheme of various financing mode and the choice is particularly important.
In this paper, the Pearl River Delta Intercity Railway Construction Investment and financing mode as the research object, through the research of domestic and foreign similar industry investment and financing case analysis, comparative study of BT/BOT/PPP/ABS/TOD financing mode, in-depth analysis of Guangdong province local environment research and so on, to solve the Pearl River Delta Intercity Railway Construction Funds and operating subsidies problem right the way, and to study the financing patterns of risk assessment and analysis, propose appropriate solutions. The financing mode of the Pearl River Delta Intercity Railway. According to local conditions, targeted investment and financing advice, namely government financing and market financing and consider the use of various government subsidies to attract social capital. To solve the capital bottleneck, realize win-win, in order to protect the intercity railway construction.
In the design of simulation calculation part, using the classical economic model -- the required rate of return, cost of capital, corporate net present value as the basis, calculate the financing cost, the key parameters of economic benefit and the time value of capital, the Guangzhou Dongguan Shenzhen project in market financing mode under the BT mode, TOD mode and PPP model analysis and comparison, the PPP model for the financing mode of the ideal conclusion. Although the parameter setting project is relatively simple, but in terms of core content have better simulated calculation, and has a better practical reference value for the Guangzhou Dongguan Shenzhen and other projects in the Pearl River Delta Intercity Railway Project. In many parts of the country to carry out inter city the railway construction situation, hope the research on intercity railway through innovative financing model to solve the shortage of construction funds has an important reference significance and reduce operating subsidy pressure.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F532.3

【参考文献】