城市轨道交通产业投资基金及融资方案评价研究

发布时间：2018-05-01 12:33

本文选题：城市轨道交通 + 投融资模式　；参考：《西南交通大学》2012年硕士论文

【摘要】：城市轨道交通具有运量大、占地少、耗能少、准时、快捷等优点,目前我国很多城市都在大力发展城市轨道交通项目。因此在很长一段时期内,城市轨道交通都是我国基础设施项目建设的重点。然而我国城市轨道交通项目资金缺乏、融资渠道单一、市场化程度不高,投融资模式的研究创新已经成为我国城市轨道交通发展所要解决的首要问题。首先,本文通过系统的分析城市轨道交通行业的特点,总结国内外已有的城市轨道交通投融资经验,结合我国国情,探讨了目前应用较多的BOT、ABS投融资模式,对比分析它们的优势与劣势。这些模式在一定程度上解决了城市轨道交通项目融资遇到的困难,并为今后的创新积累了实践经验。但它们还有很多的不足,没有从根本上解决我国城市轨道交通项目的资金供求矛盾。因此,研究城市轨道交通产业投资基金具有重要的现实意义。其次,本文通过分析国外产业投资基金在基础设施领域的成功应用经验,研究探讨了将产业投资基金应用于我国城市轨道交通的可行性与必要性,分析了产业投资基金的运营组织形式。产业投资基金模式不但可以使投资主体多元化、拓宽筹资渠道、吸纳社会民间资本、减轻政府财政压力,还可以加快我国城市轨道交通现代企业制度的建立。城市轨道交通与产业投资基金相结合,可以充分发挥各自的优势,实现优势互补,不但优化产业投资结构,也将极大的促进城市轨道交通的发展。是一种符合目前我国国情、先进的投融资模式。最后,在确定城市轨道交通项目的融资方案之后,如何从众多的融资方式中选出最优的项目融资方案,是项目融资决策者面临的现实问题。各项目融资方案的优劣往往受其成本、风险、期限、融资能力等因索的影响,仅凭单一的指标评价项目融资方案已不符合客观实际,不能满足决策者的客观要求。为此,本文研究探讨了城市轨道交通项目融资方案多目标综合评价的方法,应用层次分析法与模糊重心理论相结合分析计算最优的融资方案。最后通过实例分析,验证了计算方法的正确性。
[Abstract]:Urban rail transit has the advantages of large transportation capacity, less land occupation, less energy consumption, punctuality, rapidity, etc. At present, many cities in our country are vigorously developing urban rail transit projects. Therefore, in a long period of time, urban rail transit is the focus of infrastructure construction in China. However, the lack of funds for urban rail transit projects in China, the single financing channel, the low degree of marketization, the research and innovation of investment and financing mode has become the most important problem to be solved in the development of urban rail transit in China. First of all, through the systematic analysis of the characteristics of urban rail transit industry, this paper summarizes the existing domestic and foreign urban rail transit investment and financing experience, combined with the situation of our country, discusses the current application of BOT ABS investment and financing model. Comparative analysis of their strengths and weaknesses. To a certain extent, these models solve the difficulties encountered in the financing of urban rail transit projects, and accumulate practical experience for future innovation. But they still have a lot of deficiencies, did not fundamentally solve the contradiction between the supply and demand of funds for urban rail transit projects in China. Therefore, the study of urban rail transit industry investment fund has important practical significance. Secondly, by analyzing the successful application experience of foreign industrial investment funds in the field of infrastructure, this paper discusses the feasibility and necessity of applying industrial investment funds to urban rail transit in China. This paper analyzes the operation organization form of industrial investment fund. The industrial investment fund model can not only diversify the investment subject, widen the financing channel, absorb the social and folk capital, reduce the government financial pressure, but also accelerate the establishment of the modern enterprise system of urban rail transit in our country. The combination of urban rail transit and industrial investment funds can give full play to their respective advantages and realize complementary advantages. It not only optimizes the industrial investment structure, but also greatly promotes the development of urban rail transit. It is an advanced mode of investment and financing in line with the current situation of our country. Finally, after determining the financing scheme of urban rail transit project, how to select the optimal project financing scheme from many financing methods is a realistic problem facing project financing decision makers. The merits and demerits of each project financing scheme are often affected by its cost, risk, duration, financing ability and so on. The evaluation of project financing scheme based on a single index does not accord with the objective reality and can not meet the objective requirements of the decision makers. Therefore, this paper studies the method of multi-objective comprehensive evaluation of urban rail transit project financing scheme, and applies AHP and fuzzy barycenter theory to analyze and calculate the optimal financing scheme. Finally, the correctness of the calculation method is verified by an example.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F572;F283

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