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地主港土地租赁融资的合约经济分析

发布时间:2018-08-13 12:42
【摘要】:国际港口经济史上,公共部门负责港口基础设施融资的公共服务港长期占据主导地位。但在20世纪七八十年代的港口自由化和港口改革浪潮中,以“港口土地租赁”为特征的地主港融资模式,在国际范围内得到了广泛认可并取得了相当成功,成为西方港口,尤其是大中型集装箱港口融资改革的主流模式。在地主港融资模式下,港务局或政府特许经营的公共企业作为地主,通过将港口土地租赁给港口经营者收取租金,实现港口基础设施建设资金的循环周转。目前,世界前100大集装箱港口中绝大多数为地主港,且许多其他港口正不断进行重组以向地主港模式转型。在中国,以上海港、南通港、广西钦州港、浙江嘉兴乍浦港区、大连大窑湾北岸港区和青岛董家口港等为代表,国内诸多港口也纷纷探索借鉴和实践地主港模式,并倡导以此基准,改革中国港口基础设施融资模式。 为什么地主港融资模式取代公共服务港在实践中最终取得了广泛的适用性?这种在世界范围内被广泛应用的港口融资安排,其内在的作用机理如何?在中国现阶段的国情特征下,中国目前推广和实施的地主港融资模式,很大程度上属于国际主流地主港模式的一种变体,那么,地主港融资模式在中国的移植嫁接了哪些“中国特征”?中国的地主港融资模式又体现为一种怎样的作用机制?研究地主港融资的内在机理,挖掘其内在的微观作用机制及经济学依据,无论对于涉海金融和海洋经济理论的丰富和完善、租佃理论和土地租赁理论在海洋经济领域延伸的适用性诊断,还是落实到作为微观“地主”的港务局的具体行为操作以及不同市场环境和制度条件下港务局规制方式的选择,都具有重要的参考价值和指导意义。 本文从合约经济学的角度解释地主港的融资机理问题。在对港口基础设施融资理论论争及历史发展脉络综述和评述的基础上,从历史视角追溯港口基础设施融资理论的演进逻辑和地主港融资模式的起源问题;基于国际地主港融资的实践经验以及合约的产权特征和订约双方的交易行为,考察国际主流地主港融资合约的形式特征和合约选择问题;进而通过合约的激励约束机制分析,考察地主港土地租赁合约的融资治理和最优资源配置问题;最后,结合中国制度环境下地主港融资模式的变异特征,对中国“准地主港”融资模式的作用机制及合约资源配置问题给予理论和实践双重层面的探讨。 本文共分七章内容。 第一章为引言部分。主要概述本文的基本概念范畴、研究内容、研究方法、技术路线和创新之处。 第二章对国内外有关港口融资和地主港模式的相关研究成果进行综述和评价。由于世界不同港口区位、历史发展、制度环境方而的差异,以及港口融资系统的复杂性和各项融资方式本身的局限,学术界在港口融资模式选择问题上存在很大争议。20世纪70年代以后,政府资本和私人资本合作参与的地主港模式,逐渐成为世界主要港口转型探索的参考模式。但有关地主港融资的学术研究方面较为缺乏,地主港融资的内在机理以及港口土地租赁作为一种新型港口融资方式等方面的问题,缺乏系统的经济学研究。 第三章从历史视角追溯港口基础设施融资模式的改革和发展,以及地主港融资模式的起源问题。基于港口对国民经济和国家海防的战略重要性和社会福利功能,分析历史上港口长期由公共资本控制的理论和经验证据:结合20世纪中后期国际港口经济发展的新环境,考察新自由主义思想影响下港口改革浪潮和私人资本参与的演进逻辑;进一步地,从公共资本和私人资本参与港口基础设施建设的争议中,总结得出各国港口基础设施融资模式选择的经验原则。 第四章从国际地主港融资的实践经验出发,考察港口土地租赁作为一种港口融资方式的相关事实与特征。基于世界上采用地主港模式进行港口基础设施融资的港口地理分布,概述世界主要地区地主港融资实践和土地租赁情况。在此基础上,通过对这些港口中“地主”和经营者签订的“港口土地租赁”合同的具体条款分析,分别从租金、租赁期限、分租、转租与转包和限制性条款等方而,考察地主港融资模式下港口土地租赁合约的特征,为下文对地主港口土地租赁融资合约的经济分析提供事实依据和经验基础。 第五章从合约经济学的角度解析地主港模式下的这份港口土地租赁融资合约。在对地主港口土地租赁融资合约的租约形式及不同形式选择的影响因素分析基础上,将交易费用和风险因素引入港口融资的各种不同合约中,研究港口最优融资合约的选择条件。另外,本章还对交易费用和风险对地主港口地租赁融资合约期限选择的影响进行了分析。 第六章在第五章模型的基础上,通过一个更为具体的契约形式表述,探讨地主港上地租赁融资合约的最优配置和合约激励问题。通过建立地主港土地租赁融资的单期和多期合约关系模型,研究不同情形下交易费用和风险因素对地主港土地租赁融资合约最优配置的影响,以此得到合约同时满足地主和承租方利益最大化的最优条件。并探讨在地主港土地租赁融资合约中,作为地主的港务局,应设计一种怎样的激励机制,来促进承租方进行港口基础设施投资,以为港口提供更多的发展资金。 第七章承接以上关于国际主流地主港融资模式的理论和经验分析,在对中国地主港融资模式与国际主流地主港融资模式运作特征比较的基础上,考察中国“准地主港”融资模式中的合约关系及合约资源配置问题。 最后为结论部分。 本文研究主要得出以下结论: (1)地主港本质上是一种以土地租赁为媒介连接公共部门和私人部门共同投资港口基础设施建设的融资模式。 (2)不同港口融资模式选择和地主港土地租赁融资合约的最优配置取决于交易费用和风险因素的综合影响:在存在交易费用情况下,风险厌恶型的承租者会选择混合租金的地主港土地租赁融资合约,合约的最优配置为港务局和承租者共同分享收益,共担风险。 港务局最优激励合约中的分成比例设置应综合考虑承租者的经营能力、努力成本、风险厌恶程度,以及承租者面临的外生风险等因素。在承租者经营效果好、承租者努力需要付出的成本低、风险厌恶程度低和外生风险因素影响小的情况下,港务局应给予承租者较高的租金分成。 (3)地主港融资中土地租赁期的长短主要基于风险和激励两方面的选择,合约期限的选择取决于不同期限合约下的交易费用比较。 (4)中国目前实施“准地主港”融资模式,属于国际主流地主港融资模式的一种变异形式。这种由国土资源管理部门、港口投资公司和码头经营者间形成的一个三方主体参与、双重委托代理和双层利润分配的合约关系,并非一种理想的港口融资模式,其实质上是一种地方政府依靠土地所有权完全垄断港口土地增值收益的资源配置方式,是与地主港融资模式的实施初衷,即吸引私人部门资金,激励其共同参与港口基础设施建设相悖的。 与以往研究相比,本文的创新之处主要体现在: 第一,结合国际地主港融资实践的运行特征,考察一个与陆域土地租赁不同、基于农地租佃和陆域其他土地租赁功能扩展的港口土地租赁融资的合约特征,并以此为基础,将其纳入到合约经济学的分析框架下加以解释。 第二,根据不同港口融资方式的合约特征以及行为主体的目标差异,将租佃理论的分析框架扩展到公共服务港和地主港等不同港口融资方式代表的多种合约情形下,形成一个多合约条件选择下资源配置比较分析及最优资金配置模式求解的理论框架。 第三,基于港口土地租赁融资资金特殊的流转特征以及合约经济主体的行为特征,分别构建了具有激励约束功能的单期和多期地主港口土地租赁融资的合约关系模型,从而给予地主港融资模式的内在作用机理以经济学解释。该融资合约关系模型的参照意义在于,其可以通过在中国条件下的推广“及均衡态分析,用于诊断中国双重利润分配下“准地主港”融资模式的合约资源配置问题。
[Abstract]:In the history of international port economy, public service ports, which are responsible for financing port infrastructure, have long been dominant. However, in the wave of port liberalization and Port Reform in the 1970s and 1980s, the financing mode of landlord ports characterized by "port land lease" has been widely recognized and achieved comparative results in the international community. As a result, it has become the mainstream mode of financing reform in Western ports, especially in large and medium-sized container ports. Most of the top 100 container ports are landlord ports, and many other ports are being restructured to transform into landlord ports. Practice the landlord port mode, and advocate this benchmark to reform the financing mode of China's port infrastructure.
Why has the landlord port financing mode replaced the public service port in practice and ultimately achieved a wide range of applicability? What is the internal mechanism of this kind of port financing arrangement which is widely used in the world? Under the current situation of China, China's current promotion and implementation of the landlord port financing mode, to a large extent, belongs to. A variant of the international mainstream landlord port model, then, what "Chinese characteristics" have been grafted into the landlord port financing model in China? What kind of mechanism does China's landlord port financing model embody? Studying the internal mechanism of landlord port financing, excavating its internal micro-mechanism and economic basis, no matter for The enrichment and perfection of the theories of ocean-related finance and ocean economy, the diagnosis of the applicability of the theories of tenancy and land lease in the field of ocean economy, the concrete operation of the port authority as a micro-landlord, and the choice of the regulation modes of the port authority under different market environments and systems all have important implications. Value and guiding significance.
This paper explains the financing mechanism of the landlord port from the perspective of contract economics. On the basis of reviewing and commenting on the theoretical debates and historical development of the port infrastructure financing, it traces the evolution logic of the port infrastructure financing theory and the origin of the financing mode of the landlord port from the historical perspective. Practical experience, property right characteristics of the contract and transaction behavior of the two sides of the contract are used to study the form characteristics and contract selection of the international mainstream landlord port financing contracts; then through the analysis of incentive and restraint mechanism of the contract, the financing governance and optimal resource allocation of the landlord port land lease contracts are investigated; finally, combined with the Chinese system. The variation characteristics of the financing mode of the landlord port under the environment are discussed theoretically and practically on the mechanism of the financing mode of the quasi-landlord port and the allocation of contractual resources in China.
This article is divided into seven chapters.
The first chapter is the introduction. It mainly summarizes the basic concepts, research contents, research methods, technical routes and innovations of this paper.
The second chapter reviews and evaluates the research results of port financing and the mode of landlord port both at home and abroad. Due to the differences of different port locations, historical development, institutional environment, the complexity of port financing system and the limitations of various financing modes, academia has a lot to do with the choice of port financing mode. Since the 1970s, the landlord port mode in which government capital and private capital cooperate has gradually become a reference model for exploring the transformation of major ports in the world. There is a lack of systematic economic research.
Chapter 3 traces the reform and development of port infrastructure financing model from a historical perspective, and the origin of the landlord port financing model. Based on the strategic importance of ports to the national economy and national coastal defense and social welfare functions, this paper analyzes the theoretical and empirical evidence that ports have been controlled by public capital for a long time in history: in combination with the mid-20th century and post-20th Century In the new environment of international port economic development, this paper investigates the evolution logic of Port Reform and private capital participation under the influence of neo-liberalism; furthermore, from the controversy of public capital and private capital participating in port infrastructure construction, it summarizes the empirical principles of port infrastructure financing mode selection in various countries.
Chapter Four, starting from the practical experience of international landlord port financing, investigates the relevant facts and characteristics of port land leasing as a port financing mode. Based on the geographical distribution of ports in the world which use landlord port mode for port infrastructure financing, the paper summarizes the financing practice and land leasing of landlord ports in major regions of the world. On the basis of analyzing the specific clauses of the "port land lease" contracts signed by the "landlord" and the operators in these ports, this paper examines the characteristics of the port land lease contracts under the financing mode of the landlord port from the aspects of rent, lease term, sub-lease, sub-lease and sub-contract, and restrictive clauses, respectively, in order to accommodate the land lease of the landlord port as follows The economic analysis of capital contracts provides the basis of fact and experience.
Chapter Five analyzes the port land lease financing contract under the mode of landlord port from the perspective of contract economics. Based on the analysis of the lease forms and the influencing factors of different forms of land lease financing contract for landlord port, this paper introduces transaction costs and risk factors into different contracts of port financing, and studies the port most. In addition, this chapter also analyzes the impact of transaction costs and risks on the term selection of lease financing contracts for landlord ports.
Chapter 6 discusses the optimal allocation and contract incentive of land lease financing contracts in landlord ports through a more specific form of contract based on Chapter 5 model. The optimal allocation of land lease financing contracts can be obtained to maximize the benefits of both landlords and lessees. The paper also discusses what incentive mechanism should be designed by the port authority as the landlord in the land lease financing contract of the main port to promote the lessee's investment in port infrastructure. Provide more development funds.
Chapter 7 undertakes the above theoretical and Empirical Analysis on the financing mode of the international mainstream landlord ports. On the basis of comparing the operating characteristics of the financing mode of the Chinese landlord ports with that of the international mainstream landlord ports, the paper examines the contractual relationship and the allocation of contractual resources in the financing mode of the quasi-landlord ports in China.
The last part is the conclusion.
The main conclusions are as follows:
(1) The landlord port is essentially a financing mode that links the public sector and the private sector to invest in port infrastructure construction through land leasing.
(2) The choice of different port financing modes and the optimal allocation of landlord port land lease financing contracts depend on the combined effects of transaction costs and risk factors: in the presence of transaction costs, risk-averse lessees will choose the landlord port land lease financing contracts with mixed rents, and the optimal allocation of the contracts is between the Port Authority and the lessees. Share profits and take risks together.
The allocation of the optimal incentive contract of the Port Authority should take into account the lessee's operating ability, effort cost, risk aversion, and exogenous risks. The port authority should give the lessee a higher rent sharing.
(3) The length of land lease term in landlord port financing is mainly based on the choice of risk and incentive. The choice of contract term depends on the comparison of transaction costs under different term contracts.
(4) China's current implementation of the quasi-landlord port financing model is a variant of the international mainstream landlord port financing model, which is not an ideal port with the participation of a tripartite entity formed between the land and resources management department, the port investment company and the wharf operators, and the contractual relationship of double principal-agent and double profit distribution. The mode of port financing is essentially a resource allocation mode in which local governments rely on land ownership to monopolize the value-added income of port land. It is contrary to the original intention of the landlord port financing mode, that is, to attract private sector funds and encourage them to participate in the construction of port infrastructure.
Compared with previous studies, the innovation of this paper is mainly reflected in:
Firstly, considering the operational characteristics of international landlord port financing practice, this paper examines the contractual characteristics of port land leasing financing, which is different from land leasing and is based on the expansion of farmland leasing and other land leasing functions. On this basis, it is explained in the framework of contract economics.
Secondly, according to the contractual characteristics of different port financing modes and the target differences of the actors, the analytical framework of the tenancy theory is extended to the multi-contract cases represented by different port financing modes, such as public service port and main port, to form a comparative analysis of resource allocation under multi-contract conditions and an optimal mode of capital allocation. The theoretical framework of the solution.
Thirdly, based on the special transfer characteristics of port land lease financing funds and the behavior characteristics of contract economic entities, the contract relationship models of single-period and multi-period land lease financing of landlord ports with incentive and constraint functions are constructed respectively, which give economic explanation to the internal mechanism of the financing model of landlord ports. The reference significance of the contractual relationship model lies in that it can be used to diagnose the contractual resource allocation problem of the quasi-landlord port financing model under the dual profit distribution in China by extending the "equilibrium analysis" under the Chinese conditions.
【学位授予单位】:山东大学
【学位级别】:博士
【学位授予年份】:2013
【分类号】:F301.3;F551

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6 缪琴;梯形融资模式为中小企业“舒筋活血”[N];成都日报;2011年

7 本报记者 龚友国;梯形融资模式为中小企业“舒筋活血”[N];中国企业报;2011年

8 记者 罗培新;创新融资模式 服务企业发展[N];闽南日报;2011年

9 ;福建:创新融资模式 破解资金难题[N];中国交通报;2010年

10 本报记者 马静t,

本文编号:2181028


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