地主港土地租赁融资的合约经济分析
[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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