保障性住房BTT融资新模式研究

发布时间：2018-09-18 14:12

【摘要】：近年来随着国家经济实力的不断提升，人民生活水平的不断提高，人民的物质文化需求与当前物质文化无法满足人民需求之间的矛盾不断上升，人民对住房的要求越来越高就是一个明显的缩影，相比之下，一些低收入人群住房权益由于个人经济问题迟迟得不到保障，越发得凸现出来。国家对此也引起了高度的重视，着手实施了保障性安居工程，通过建设大量的保障性住房来保障低收入人群的居住权益，为了确保保障性住房建设的顺利进行，我国在汲取了国外先进的保障性住房建设经验的同时，也结合自身的国情，制定了一套有中国特色的保障性住房建设的相关制度。但是，方方面面都存在着不足或者说需要学习、改进的地方。正如本文的侧重点：保障性住房融资方面就是存在以下问题：○1建设规模大，建设资金无法及时到位；○2融资模式较为陈旧，或收益低，或投资回收期长，或融资效率低，或操作难度大等等。造成这些问题的主要原因有：○1建设融资过度依赖政府拨款，而政府财力不足；○2融资渠道，融资模式缺乏创新；○3融资体系缺乏法律保障。针对上述问题，可以知道本文的主要研究内容是革新保障性住房的融资模式，本文提出了一种新型的保障性住房融资模式——BTT融资模式。其主要的运营模式与传统的BOT模式类似，政府低价出让土地，项目公司在土地上建设保障性住房，竣工后，住房移交给政府用以实施保障性住房，一定期限后，再次移交给项目公司，由项目公司在履行完合同规定的持有期限后可以随意处置该项目资产。为了帮助项目公司做参与决策，本文的决策阶段包含两个部分:○1利用博弈论中的动态博弈下的斯坦科尔伯格模型，结合逆向归纳法，得出一个可以达到双赢局面的项目公司持有期限，写入招标文件；○2项目公司结构自身的技术经济水平，利用净现值法，结合招标文件中规定的持有期限，做出决策，看是否参与该项目的建设。通过本论文的详尽分析，可以论证:BTT融资模式用以我国的保障性住房建设，是可行的，具有风险低，，收益高，回收期短等优点。将来若以完善的配套制度辅助运营，将给予我国保障性住房建设融资注入一股新鲜的血液。
[Abstract]:In recent years, with the continuous improvement of national economic strength and the continuous improvement of people's living standard, the contradiction between the material and cultural needs of the people and the current material culture can not meet the needs of the people has been rising. People's higher and higher demand for housing is an obvious microcosm, by contrast, some low-income people's housing rights and interests have become more and more prominent because of personal economic problems. The state has also attached great importance to this issue and embarked on the implementation of the indemnificatory housing project to protect the housing rights and interests of low-income people through the construction of a large number of affordable housing, in order to ensure the smooth progress of the construction of affordable housing. While drawing on the advanced experience of the construction of the indemnificatory housing in foreign countries, our country has also formulated a set of relevant systems of the construction of the indemnificatory housing with Chinese characteristics in the light of its own national conditions. However, there are shortcomings in all aspects, or need to learn, improve the place. Just as the focus of this paper: the following problems exist in the financing of affordable housing: the construction scale of the construction project: 01 is large, the construction funds cannot be put in place in time, the financing model of YU02 is relatively old, or the income is low, the payback period of the investment is long, or the financing efficiency is low. Or difficult to operate and so on. The main causes of these problems are the overdependence of the construction financing on government funds, the lack of government financial resources and the lack of legal protection of the innovative financing system. In view of the above problems, we can know that the main research content of this paper is the financing mode of innovative affordable housing, and this paper puts forward a new financing mode of affordable housing, BTT financing mode. Its main mode of operation is similar to the traditional BOT model. The government sells land at a low price, and the project company builds affordable housing on the land. After completion, the housing is transferred to the government for implementation of the affordable housing, and after a certain period of time, Transfer again to the project company, and the project company may dispose of the project assets at will after fulfilling the holding period stipulated in the contract. In order to help the project company to participate in decision-making, the decision stage of this paper consists of two parts: 01, using the Steinkelberg model under the dynamic game in game theory, and combining the reverse induction method. A project company holding period that can achieve a win-win situation is obtained, which is written into the technical and economic level of the structure of the project company in the bidding document, and the decision is made by using the net present value method and combining the holding period specified in the bidding documents. See if you are involved in the construction of the project. Through the detailed analysis of this paper, it can be proved that the financing mode of "BTT" is feasible and has the advantages of low risk, high income, short payback period and so on. In the future, if we use perfect supporting system to assist the operation, we will inject fresh blood into the financing of affordable housing construction in our country.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23

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