基于PFI融资的公租房开发模式研究

发布时间：2018-06-06 03:27

本文选题：公租房 + PFI　；参考：《南京工业大学》2013年硕士论文

【摘要】：近年来，为了解决中低收入群体的住房问题，我国加大了公租房的投资建设力度。我国大量公租房建面临的首要问题是资金来源问题，当前公租房建设资金的主要来源是政府财政支出、住房公积金增值收益及土地出让净收益等，资金缺口仍然很大。发达国家和地区公共住房融资建设的成功经验表明政府通过优惠政策逐步引入民间资本参与公共住房建设是一种普遍趋势，这有利于减轻政府的财政负担，提高公租房建设效率，，保障公租房建设运营的长效性。本文通过资料收集和文献查阅对国内外公租房主要融资模式进行对比分析，结合当前我国公租房投资建设现状及金融制度环境，提出通过PFI模式引入民间资本参与公租房的投资建设。首先，对PFI模式的内涵、运作框架、适用条件、社会效益和财务效益进行分析，并从运作特点、适用条件、经济效果三个方面对BT、PFI、REITs三种模式进行了对比分析，指出PFI模式比BT、REITs模式更适合当前我国公租房的融资建设。其次，结合我国公租房融资建设的特点指出公租房PFI模式下政府公共资助的必要性，根据我国公租房建设的相关政策提出政府公共资助的主要方式并通过算例对各种方式的资助力度进行定量分析，从有效性和可行性方面对不同的资助方式进行了对比，得出一般情况下资助方式的效果从高到低依次为土地划拨、税费优惠、信贷支持、特许权、信用担保和财政补贴。最后，本文指出由于信息不对称公租房PFI融资建设中可能出现的问题，并针对当前我国推行公租房PFI模式可能面临的障碍提出了政策建议。
[Abstract]:In recent years, in order to solve the housing problems of middle and low income groups, China has increased the investment and construction of public rental housing. The most important problem in the construction of public rental housing in China is the source of funds. At present, the main sources of funds for public rental housing construction are government expenditure, value-added income of housing accumulation fund and net income of land transfer, etc., and the fund gap is still very large. The successful experience in the construction of public housing financing in developed countries and regions shows that it is a universal trend for the government to gradually introduce private capital to participate in the construction of public housing through preferential policies, which is conducive to lightening the financial burden of the government. Improve the efficiency of public rental housing construction, to ensure the long-term operation of public rental housing. This paper makes a comparative analysis of the main financing modes of public rental housing at home and abroad through data collection and literature review, combining with the current situation of investment and construction of public rental housing in China and the financial system environment. This paper proposes to introduce private capital into the construction of public rental housing through PFI model. First of all, the connotation, operation frame, applicable condition, social benefit and financial benefit of PFI model are analyzed, and the three models are compared and analyzed from three aspects: operation characteristics, applicable condition and economic effect. It is pointed out that the PFI model is more suitable for the financing construction of public rental housing in China than the BTX REITs model. Secondly, according to the characteristics of public rental housing financing construction in China, it points out the necessity of public housing financing under the PFI model of public rental housing. According to the related policies of public rental housing construction in our country, this paper puts forward the main ways of government public subsidy and makes a quantitative analysis of the intensity of various forms of funding through examples, and compares the different ways of financing from the aspects of effectiveness and feasibility. The results show that the effects of financial aid from high to low are land transfer, tax preference, credit support, concession, credit guarantee and financial subsidy. Finally, this paper points out the possible problems in the construction of public rental housing (PFI) financing due to asymmetric information, and puts forward some policy recommendations on the possible obstacles to the implementation of the PFI model of public rental housing in China.
【学位授予单位】：南京工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23

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