贵州省轨道交通建设PPP投融资模式研究

发布时间：2019-03-04 17:27

【摘要】：拥堵的城市交通严重制约着贵州省经济的发展,轨道交通的建设已经成为一项紧迫的任务。但是目前我国轨道交通的发展受到投融资问题的阻碍,以政府为投融资主体的模式已经不能满足日益增长的交通需求,寻求市场多元化的投融资模式成为必然选择。PPP投融资模式以其独有的优势脱颖而出,它是一种新颖的公私合建模式,该模式的应用可以引进私人部门,提高项目建设效率,节约时间和成本。轨道交通和沿线物业两者联合开发进行投融资建设是本文的核心。文章的重点研究内容包括:第一部分,研究了轨道交通在建设和运营两阶段如何进行投融资,着重分析了PPP投融资模式利益相关者的职能定位、资金筹集方式、资金来源、具体运作流程及特许经营权方案。特许经营权方案是PPP模式中的主合同,该部分又细化分析了特许权的组建、实施过程、经营期限、退出机制及终止之后的资产处置等整个方案流程。第二部分,为了使PPP投融资模式顺利实施,从政府补贴、"轨道+物业"联合开发、广告通信及税收优惠四个方面阐述了如何建立良好的资本回报模式,以提高轨道交通开通运营后的预期收益,吸引更多优质社会资本进行投融资。其中沿线物业的开发利用是继票价收入外最大的预期收益来源,该部分重点分析了从土地出让到物业开发过程中提高轨道交通项目收益的方法。第三部分,在借鉴分析了香港、上海等已建成地铁经验的基础上总结出一套适合贵州省轨道交通建设的发展方案,并以在建的贵阳轻轨一号线工程为例具体分析了投融资过程,以火车站站点为例具体研究了站内、站外的物业开发方案。本文属于应用型金融专题文章。通过比较多种投融资方式,分析出贵州省轨道交通采用PPP投融资模式的优势和合理性,创新之处在于结合贵州省当地特点,改进模式的应用细节,使得PPP模式更加贴切、更加适用于贵州省轻轨的建设,最终提高投融资效率,实现贵州省城市交通系统的有效规划;文章内容不仅仅简单的阐述理论知识和经验介绍,更多的是提出轨道交通和沿线物业如何具体的进行开发投融资,并运用贵州轻轨一号线工程进行具体验证,最终设计出一套适合贵州省轻轨建设的投融资方案。希望对正在建设的贵州轻轨提供一些有益的借鉴。
[Abstract]:The congested urban traffic seriously restricts the economic development of Guizhou Province, and the construction of rail transit has become an urgent task. However, at present, the development of rail transit in our country is hindered by the problem of investment and financing, and the mode of taking the government as the main body of investment and financing can no longer meet the increasing traffic demand. PPP investment and financing model stands out because of its unique advantages, it is a novel public-private partnership model, the application of this model can introduce the private sector and improve the efficiency of project construction. Save time and cost. The core of this paper is the joint development and financing of rail transit and property along the line. The main contents of this paper are as follows: in the first part, how to carry out investment and financing in the two stages of construction and operation of rail transit is studied, and the functional orientation of stakeholders in PPP investment and financing mode, the way of fund raising, and the source of funds are analyzed emphatically. Specific operation process and franchise scheme. The franchise scheme is the main contract in the PPP model. In this part, the construction, implementation process, operating period, exit mechanism and asset disposal after termination of the concession are analyzed in detail. In the second part, in order to carry out the PPP investment and financing mode smoothly, this paper expounds how to establish a good capital return model from four aspects: government subsidy, joint development of "track property", advertising, communication and tax concessions. In order to improve the rail transit operation after the expected income, attract more high-quality social capital for investment and financing. The development and utilization of the property along the route is the largest source of expected income after the ticket price income. This part focuses on the analysis of the ways to improve the revenue of rail transit project from the land transfer to the property development process. The third part, on the basis of analyzing the experience of subway construction in Hong Kong and Shanghai, summarizes a set of development plan suitable for Guizhou province rail transit construction, and takes Guiyang Light Rail Line 1 project under construction as an example to analyze the process of investment and financing. Taking railway station as an example, this paper studies the property development scheme inside and outside the station. This paper is a special article on applied finance. By comparing a variety of investment and financing methods, this paper analyzes the advantages and reasonableness of Guizhou rail transit adopting PPP investment and financing mode. The innovation lies in combining the local characteristics of Guizhou Province, improving the application details of the model, and making the PPP mode more appropriate. It is more suitable for the construction of light rail in Guizhou Province to improve the efficiency of investment and financing and to realize the effective planning of urban transportation system in Guizhou Province. The content of this article is not only a brief introduction of theoretical knowledge and experience, but also how to carry out concrete development, investment and financing of rail transit and properties along the route, and use the Guizhou Light Rail Line 1 project to carry out specific verification. Finally, a set of investment and financing scheme suitable for Guizhou light rail construction is designed. Hope to build Guizhou Light Rail to provide some useful reference.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F283;F572.88

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