【作者】 彭清辉；

【导师】 曾令华；

【作者基本信息】 湖南大学 ， 金融学， 2011， 博士

【摘要】 基础设施投融资体制改革过程就是基础设施投融资模式的选择和确立过程。本文立足于政府的视角,研究何种投融资体制使基础设施投资最有效率,并在此投融资体制框架下,研究我国基础设施投资边界的确定、投融资模式的选择及该模式的运作方式,从而研究该模式及运作方式的具体应用,旨在为我国基础设施投融资的进一步改革提供借鉴。通过对公共产品、基础设施和政府投资之间关系的比较分析,论证了政府在基础设施投融资中的重要性。而通过分析公共选择理论可知,政府在基础设施建设决策时存在偏离增进社会福利目标的倾向,如何确定政府在基础设施建设中的作用成为基础设施投融资体制的重要部分;项目区分理论和可销售理论主要从基础设施的经济属性和技术属性来确定民间和政府在基础设施投资的分工,但都存在一定的局限性。根据我国投融资体制的特征,将我国投融资体制的变迁分为三个时期,利用生产函数,在对相关参数进行合理估计和测算的基础上,实证研究三个时期内我国基础设施的产出效率,发现1995年至目前这段时期内,我国基础设施的产出效率最高,可以得出我国现阶段的投融资体制是一种较为有效率的制度,也肯定了我国当前基础设施投融资体制改革方向,从而表明在该体制框架下选择和形成的基础设施投融资模式具有稳定性。基础设施的投融资边界包括政府投资的范围边界和规模边界(包括存量规模边界和流量规模边界)。鉴于项目区分理论和可销售理论对政府和民间在基础设施投资分工分析存在局限性,提出综合考虑基础设施的经济属性、技术属性和社会属性,遵循公平与效率协调的原则来取定政府投资的范围边界,从而将基础设施分为体现社会公平的公益性项目、体现控制力的项目、风险分担性项目和前期开发型项目四类。通过测算发现,1982-2007年间,我国经济基础设施存量正逐渐接近存量规模边界,而在1986-2007年间,我国经济基础设施每年的资本形成也正逐渐接近流量规模边界。根据政府(或国家)在社会资源配置中作用不同将国外发达国家基础设施投融资模式分为市场主导型投融资模式和政府主导型投融资模式。通过比较分析发现,尽管两种投融资模式存在一定的区别,但都存在一些相同的特征,如政府在基础设施投资中起着积极作用;政府在基础设施投资中的边界清晰,各级政府分工明确;严格控制各级地方政府基础设施的投资规模;积极创新新型投融方式以引导民间资金进入基础设施领域。在现行的投融资体制下,借鉴国外成熟的基础设施投融资模式,结合我国基础设施投融资实践,可以得出我国基础设施投融资模式。其主要特征为“政府主导、市场运作、政策支持、多元参与”。其中关键是“政府主导”,核心是“市场化运作”。在此模式下形成政府主导下的负债型投融资模式和政府主导下的混合型投融资两种具体形式。基础设施投融资平台是我国基础设施投融资模式的核心,也是我国基础设施投融资的运作主体。文章重点研究了基础设施投融资平台的构建、运行、风险特征和可持续性。平台构建的关键是使其达到市场认可的融资标准,包括企业法人制度建设、治理结构建设、企业信用建设和现金流建设。在平台运行方面着重研究了运用金融工程分解与组合技术为项目融资方案设计和项目公司组建设计风险-收益分担机制。本部分的一个重要工作是构建了一个关于债务负担率、“赤字”率和GDP增长率的地方政府债务控制系统并分析了该系统的均衡性,当控制GDP增长率大于零后,该系统能达到均衡,此时地方政府利用投融资平台负债筹集基础设施建设资金存在可持续性。最后将本文提出的基础设施投融资模式及运行方式用于解决湖南省铁路建设的投融资问题。根据“政府主导、市场运作、政策支持、多元参与”要求和湖南铁路建设特点,认为设立两个基础设施投融资平台分别负责省内城际铁路和其他铁路投融资建设是合理的。同时指出应将湖南城际铁路有限公司定位为负责湖南省内城际铁路建设和投融资的二级平台,而不仅仅是一个项目公司,这样才有利于其运用新型的投融资方式。最后,对长株谭城际铁路项目提出了一个“BT+PPP”投融资解决方案,并对其运作进行了讨论。更多还原

【Abstract】 The reform of infrastructure investing and financing system is a process of model selection and establishment. In this paper, we discuss what kind of system can maximize the efficiency of the infrastructure investment. In the framework of this research we then continue to determine the frontier of the system, the system’s running style and its application. We aim at providing a more reference model for further reform of our infrastructure investing and financing system.By analyzing the relationship among public goods, infrastructure and government investment, we demonstrate the importance of the government in the infrastructure investing and financing. Through analysis of public choice theory we can tell that the government tends to deviate from the objective of increasing the social welfare in making decision process. It is important to determine the role of the government in the infrastructure investing and financing system. Both of the item discrimination theory and the merchantability theory distinguish the role of the government and non-government mainly from the economic and technical attributes of the infrastructure. But these theories have their limitations.According to the characteristics of investment and financing system, we divide the reforming process of our investing and financing system into three periods. With the production function and reasonable estimate of relevant parameters, we can calculate the output efficiency of our infrastructure for each period. We find out that the output efficiency is the highest for the latest period (1995 to now). It means that we have a quite efficient investing and financing system for infrastructure. It also shows that our reforming strategy is correct. There is consistent stability within our current framework.The frontier of infrastructure investment includes the boundary of both the scope (including volume boundary and flow boundary) and scale of the government investment. Since theories of item discrimination and the merchantability are limited in distinguishing the role of the government and non-government in the investing and financing system. We divide infrastructure into four categories, which are social welfare projects, controlling projects, risk-sharing projects and early-developing projects. From the calculation, we know that the infrastructure volume was reaching for the volume boundary in 1982-2007, and capital infrastructure was reaching the flow boundary in 1986-2007.According to the different roles of the government in allocation of social resources, we can divide the investing and financing system in developed countries into 2 modes: market-oriented mode government-oriented mode. Through comparative analysis we find out that while there are differences between these two modes, there are common features between them too. For instance, in both modes, the government plays an active role, the government has a clear boundary, strict limitations are laid on each level of the government, active and creative investing and financing mode is used to attract non-government capital.Under the current investing and financing system, we can create our own system by referring to foreign mature models and combining the financial infrastructure investment practice in our country. Its main feature is“government leadership, policy support, multi-participation and market operation”. The key is“government leadership”while the core is“market operation”. Under this mode we can create two specific systems named debt system and hybrid system.Infrastructure investing and financing platform is our core, and it is also our main operation subject. This paper focuses on infrastructure investing and financing platform for the construction, operation, risk characteristics and sustainability. The creation of a platform is the key to achieve market acceptance of the financing criteria, including corporate legal system construction, construction management structure, and corporate credit building and construction cash flow. Operational aspects of the platform focuses on the use of a combination of financial engineering technology decomposition and financing for the project design and project company set up design risk - revenue sharing mechanism. The important work of this section is to construct a rate on the debt burden, "deficit" of local government debt ratio and growth rate control system and analyze the equilibrium of the system, when the control rate of greater than zero, the system can achieve a balanced, then investment and financing platform for local governments to raise debt there is the sustainability of infrastructure funds.Finally, we can use the proposed infrastructure investing and financing and operation mode in settling of the investing and financing system for railway construction in Hunan Province. According to "government-led, policy support, multiple participation and market operation" requirements and characteristics of railway construction in Hunan, that the establishment of infrastructure investment and financing platform for the two were responsible for provincial inter-city railway and other railway investment and financing construction is reasonable. It also pointed out that inter-city railway Co., Ltd Hunan shall be defined as for inter-city railway construction in Hunan Province and the investment and financing of two platforms, not just a project company, that help to its use of new investment and financing. Finally, we proposed for the intercity rail projects of Chang-Zhu-Tan "BT+PPP" investing and financing solutions and its operation is discussed.更多还原