【作者】 纪玉哲；

【导师】 孙开；

【作者基本信息】 东北财经大学 ， 财政学， 2013， 博士

【摘要】 公共基础设施建设是经济社会发展的重要支撑,同时也是一个国家和地区发达程度的重要指标。随着经济发展水平的不断提高,公共基础设施投资规模日渐庞大,依靠当期的财政预算投入已远远无法满足经济社会发展的实际需求,公共基础设施的投融资理论在实践中应运而生并不断丰富发展。从我国基础设施建设投融资实践来看,以政府为主导的融资是基础设施投资建设的主要资金来源,社会化融资手段匮乏,形式相对单一。尽管从20世纪90年代以来,投融资体制改革为社会资本进入基础设施领域拆除行业壁垒,但在实践中,由于配套改革措施的滞后,加之基础设施领域的公益性、自然垄断性等特征,社会资本的进入仍存在着诸多障碍。这样就形成了大规模的政府融资与投资建设管理低效率并存的现状,导致整个社会资源配置畸形,进而形成巨大的财政风险。如果不采取有效措施加以遏制,基础设施建设就会日益成为地方财政的巨大负担。通过总结我国基础设施投融资体制改革的基本经验,借鉴西方主要发达国家基础设施建设投融资的基本模式、历史沿革,目的是解决和规范我国地方政府的融资行为,提高政府投资效率,推进基础设施建设的良性循环。从区分政府主导和私人主导入手,研究基础设施投融资体制改革的路径和对策。以政府作为基础设施建设的投融资主体面临两个问题：一是政府投资管理效率低下,造成财政资金和其他融入资金的损失浪费；二是由于政府包揽过多的基础设施建设,容易导致财政压力和风险增加。针对政府主导的投融资问题,重点从改进投资管理方式和改善地方政府的融资困境入手,提出相应的解决对策。对于私人主导的基础设施投融资问题,则以推进特许经营制度为主要突破口,同时把特许经营制度的概念扩大化,探索建立起一种既能够保障公共利益又能实现基础设施产业化发展的制度安排。基础设施民营化是推进投融资体制改革的一种选择,民营化实质是建立一种公私部门之间的合作关系。合同承包、政府补助和购买、项目出售、放松规制等一系列民营化模式都可以视为这样一种合作关系,也都具有特许经营的性质。对于财政用于公共基础设施方面的投资,要量力而行,区分轻重缓急,要通过完善的转移支付制度和明确的事权划分,遏制地方政府的投资冲动,同时要把有限的财政资金使用效率提高,通过代建制的安排来遏制部门预算的冲动。对于具有经营性的基础设施,要尽可能地开放市场,充分利用竞争规则提高公共基础设施建设运营的效率,重点是要建立和完善特许经营制度框架,在基础设施建设领域内形成政府与私人资本的紧密合作关系,以提高全社会的资源配置效率,降低经济运行的总成本。更多还原

【Abstract】 The construction of public infrastructure is an important support of economy and social development, and also an important indicator of development of a country or area. Public infrastructure investing and financing theory has been continuously enriched in practice with investment scale becoming larger, for the current fiscal budget has been far from the actual demand of economy and social development.From the point of investing and financing practice in the construction of public infrastructure, government-oriented financing is the main source of fund of infrastructure construction, while the methods of market-oriented financing are few and single. For social capital being invested in the construction of public infrastructure, investing and financing system reform has cleared the impediments since the1990s. But in reality, there will be difficulties in the investment of social capital because of the outdating reform methods and the characteristics of being public and monopolistic in the construction of public infrastructure. The large-scale government investment and low efficiency in investing management lead to unreasonable allocation in social resources and large fiscal risk. The infrastructure construction will become a heavy burden for local finance If couldn’t been curbed by effective measures. Summarizing the basic experience of our infrastructure investing and financing system reform, mirroring the basic mode and reform history of the western developed countries are to solve and standardize the financing behavior of our local government, improve the efficiency of government investment, and promote the benign cycle of infrastructure construction.We can study the path and countermeasure of infrastructure investing and financing system reform from two aspects of government-oriented system and market-oriented one. There are two problems for the government-oriented financing:waste of financial capital and other capital because of low efficiency, financial pressures and increased risks because of government taking part in too much. As regards to the government-oriented financing, strategies will be put forward by improving the investment managing mode and the financing dilemma of local government. As regards to the market-oriented financing, system regulations which can satisfy the public benefits and achieve the development of infrastructure industry will be built up. At the same time, these system regulations could promote the franchise system as the main breakthrough and extend the conception of the franchise system. Privatization is a choice for the infrastructure investing and financing system reform, which can be seen as the cooperation between the public sector and the private one. Series of privatization such as contract, government subsidy and purchasing, sale, relaxing the regulation can be seen as a cooperation relationship with the nature of franchising.For the financial investment of the public infrastructure, the investment impulse of local governments should be restrained by acting according to their abilities, distinguishing the order of priority, building perfect transfer payment system and clearing the division of administrative powers. The efficiency of the limited fiscal funds should be improved, and the impulse of the department budget should be restrained through the agent-construction system. For the operating infrastructure, the efficiency should be improved by opening to the market as far as possible and taking full use of the rules of competition. The emphasis is to set up and improve the franchise system framework which can form close cooperation between the government and private capital. The franchise system framework will improve the efficiency of resource allocation of the whole society and reduce the total cost of the economy operation.更多还原