【作者】 臧一哲；

【导师】 权锡鉴；

【作者基本信息】 中国海洋大学 ， 农业经济管理， 2014， 博士

【摘要】 农村基础设施是为发展农村生产和保证农民生活而提供的公共服务设施的总称。农村基础设施投资组合是对现有农村基础设施投资模式要素的组合与重组。农村基础设施的外部性特征、产权与所有权归属、有效组织与有效边界、瓦尔拉斯均衡与帕累托最优、公共财政等问题是影响农村基础设施投资组合的重要因素。进行农村基础设施投资组合的目的在于，整合与拓宽投资渠道，改变投资主体单一的局面，向社会资本开放投资领域，形成投资主体多元化格局；发挥财政杠杆作用，带动民间资本的积极参与。这一思路的总体框架有三个重要组成部分：中央和各级政府、企业和个人、其他经济组织。政府既是投资主体，也是投资活动的监督者。通过对建设项目属性的分类以及建设过程的分段，来确定政府在各阶段投资活动中所承担的职责，并且各级政府需要在内部加快物权与财权的平衡，合理分工。企业与个人在农村基础设施建设领域中，作为民间资本投入其中。虽然拓宽了资金渠道，缓解了政府财政的压力，但由于其自身追逐利润的特性，在建设过程中需要政府的监督，以确保农村基础设施建设的有序进行，农民能够享受到正常的公共服务。其他经济组织，也可称为经济手段，适宜在农村基础设施建设中作为优质资本的多为以政府信誉为担保的成本低、周期长的政府债券、专项资金以及其他金融组织或政府援助资金。这类资本的注入，需要有专业的管理团队和完善的农村金融市场来确保资金专用性以及投资效率。根据福利经济学第一定理，将政府、企业和个人、其他经济组织看作基础设施资本的持有者，如能对所持有的资本和初始资源的使用权进行自愿交易，构建农村基础设施资本和投资主体的竞争性市场，实现瓦尔拉斯均衡，则帕累托有效配置就有出现的可能。农村基础设施本身是一个综合的系统，不同于一般生产方式参与农村生产建设。我国大部分现有股票、债券投资的基金规模偏小，而农村基础设施建设所需资金巨大，参考国外投融资实践经验结合我国农村实际，发展农村基础设施产业投资基金能够较好地适应农村生产生活需要农村基础设施中能够被产业化和市场化的项目，可以引入专项产业投资基金，对没有上市的农村基础设施产业企业提供直接资本支持。这一部分基础设施一般具有某种程度的自然垄断性，初始运营成本很大，且新增用户的边际成本很低。投资这一产业的直接经济意义在于存在规模经济和范围经济，投资方或资产拥有者具有市场垄断地位。农村基础设施投资组合与重组，有利于提高投资效率，缓解当前资金紧张的局面。基于基础设施投资的特性，使用马珂维茨均值——方差模型，得到不同条件下最优选择或者在给定收益预期水平下实现风险最小化。通过经济理论获得的最优组合还要适应农村发展需要，两者共同影响最优组合的原则：适应当地农村发展需要，有助于提高农民生产生活水平。可供参考的组合模式有：产业园带动型、市场化运作型、多主体共同参与型、大项目主导型、企业需求主导型等。通过组合投资建设，能够更快、更有效的促进农村基础设施投资的顺利进行，进而推进我国农村地区的发展速度，提高基本建设水平和农民生活条件。更多还原

【Abstract】 Rural infrastructure is the general term for the development of production and toensure that farmers living in rural areas and the provision of public services andfacilities. Rural infrastructure combined investment is invested in rural infrastructureexisting model elements combined with restructuring. External characteristics of ruralinfrastructure, property and ownership attribution, effective organization and effectiveborder Walrasian equilibrium and Pareto optimality, public finance and other issues ofrural infrastructure is an important factor affecting the combined investment.The purpose of rural infrastructure combined investments that integrate and broadenthe investment channels, to change the situation of a single investment entity, open tothe public capital investment, investment diversification pattern formation, exertfinancial leverage, driven by the active participation of private capital. The overallframework of this idea, there are three important components: the central and alllevels of government, businesses and individuals, other economic organizations.Government is the main investment is the supervisor of investment activities. Throughthe classification of construction projects and the construction process of the propertysegment to determine the government in various stages of investment activity in theresponsibilities and levels of government need to accelerate the balance within theproperty and property rights, rational division of labor, businesses and individuals inthe field of infrastructure construction in rural areas, as private capital into them.While broadening the sources of funds to ease the pressure on government finances,but because of its own characteristics to chase profits in the construction processrequires government oversight to ensure the orderly conduct of rural infrastructure,farmers can enjoy normal public services. Other economic organizations, also knownas economic instruments, suitable for rural infrastructure as mostly low-qualitycapital to guarantee the credibility of the government’s cost, long cycle of government bonds, special funds and other financial organizations or government aid.Such injection of capital, the need for professional management team and improverural financial markets to ensure specificity and efficiency of investment funds.According to the first theorem of welfare economics, government, businesses andindividuals, other economic organization as holders of capital infrastructure, such asenergy and the initial capital for the resources held by the right to use voluntarytransactions, build rural infrastructure facilities capital and investors a competitivemarket, to achieve Walrasian equilibrium, then the Pareto efficient allocation mayhave appeared.Rural infrastructure itself is an integrated system that is different from the mode ofproduction involved in the construction of rural production. Most of our existing stock,bond investment fund size is small, but the huge funds required for the construction ofrural infrastructure, with reference to foreign investment and financing experiencewith China’s rural reality, the development of rural infrastructure investment fundindustry better able to adapt to rural production life needs of rural infrastructureprojects to be industrialization and mercerization can introduce special industrialinvestment fund for rural infrastructure industries listed companies do not providedirect capital support. These parts of the infrastructure generally have some degree ofnatural monopoly, a large initial operating costs and low marginal cost of new users.Direct economic sense to invest in this industry is the existence of economies of scaleand scope economies, investors or property owners have market dominance.Rural infrastructure combined investment and restructuring help to improveinvestment efficiency ease the current tight financial situation. Due to the nature ofinfrastructure investment, the use of Makeweici mean-variance model, obtainedunder different conditions to achieve optimal choice or minimize risk for a given levelof earnings expectations. It is not only obtained by optimal combination of economictheory, but also to adapt to the development needs of rural areas, the combined effectof the principle of optimal combination of the two: the need to adapt to local ruraldevelopment, help to improve the living standards of farmers. Combination modes are available for reference: Industrial Park-led, market-oriented operation type,multi-body joint participation, large project oriented, demand-led business type.Through a combination of investment and construction, faster and more effectivelypromote the smooth progress of rural infrastructure investment, thereby promoting thedevelopment speed of China’s rural areas, improve the level of infrastructure andliving conditions of farmers.更多还原