【作者】 田晖；

【导师】 尹庆双；

【作者基本信息】 西南财经大学 ， 公共经济制度与政策， 2014， 博士

【摘要】 轨道交通毋庸置疑是一种公共产品,由于其在寸土寸金的市区不占土地,又可以方便市民的出行,高效、便捷、安全,成为了中国大型城市解决交通拥堵的一剂良药。中国各中心城市都开始了大规模的轨道交通建设。但是,轨道交通建设成本很高,后期服务要求高,产权关系多元化,也为大规模建设及运营服务水平提出了很高要求。从目前看,轨道交通建设大部分有政府成立的专业公司负责建设运营,社会性、经济型好,加上较低的风险,成为了商业银行服务的重点领域。城市轨道交通建设大从整个轨道交通路网的建设,具体到洞体开凿,轨道及设施铺设,车辆使用,车站建设,运营维护等等,涉及到许多的环节,要保证建设快,后期运营服务有持续性,除了专业公司的设计、施工、运营管理外,大额的建设资金的需求为地方政府提出了重大的挑战。商业银行如何利用其金融服务中介的职能,为城市轨道交通建设提供完善的金融服务机制,很值得商业银行进行系统性的研究。随着我国金融全球化进程的加快,我国现在意义上的商业银行,尤其是大型国有商业银行成为了全球意义上的银行,他的服务可以延伸到全球,同时他的资金也可以来源于全球。这就为我国大型轨道交通建设利用全球金融平台提供多元化的金融服务,使银企双赢成为可能。从理论研究角度出发,对于公共产品的特质要进行分析,这项本应由政府无偿提供的服务,在政府投入之外,还要由商业银行的大规模介入来解决,他的可行性如何、公共部门如何利用自身的资源为商业银行介入提供必要的保证和商业的吸引力。这就要充分研究政府与市场的关系,要研究公共产品的分享性原则。政府为了尽快组网,为市民提供高效、便捷的服务,在垄断的公共利益中拿出一部分来分享。而对于商业银行,单一的国内的信贷服务从各种监管要求、考核要求、公开披露要求看,都无法满足大规模城市轨道交通建设的需要。但在金融创新大行其道的今天,在全球经济不景气的今天,基于全球框架的新公共金融理论,如何筹集资金、资金如何配置才既有效又公平。我国较高的轨道交通建设投资的需求下都会成为全球资金逐利的对象。在我国现有管理模式下国有商业银行对城市轨道交通建设的金融服务机制的可行性、经济型、社会性和具体模式的创新将成为本文的研究重点。我国是典型的人口众多,城市公共交通压力大的国家之一,加之经济改革,大量人口流入城市,很多城市交通几乎已达到运力的边缘,国家提出了加大公共交通基础实施建设,希望通过多修轨道交通来缓解交通压力。党的十八大之后,基于国计民生的大型基础设施建设还会是我国投资的重点。但基于目前的形式,按照既有模式很难走下去。如下一步继续改革下去,政府的职能将会有进一步的改变。我国底子薄,后续资金需求量巨大,如何保质保量的提供准公共产品服务社会将是一个难题。本文研究拟从商业银行资金供给轨道交通视角,希望从基础理论、历史演变、国内外分析,提出大型国有银行对准公共产品提供的创新模式,产品和体制,综合得到一个基于全社会,更大发挥社会多元主体的融资模式。因此,国有商业银行对我国公共产品提供的金融服务模式的创新研究----以城市轨道交通为例的选题具有非常重要的理论和实际价值。全文共分为9章,各章的具体内容如下：导论。介绍研究背景、问题及意义,提出本文的研究思路、研究主要内容和分析方法及其主要创新点。第1章公共产品融资模式的经济理论。以公共金融理论为基础,介绍公共产品融资的经济理论,分别是净收益理论、MM理论、权衡理论、融资优序理论和异常融资优序理论,并分析了城市轨道交通的公共物品、项目区分和外部效应的经济学属性。第2章公共品融资的理论框架。分析了公共品融资中政府和市场的定位,并在外部性视角下公共品融资的相关主体及其基本责任,还有介绍了在博弈视角下的基本原则。第3章轨道交通的概念、分类、特征、发展政策和现状。分析了城市轨道交通的概念、分类、特征和社会功能,也介绍了我国城市轨道交通从计划经济到市场经济发展历程和发展概况。第4章城市轨道交通的融资模式。城市轨道交通具有资金需求大、周期长等特点,我国国内主要有香港、上海、广州、成都和北京等多个城市的不同采用了不同的融资渠道与融资模式,但概况起来主要有以下几种模式：地方政府直接投入为主的模式；以政府财政担保的负债型融资模式以及投资主体多元化的融资模式1。第5章国有商业银行及其在城市轨道交通融资模式中的定位。首先对国有商业银行进行了界定,并简单介绍了其发展历程,从银行业业务角度,提出国有商业银行主营业务仍然是贷款业务。并介绍了国有商业银行的基本情况及其存在的规模经济、范围经济、绝对优势和比较优势,接着提出了我国是以银行为主导的间接融资模式,得出城市轨道交通建设的融资需求需要商业银行,更需要国有商业银行的结论。第6章我国城市轨道交通融资体制存在的问题。提出了我国城市轨道交通融资体制存在的问题,诸如投资主体仍然过于单一,融资渠道过窄等；其次,分析了我国当前城市轨道交通融资模式及创新问题,论证城市轨道交通融资模式创新需要国有商业银行第7章世界典型国家和城市轨道交通融资模式经验。主要介绍了伦敦、纽约、东京、新加坡、德国和菲律宾等国的轨道交通融资模式,并就国外主要城市轨道交通投融资模式经验进行了总结。第8章创新国有商业银行服务城市轨道交通融资模式。首先根据资本金和债务性资金的融资提出了基本模式和创新方式,具体提出了BT贷款、境外筹资、买方信贷、境内发债、境外债权、股权和信托发债、融资租赁,并对供应链融资提出了建议；协助建立轨道交通产业基金；开辟资本市场融资；协助政府政策扶植等等创新国有商业银行服务城市轨道交通融资模式。第9章政策与建议。一是城市轨道交通融资模式的完善和创新,包括完善轨道交通融资体制和根据城市发展不同阶段实施差别化的轨道交通融资策略；二是创新商业银行城市轨道交通融资风险管理,包括信贷资产证券化和利率市场化。研究创新点：一是构建了在当前新形势下国有商业银行在公共品融资体系中定位及运营的基本理论框架；二是创新性分析了国有商业银行服务城市轨道交通融资模式,归纳和总结了在新形势下的特点及相关的政策应对。更多还原

【Abstract】 Rail transport is a public good no doubt, because of its high cost of land in urban areas not occupied land, and can facilitate public travel, efficient, convenient, and safe and become China’s major cities to solve traffic congestion a medicine. Chinese central cities have begun a large-scale rail transit construction. However, the high cost of rail transit construction, post-service requirements, diversification of property rights, but also for large-scale construction and operation of a very high level of service requirements.From the current perspective, the majority of government rail transit Construction Company responsible for the establishment of professional construction and operation of social, economic good, coupled with lower risk, commercial banking services has become the focus areas. Large urban rail transit construction road from the entire rail network construction, specific to the cave excavation, laying of tracks and facilities, vehicles, station construction, operation and maintenance, etc., involves many aspects, to ensure quick construction, post-operation services there is continuity, in addition to specialized companies design, construction, operation and management, the construction of large capital requirements for local governments presents major challenges. Commercial banks how to use the functions of its financial intermediation services for urban rail transit construction to provide comprehensive financial service mechanism, it is worth a systemic study of commercial banks. With the acceleration of the process of financial globalization, China is now the sense of the commercial banks, especially large state-owned commercial banks to become a global sense of the bank, his services can be extended to the world, but he can also be derived from the global funds. This is China’s large rail transit construction using the global financial platform provides a wide range of financial services, making bank and win possible.From the perspective of theoretical research, the characteristics of public goods to be analyzed, that the government should provide free services, in addition to government investment, but also by the large-scale involvement of commercial banks to solve the feasibility of how he, how the public sector to use its resources for commercial banks to intervene to provide the necessary guarantees and commercial appeal. It is necessary to fully study the relationship between government and the market, to study the principle of sharing of public goods. Government in order to expedite networking for the public to provide efficient and convenient services, the public interest in a monopoly in a portion to share. For commercial banks, the single domestic credit services from a variety of regulatory requirements, examination requirements, public disclosure requirements see, are unable to meet the large-scale urban rail transit construction. But in today’s popular financial innovation in the global economic downturn today, based on a new global framework for public finance theory, by whom, by what means to raise funds to solve the problem? How to configure before funds are both effective and fair. Rail transit construction of a high demand for investment funds under the profit-driven world will become an object. In our existing state-owned commercial bank management model of urban rail transit construction feasibility of the mechanism of financial services, economic, social, and specific patterns of innovation will become focus of this study.Ours is a typical large population, urban public transport pressure one of the countries, coupled with economic reform, large numbers of people into the cities, much urban transport capacity has almost reached the edge, the state proposed to increase the implementation of public transport infrastructure construction; hopes more repair rail transport to ease traffic pressure. After the party’s18, based on the national economy and large-scale infrastructure investment in China will be the focus. But based on current form, in accordance with the existing model is difficult walking. As the next step to continue reforms continue, the functions of government will be further changed. Of weak economic foundation, the subsequent huge demand for funds, how to provide quality and quantity of service to the community quasi-public goods would be a problem.This paper intends to supply of funds from commercial banks to rail transportation perspective, I hope from the basic theory of historical evolution domestic analysis, alignment of large state-owned banks to provide innovative models of public goods, products and systems, based on the whole society to get a comprehensive, more social play multiple main mode of financing. Therefore, the state-owned commercial banks to provide public goods to China’s financial services model innovation research-In case of urban rail transit has a very important topic of theoretical and practical value.Article is divided into9chapters; the specific content of each chapter is as follows:Introduction:The research background was introduced, problems and significance of research ideas、the main contents and methods of analysis and its major innovations were put forward.Chapter1:Economic theory of public goods financing mode. Under the public finance theory of public goods, describing the finance theory as net income theory, MM theory, the trade-off theory, pecking order theory and abnormal pecking order theory; analysis attributes of urban rail transit public goods as items distinguish and economic of external effects.Chapter2:The theoretical framework of public goods financing. Analysis of government and market positioning in public goods financing, and related entities under external perspective and its basic responsibility to finance public goods, as well as the basic principles of the game in perspective.Chapter3:Concept, classification, characteristics, development policy and the status of urban rail transit.Analysis the concept, classification, characteristics and social functions of urban rail transit.Introduced China’s urban rail transit history and development from a planned economy to a market economy.Chapter4:The financing model of urban rail transit. Urban rail transit has funding needs, long cycle characteristics, a number of major domestic cities have different financing channels and financing model in Hong Kong, Shanghai, Guangzhou, Chengdu and Beijing using, but it mainly has the following overview of mode:direct government investment as the mainstay of the local mode; debt-based financing model to the main government financial guarantees and investments diversified financing model.Chapter5:State-owned commercial banks and their positioning in urban rail transit financing mode. First, the state-owned commercial banks were defined and a brief history of its development, from the banking business perspective, presented the main business of state-owned commercial banks are still lending. And introduced the basic situation and the excsited of economies of scale, economies of scope, absolute and comparative advantages of state-owned commercial banks, and then made conclusions that rail transit construction business need more state-owned commercial banks.Chapter6:Problem of urban rail transit financing system. First, Proposed financing system of urban rail transportation problems such as investors remain single, narrow financing channels, etc.; second, analysis of China’s current urban rail transit modes and innovative financing issues, demonstrate innovative financing model of urban rail transportation needs of state-owned commercial Bank.Chapter7:The typical pattern of urban rail transit financing experience in the world’s countries. The Introduces the rail transportation financing model in London, New York, Tokyo, Singapore, Germany and the Philippines, and financing major urban rail transport mode experience are summarized.Chapter8:Innovative state-owned commercial bank financing model of urban rail transit services. First proposed under finance capital and debt funding of the basic model and innovative ways, specific proposed BT loans, overseas financing, buyer’s credit, domestic bonds, foreign debt, equity and trust bonds, finance leases, and supply chain financing suggestions; cointegration build rail transportation industry funds; open capital market financing; assist government policy to foster innovation and state-owned commercial banking services and so on urban rail transit financing model.Chapter9:policies and proposals. First, the financing model of urban rail transit improvement and innovation, including funding to improve rail transport system and urban development of rail transportation in accordance with the different stages of the implementation of the financing strategy of differentiation; Second, innovative commercial bank risk management of urban rail transit facilities, including credit asset securitization and the interest rate market.Innovation of the research:First, established a theoretical framework of state-owned commercial bank’s position and operation in financing hierarchy of public goods under new circumstances; Second, innovatively analyzed the financing mode of urban rail transit construction provided by state-owned commercial bank’s,summarize the characteristics under new circumstances and gives a solution of relative policies.更多还原