【作者】 邵东；

【导师】 苏素；

【作者基本信息】 重庆大学 ， 工商管理， 2003， 硕士

【摘要】 本文从高速公路的地位、性质和投资机理入手，阐述了高速公路的重要作用；分析了高速公路的公益性和基础性，以及其作为特殊商品的性质；文章也分析了高速公路的投融资经济机理，项目的经济评价。高速公路按照其基础性和公益性的特点，其离不开国家的投入。但是，由于高速公路投资巨大，国家目前投入只能占建设资金的25％左右，吸引社会资金已是加快高速公路发展的必然。社会资本进入基础设施经营已是一个世界性的趋势，并也越来越多地被理论界所支持。由于高速公路年度投资规模优先增长理论，发展的超前性和后期效益决定了在发展中国家的地区，尤其是象重庆这样的地区，高速公路先期融资的困难。文章介绍了国内外成功的高速公路融资经验。世界各国在发展高速公路的历程中走过的道路都不一样，有的是以国家投资为主，有的是以资本市场融资为主，有的是利用各种资源发展高速公路。总的说来，凡是充分利用了资本市场融资，通过债券、股票基金等筹集建设资金的都取得了巨大发展。文章分析了重庆高速公路发展的现状、规划和目前融资遇到的问题，由此提出了在重庆加快发展高速公路投融资的一些设想，要开拓三大主要融资渠道：一是国家投资，除了常规的养路费、车购税和国债，还应根据高速公路所需和所有的资源拓展其它形式的融资，向投资企业或个人土地批租，各区县政府用公路建设用地作资本金等。二是银行贷款。目前高速公路建设资金的一半都是来自银行贷款，今后银行贷款仍是高速公路融资的重要途径，要加强高发司的整体融资信誉；三是社会资金，在重庆要利用社会资金，比较适合而且可以操作的也就应在四种形式上下功夫：应大力推进合作建设的BOT形式；灵活运用TOT；加紧发行高速公路企业债券；积极争取股票上市，进行股市融资。最后，文章运用投资回收理论和项目经济评价理论对重庆目前在建的渝邻高速公路进行了案例分析，证明了高速公路投资规模大、周期长、收益稳定、后期收益高的特点和公路项目投资回收的过程，此案例的成功说明合作建设的BOT形式是目前重庆最适合的也是应大力推广的高速公路建设融资方式。更多还原

【Abstract】 This artic begin from the position, character and the investment theory of the expressway. Analyzes the first character of expressway is the public welfare and basement; the second is economic character of merchandise. Because of the character of public welfare, the expressway needs investment of the government; But for the shortage of the money and the expressway needs too much money, now the government can only supply 25% of the investment. For the character of merchandise, it should absorb all sorts of investment, especially use the money of social fund. Today more and more basement projects absorb money in the capital market. Because the expressway develop speed is faster than GDP and the profit of it is mainly in the late period, So in developing district, especially in chongqing district, financing is more difficult. The article introduce all kinds of succeed financing experiences of expressway in the world. Different country use different methods. Some mainly depend on government investment, some mainly depend on capital market, some use all kinds of methods. But if one country develop its expressway on capital market, it must develop faster. Then the artic analyzes the theory of project investment and economic evaluation, and ChongQing expressway present development situation, plan and problem about investment and financing. Then take out some measures of expressway financing in ChongQing district. We should open three main financing channel, The first is government investment. Besides traditional way, we should develop land rent; absorb the country government investment of land occupied by expressway. The second is use the bank loan under the present good macroscopic environment. The third is use social fund: use BOT to absorb co-operation partner, this is a important method chongqing should choose today in developing expressway; Use TOT to absorb more money; Issue the expressway bond and share;. In the end, the article uses the theory of investment and economic evaluation to analyze the YL project as a sample. The analyzing proves the expressway’s character of huge scale investment and long period of recouping investment. Also it proves this method is the best method to absorb money for developing expressway in chongqing district.更多还原