城市基础设施融资新方式——集合委托贷款研究

【作者】 张满华；

【导师】 邓超；

【作者基本信息】 中南大学 ， 管理科学与工程， 2003， 硕士

【摘要】 鉴于日益加快的城市化进程和经济发展的巨大资金需求，我国正在重新审视城市基础设施融资体制。基础设施的巨大融资需求和国内金融部门的逐步自由化也不断推动着市场的金融创新活动。 在2002年，一种城市基础设施融资新渠道已经出现。部分商业银行开始牵头集合委托贷款项目，充当社会资金和城建项目的融资中介。通过商业银行和官方发起人的各种支持和风险分担安排，投资者可以参与较为复杂而透明度较低的城市基础设施项目。 本文在对国内城市基础设施投融资体制和融资现状进行深入分析的基础上，结合我国城市基础设施资金匮乏和居民储蓄持续增长的现状，认为集合委托贷款模式正好可以作为一种有效的融资方式。在国内目前尚不允许地方政府发行市政债券的情况下，通过集合委托贷款方式募集项目建设资金的积极影响将是相当深远的。文章在此基础上，根据委托贷款的自身特点和优势，系统地探讨了在当前国内资本市场不太发达的背景下切实可行的集合委托贷款融资模式及运作机制。同时，本文还对集合委托贷款的定价和风险管理作了初步的研究，进而提出了相应的制度层面和市场层面的操作建议。作者相信，在商业银行和项目发起人加强角色定位和完善信息披露等前提下，集合委托贷款将会有较大的发展。更多还原

【Abstract】 Seeing that the large development needs and the promotion of urbanization, China is reexamining the current situation of infrastructure finance. The enormous demand for infrastructure finance and gradual liberalization of the domestic financial department will stimulate innovation in this market segment.In 2002, a new form of infrastructure finance has appeared. Some commercial banks debuted "public entrusted loan schemes" by intermediating funds between the social fund and the project of urban construction. They are attractive vehicles for investors who look to the commercial banks, official project promoters, and other enhancements as risk mitigation mechanisms that permit them to participate in otherwise complex and non-transparent financial packages for infrastructure investment.On the foundation of analysing in depth the domestic system of infrastructural investment and finance and current financing situation, the paper think that "public entrusted loan"can just be a kind of effective financing way, combined that the lack of infrastructural fund and the personal deposits increase continuously in our country. Since local government is not allowed to issue the municipal bond at present, the positive impact of raising the construction fund of the project by public entrusted loan will be quite far-reaching. The paper, on this basis, according to the characteristic and advantage of the trusted loan, design a set of public entrusted loan financing mode and operation mechanism under the less developed domestic capital market background. Besides, the paper also try to make preliminary research on pricing and riskmanagement of public entrusted loan, and then has put forward the corresponding suggestion for operation from system and market aspect. This instrument is likely to grow, especially if the roles of commercial banks and project sponsors are clarified and disclosure strengthened.更多还原