【作者】 王明路；

【导师】 林晓言；

【作者基本信息】 北京交通大学 ， 技术经济及管理， 2010， 硕士

【摘要】 随着我国经济的快速增长,城市化脚步的日益加快,以轨道交通项目为代表的基础设施建设也迎来了一个新的大发展时期。2009年,为了应对全球性金融危机对我国经济的冲击,政府更是出台了多项措施,并投以总计4万亿元的重资,用于进一步扩大内需促进经济增长。但这样的投资规模仍然远远不能满足各项基础设施建设的需求,政府也更是寄希望于这样抛砖引玉式的投资,吸引更多资金投入到基础设施建设等经济建设中去,以此带动全国的经济增长,应对金融危机冲击的同时,保持国民经济的又好又快发展。BOT(Build-Operate-Transfer),即建设-经营-转让的模式,是通过私营机构参与国家基础设施项目的投资建设,解决政府融资渠道问题的有效途径。BOT模式可能涉及的方面多,融资结构较为复杂,正是由于各项目融资结构的影响,项目整体的融资效率以及项目效益各不相同。本文以轨道交通项目为例,分析融资结构以及项目投资中公与私的比例对项目效益的影响。本文认为,BOT模式的大型基础设施建设项目融资结构复杂程度高,简单划分为权益性融资和债务性融资的情况下,合理的分配资金来源,平衡两类融资资金的额度,以求达到项目稳定以及资金灵活的最佳状态,是保证项目健康长久发展的关键。通过实证分析对BOT项目的融资结构从权益负债角度分析其对项目效益的影响,得出以下结论：1、项目自有资本对BOT项目资金使用效率的影响显著为负。2、权益资本对BOT项目资金使用效率的影响显著为正。3、长期债务对BOT项目资金使用效率的影响显著为正。4、短期债务环境与BOT项目资金使用资本存量的使用效率不显著。而从权责结构中公与私的比例角度分析其对项目效益的影响,可知虽然单从股本结构角度分析,公与私所占比例对项目效益影响不大,但政府在为项目提供政策性保障的同时,投入资金用以支持项目的正常运营也是项目成功的关键。相对政府为代表的公共投资来说,民间资本规模小且相对分散,难以承受如此大规模的资金需求,同时因为对经济效益的关注,民间资本也不可能承担起周期长而见效慢的基础设施项目投资,所以,在基础设施建设融资结构中,政府处在主导地位更有利于项目的生存发展。合理的安排基础设施建设融资结构中公与私的比例,也是提高项目整体融资效率,达到最佳的资源配置,并且最有利于项目的运营和发展。更多还原

【Abstract】 With China’s rapid economic growth, the increasing pace of urbanization accelerated to rail transit project on behalf of infrastructure has also ushered in a new period of great development. In 2009, in response to the global financial crisis impact on our economy, the Government introduced a number of measures are, and arrange a total number of 4 trillion yuan capital for further expansion of domestic demand and promote economic growth. But such investment is still far from meeting the needs of the infrastructure, the Government is pinning hopes on this type of investment start a discussion, to attract more money into infrastructure construction, economic construction, to, to give impetus to the country economic growth, address the financial crisis while maintaining sound and fast development of national economy.BOT (Build-Operate-Transfer), the build-operate-transfer model, is through private sector participation in the national infrastructure investment and construction projects to address the issue of government financing channels, an effective way. BOT model may involve many aspects, the financing structure is more complex, because of the impact of the project financing structure, the financing of the overall efficiency of the project varies.In this paper, mass transit project, through the BOT model currently used on some rail transit project financing structure of, from the traditional analysis of the financing from the financial efficiency and financial structure from the ratio of public and private two aspects of the project financing the efficiency of its financing structure, the impact of the relationship between the two to come, this research on the use of BOT mode of rail transit project financing structure, setting forth reasonable proposals. This view, BOT mode of large-scale infrastructure project finance structure, complexity, simple and divided into equity financing and debt financing in the case of reasonable distribution of sources of funds, balanced funds in the amount of both financiers in order to achieve project stability and the best financial flexibility is to ensure healthy long-term development of key projects.Through empirical analysis of the BOT project debt financing structure from the perspective of equity benefits of its projects, the following conclusions:1, the project’s own capital funds on the efficient use of BOT projects a significant negative impact.2, equity capital efficiency in the use of the BOT project funds is significantly positive effect.3, long-term debt of the BOT project efficiency in the use of funds is significantly positive.4, short-term debt funds Environment and BOT projects more efficient use of capital stock was not significant.Powers and responsibilities of the structure from the ratio of public and private point of view of its impact on project effectiveness, although one can see from the perspective of capital structure, the proportion of public and private benefits of the project has little effect, but the government policy protection for the project the same time, investment capital to support the normal operation of the project is the key to success of the project. The Government, represented by the relative public investment, private capital is relatively small and scattered, difficult to sustain such large funding requirements, and because of the economic concerns, private capital can not bear the long period in isolation from the infrastructure slow investment, so the structure in infrastructure financing, the government is in a dominant position more conducive to survival and development projects. Reasonable arrangements for infrastructure construction financing structure in the ratio of public and private, but also improve the efficiency of the overall financing the project, to achieve the best allocation of resources, and most conducive to the operation and development projects.更多还原