【摘要】：近年來,隨著我國城鎮(zhèn)化的進程加快,城市人口的增多,公眾對基礎設施的需求越來越多。如何盡快的完善基礎設施建設,滿足人們日常生活需要成為政府時時刻刻關心的問題。一般來說,基礎設施具有一定的公益性,其多由政府部門組織建設和經(jīng)營管理,而且這種項目一般具有投資金額大、周期長、風險系數(shù)高以及運營成本高的特點。目前,我國正處于城鎮(zhèn)化的快速發(fā)展時期,基礎設施建設面臨著巨大的資金壓力,傳統(tǒng)的以政府為主導的融資模式的缺點開始逐步暴露出來。一方面是基礎設施建設需要大量的資金,另一方面是傳統(tǒng)的融資模式不能滿足基礎設施項目建設的需求。而PPP模式正好可以解決這些問題。然而,由于基礎設施項目規(guī)模大,建設和運營周期長,項目在建設和運營過程中總會出現(xiàn)一些問題,為了使PPP項目能夠順利運行下去,就需要進行基礎設施PPP項目再融資。通常來說,基礎設施PPP項目再融資是指PPP項目融資完成后對融資條件和融資工具等的調整行為。這些PPP項目再融資行為經(jīng)常受到利率、市場需求波動、通貨膨脹等因素的影響,所以需要在基礎設施PPP項目進行再融資時對這些因素進行具體分析,提出應對之策,以保證基礎設施PPP項目的順利運營。本文從影響基礎設施PPP項目再融資的因素出發(fā),構建再融資機制,對基礎設施PPP項目再融資問題進行深入分析。本文的主要內容分為五個部門。第一部分緒論,介紹了基礎設施PPP項目再融資的研究背景、意義以及本文的研究思路。第二部分基礎設施PPP項目再融資概述,詳細介紹了PPP的定義和PPP模式產(chǎn)生的背景,以此來引入基礎設施PPP項目在外部環(huán)境發(fā)生變化時,為了保證項目的順利運行需要進行項目再融資。接著明確給出了基礎設施PPP項目再融資的定義,并指出本文的研究是建立在PPP項目再融資的狹義定義上的,即項目貸本比不變情況下的再融資。然后分析了基礎設施PPP項目再融資的方式、原因以及具體的再融資過程。第三部分基礎設施PPP項目再融資的影響因素分析,具體分析了影響基礎設施PPP項目再融資的因素,包括通貨膨脹、利率、市場需求量等等。第四章基礎設施PPP項目再融資的決策機制,根據(jù)影響因素的不同并借助于金融工具期權來分析每一種具體的因素影響下,基礎設施PPP項目應該怎樣進行再融資,并對再融資的應用作出了具體解釋。第五部分案例分析,結合具體的實際案例——蒙華鐵路PPP項目進行了再融資分析,將上文分析的各種影響因素的決策機制運用到實際中,為項目的后期運營提供了參考。通過研究,本文認為所設計的期權模型對基礎設施PPP項目再融資有一定的意義。然而,由于筆者自身閱歷有限,本文在基礎設施PPP項目再融資之后所獲取的利益分配未進行深入研究。筆者將繼續(xù)通過在該領域的學習和實踐,進一步充實和完善本論文的研究。
[Abstract]:In recent years, with the acceleration of urbanization and the increase of urban population, the public demand for infrastructure is increasing. How to improve the infrastructure construction as soon as possible to meet the needs of people's daily life has become a concern of the government all the time. Generally speaking, infrastructure has a certain public welfare, most of which are organized and managed by government departments, and this kind of project generally has the characteristics of large investment amount, long cycle, high risk coefficient and high operating cost. At present, China is in a period of rapid development of urbanization, infrastructure construction is facing great financial pressure, the shortcomings of the traditional government-led financing model began to be gradually exposed. On the one hand, infrastructure construction needs a lot of funds, on the other hand, the traditional financing model can not meet the needs of infrastructure projects. The PPP pattern can solve these problems. However, due to the large scale of infrastructure projects and the long construction and operation cycle, there will always be some problems in the construction and operation of the project. In order to make the PPP project run smoothly, it is necessary to refinance the infrastructure PPP project. Generally speaking, infrastructure PPP project refinancing refers to the adjustment of financing conditions and financing instruments after the completion of PPP project financing. The refinancing behavior of these PPP projects is often affected by interest rates, market demand fluctuations, inflation and other factors, so it is necessary to analyze these factors and put forward countermeasures when refinancing infrastructure PPP projects. To ensure the smooth operation of the infrastructure PPP project. Based on the factors that affect the refinancing of infrastructure PPP projects, this paper constructs a refinancing mechanism and makes a deep analysis of the refinancing of infrastructure PPP projects. The main content of this paper is divided into five departments. The first part is the introduction, which introduces the research background, significance and research ideas of infrastructure PPP project refinancing. The second part is an overview of infrastructure PPP project refinancing, which introduces the definition of PPP and the background of PPP model in detail, so as to introduce the infrastructure PPP project when the external environment changes. In order to ensure the smooth operation of the project, it is necessary to refinance the project. Then the definition of infrastructure PPP project refinancing is clearly given, and it is pointed out that the research in this paper is based on the narrow definition of PPP project refinancing, that is, the refinancing under the condition that the loan ratio of the project is constant. Then it analyzes the way of refinancing infrastructure PPP project, the reasons and the specific refinancing process. The third part analyzes the influencing factors of infrastructure PPP project refinancing, including inflation, interest rate, market demand and so on. The fourth chapter is the decision-making mechanism of infrastructure PPP project refinancing, according to the different influencing factors and with the help of financial instrument options to analyze how infrastructure PPP projects should be refinanced under the influence of each specific factor. The application of refinancing is explained concretely. The fifth part of the case analysis, combined with the specific actual case-Monghua Railway PPP project refinancing analysis, the above analysis of the various influencing factors of the decision-making mechanism applied to the actual, which provides a reference for the later operation of the project. Through the research, this paper holds that the option model designed has certain significance for the refinancing of infrastructure PPP projects. However, due to the limited experience of the author, the distribution of benefits obtained after the refinancing of infrastructure PPP projects has not been deeply studied in this paper. The author will continue to enrich and improve the research of this paper through the study and practice in this field.
【學位授予單位】：鄭州大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F283

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