【摘要】：近年來(lái),隨著我國(guó)城鎮(zhèn)化的進(jìn)程加快,城市人口的增多,公眾對(duì)基礎(chǔ)設(shè)施的需求越來(lái)越多。如何盡快的完善基礎(chǔ)設(shè)施建設(shè),滿足人們?nèi)粘Ｉ钚枰蔀檎畷r(shí)時(shí)刻刻關(guān)心的問(wèn)題。一般來(lái)說(shuō),基礎(chǔ)設(shè)施具有一定的公益性,其多由政府部門組織建設(shè)和經(jīng)營(yíng)管理,而且這種項(xiàng)目一般具有投資金額大、周期長(zhǎng)、風(fēng)險(xiǎn)系數(shù)高以及運(yùn)營(yíng)成本高的特點(diǎn)。目前,我國(guó)正處于城鎮(zhèn)化的快速發(fā)展時(shí)期,基礎(chǔ)設(shè)施建設(shè)面臨著巨大的資金壓力,傳統(tǒng)的以政府為主導(dǎo)的融資模式的缺點(diǎn)開始逐步暴露出來(lái)。一方面是基礎(chǔ)設(shè)施建設(shè)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(chǔ)設(shè)施項(xiàng)目建設(shè)的需求。而PPP模式正好可以解決這些問(wèn)題。然而,由于基礎(chǔ)設(shè)施項(xiàng)目規(guī)模大,建設(shè)和運(yùn)營(yíng)周期長(zhǎng),項(xiàng)目在建設(shè)和運(yùn)營(yíng)過(guò)程中總會(huì)出現(xiàn)一些問(wèn)題,為了使PPP項(xiàng)目能夠順利運(yùn)行下去,就需要進(jìn)行基礎(chǔ)設(shè)施PPP項(xiàng)目再融資。通常來(lái)說(shuō),基礎(chǔ)設(shè)施PPP項(xiàng)目再融資是指PPP項(xiàng)目融資完成后對(duì)融資條件和融資工具等的調(diào)整行為。這些PPP項(xiàng)目再融資行為經(jīng)常受到利率、市場(chǎng)需求波動(dòng)、通貨膨脹等因素的影響,所以需要在基礎(chǔ)設(shè)施PPP項(xiàng)目進(jìn)行再融資時(shí)對(duì)這些因素進(jìn)行具體分析,提出應(yīng)對(duì)之策,以保證基礎(chǔ)設(shè)施PPP項(xiàng)目的順利運(yùn)營(yíng)。本文從影響基礎(chǔ)設(shè)施PPP項(xiàng)目再融資的因素出發(fā),構(gòu)建再融資機(jī)制,對(duì)基礎(chǔ)設(shè)施PPP項(xiàng)目再融資問(wèn)題進(jìn)行深入分析。本文的主要內(nèi)容分為五個(gè)部門。第一部分緒論,介紹了基礎(chǔ)設(shè)施PPP項(xiàng)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(chǔ)設(shè)施PPP項(xiàng)目再融資概述,詳細(xì)介紹了PPP的定義和PPP模式產(chǎn)生的背景,以此來(lái)引入基礎(chǔ)設(shè)施PPP項(xiàng)目在外部環(huán)境發(fā)生變化時(shí),為了保證項(xiàng)目的順利運(yùn)行需要進(jìn)行項(xiàng)目再融資。接著明確給出了基礎(chǔ)設(shè)施PPP項(xiàng)目再融資的定義,并指出本文的研究是建立在PPP項(xiàng)目再融資的狹義定義上的,即項(xiàng)目貸本比不變情況下的再融資。然后分析了基礎(chǔ)設(shè)施PPP項(xiàng)目再融資的方式、原因以及具體的再融資過(guò)程。第三部分基礎(chǔ)設(shè)施PPP項(xiàng)目再融資的影響因素分析,具體分析了影響基礎(chǔ)設(shè)施PPP項(xiàng)目再融資的因素,包括通貨膨脹、利率、市場(chǎng)需求量等等。第四章基礎(chǔ)設(shè)施PPP項(xiàng)目再融資的決策機(jī)制,根據(jù)影響因素的不同并借助于金融工具期權(quán)來(lái)分析每一種具體的因素影響下,基礎(chǔ)設(shè)施PPP項(xiàng)目應(yīng)該怎樣進(jìn)行再融資,并對(duì)再融資的應(yīng)用作出了具體解釋。第五部分案例分析,結(jié)合具體的實(shí)際案例——蒙華鐵路PPP項(xiàng)目進(jìn)行了再融資分析,將上文分析的各種影響因素的決策機(jī)制運(yùn)用到實(shí)際中,為項(xiàng)目的后期運(yùn)營(yíng)提供了參考。通過(guò)研究,本文認(rèn)為所設(shè)計(jì)的期權(quán)模型對(duì)基礎(chǔ)設(shè)施PPP項(xiàng)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(chǔ)設(shè)施PPP項(xiàng)目再融資之后所獲取的利益分配未進(jìn)行深入研究。筆者將繼續(xù)通過(guò)在該領(lǐng)域的學(xué)習(xí)和實(shí)踐,進(jìn)一步充實(shí)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(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F283

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