本文關(guān)鍵詞： 珠三角城際 投融資模式 風(fēng)險(xiǎn)評(píng)估 創(chuàng)新　出處：《北京交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：摘要：改革開放以來,我國(guó)國(guó)民經(jīng)濟(jì)持續(xù)快速發(fā)展,人民生活水平大大提高。目前的交通設(shè)施已經(jīng)不能滿足人們生活日益增加的生活需要和經(jīng)濟(jì)的發(fā)展。隨著我國(guó)城市化進(jìn)程的加快,城市間交通問題越來越嚴(yán)峻,城際鐵路作為介于城市軌道交通和高速鐵路之間的一種交通方式,對(duì)解決城市與城市之前快速高效的溝通提供了強(qiáng)有力的保障。本文以國(guó)家發(fā)改委已經(jīng)批準(zhǔn)的珠三角地區(qū)城際鐵路交通網(wǎng)規(guī)劃(2009年修訂)為例,規(guī)劃明確形成以廣州、深圳、珠海為主要樞紐,總里程預(yù)計(jì)1900公里以上,總投資在3700億人民幣左右,如此大規(guī)模的建設(shè)需要巨額的資金投入,如何解決投融資問題,是整個(gè)建設(shè)運(yùn)營(yíng)過程中非常重要的一環(huán)。珠三角城際鐵路具有造價(jià)高,投資大,周期長(zhǎng),社會(huì)公益性強(qiáng)以及盈利能力有限等特點(diǎn)。由于資金需求量大,完全依靠政府投資城際鐵路的建設(shè)是難以適應(yīng)大規(guī)模建設(shè)需要,建設(shè)資金不足、政府財(cái)政難以承擔(dān)運(yùn)營(yíng)補(bǔ)貼的問題,從而影響了城際鐵路的可持續(xù)發(fā)展。因此,通過何種方式引入社會(huì)資金,如何在多種融資模式的融資方案進(jìn)行綜合評(píng)價(jià)和選擇就顯得尤為重要。 本論文以珠三角城際鐵路建設(shè)投融資模式為研究對(duì)象,通過對(duì)國(guó)內(nèi)外相似行業(yè)投融資案例的研究分析、BT/BOT/PPP/ABS/TOD等投融資模式的研究對(duì)比、廣東省本地實(shí)際環(huán)境的研究歸納等方面深入剖析,探討用合適的方式解決珠三角城際鐵路建設(shè)資金和運(yùn)營(yíng)補(bǔ)貼問題,并對(duì)研究的投融資模式進(jìn)行風(fēng)險(xiǎn)評(píng)估和分析,提出適合的解決方案。針對(duì)珠三角城際鐵路投融資模式給出了因地制宜、有針對(duì)性的投融資建議,即政府投融資和市場(chǎng)化投融資統(tǒng)籌考慮,運(yùn)用各種政府補(bǔ)貼方式,吸引社會(huì)資本,解決資金瓶頸,真正實(shí)現(xiàn)多贏,有序保障城際鐵路建設(shè)。 在模擬測(cè)算設(shè)計(jì)部分中,采用經(jīng)典的經(jīng)濟(jì)模型——必要報(bào)酬率、資金成本、企業(yè)凈現(xiàn)值作為依據(jù),重點(diǎn)測(cè)算融資成本、經(jīng)濟(jì)效益和資本的時(shí)間價(jià)值等核心參數(shù),通過對(duì)穗莞深項(xiàng)目在市場(chǎng)化投融資模式下的BT模式、TOD模式和PPP模式進(jìn)行分析比較,得出了PPP模式為較理想的投融資模式的結(jié)論。雖然項(xiàng)目的參數(shù)設(shè)置還較為簡(jiǎn)略,但是在核心內(nèi)容方面有較好的測(cè)算模擬,對(duì)穗莞深項(xiàng)目以及其他珠三角城際鐵路項(xiàng)目具有較好的實(shí)際參考價(jià)值。在全國(guó)多個(gè)地域開展城際鐵路建設(shè)的情況下,希望該研究對(duì)通過創(chuàng)新城際鐵路的投融資模式以解決建設(shè)資金短缺和減輕運(yùn)營(yíng)補(bǔ)貼壓力具有重要的參考意義。
[Abstract]:Abstract: since the reform and opening up, China's sustained and rapid economic development, people's living standard has been greatly improved. The current traffic facilities can not meet the development of living life and increasing economy. Along with our country city to speed up the process, the inter city traffic problem is becoming more and more serious, intercity railway as a transport mode between city traffic and high speed railway, provides a strong guarantee for the city and the city before the fast and efficient communication. In the Pearl River Delta Intercity Rail Transportation Network Planning Based on the national development and Reform Commission has approved (revised in 2009) as an example, a clear plan formed in Guangzhou, Shenzhen, Zhuhai as the main hub, the total mileage is expected more than 1900 kilometers, a total investment of 370 billion yuan, so large-scale construction needs large capital investment, how to solve the financing problem, is the A very important part of the construction process. The Pearl River Delta Intercity Railway has high cost, large investment, long cycle, strong social welfare and profitability is limited. Due to the demand for funds, rely on government investment in construction of intercity railway is difficult to adapt to the needs of large-scale construction, the lack of funds for construction, the government cannot afford the problem of operating subsidies, thereby affecting the sustainable development of intercity railway. Therefore, the introduction of social capital through what way, how to carry out comprehensive evaluation on Financing Scheme of various financing mode and the choice is particularly important.
In this paper, the Pearl River Delta Intercity Railway Construction Investment and financing mode as the research object, through the research of domestic and foreign similar industry investment and financing case analysis, comparative study of BT/BOT/PPP/ABS/TOD financing mode, in-depth analysis of Guangdong province local environment research and so on, to solve the Pearl River Delta Intercity Railway Construction Funds and operating subsidies problem right the way, and to study the financing patterns of risk assessment and analysis, propose appropriate solutions. The financing mode of the Pearl River Delta Intercity Railway. According to local conditions, targeted investment and financing advice, namely government financing and market financing and consider the use of various government subsidies to attract social capital. To solve the capital bottleneck, realize win-win, in order to protect the intercity railway construction.
In the design of simulation calculation part, using the classical economic model -- the required rate of return, cost of capital, corporate net present value as the basis, calculate the financing cost, the key parameters of economic benefit and the time value of capital, the Guangzhou Dongguan Shenzhen project in market financing mode under the BT mode, TOD mode and PPP model analysis and comparison, the PPP model for the financing mode of the ideal conclusion. Although the parameter setting project is relatively simple, but in terms of core content have better simulated calculation, and has a better practical reference value for the Guangzhou Dongguan Shenzhen and other projects in the Pearl River Delta Intercity Railway Project. In many parts of the country to carry out inter city the railway construction situation, hope the research on intercity railway through innovative financing model to solve the shortage of construction funds has an important reference significance and reduce operating subsidy pressure.

【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F532.3

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王玉國(guó),王稼瓊;城市軌道交通投融資模式比較及演變[J];北京交通大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2004年04期

2 王彬;姚攀;;我國(guó)城市基礎(chǔ)設(shè)施項(xiàng)目融資方式淺析[J];中華建設(shè);2008年10期

3 羅瑰卉;王寧;;風(fēng)險(xiǎn)界定與度量研究評(píng)析[J];財(cái)會(huì)通訊;2009年20期

4 董經(jīng)緯;來慶泉;;城市軌道交通項(xiàng)目公私合作模式的架構(gòu)和建議[J];都市快軌交通;2006年05期

5 彭桃花,賴國(guó)錦;PPP模式的風(fēng)險(xiǎn)分析與對(duì)策[J];中國(guó)工程咨詢;2004年07期

6 馬 忠,羅曉敏;香港地鐵的投融資體制與收益分析[J];城市軌道交通研究;2002年01期

7 艾陽,馬健;國(guó)內(nèi)外城市軌道交通投資及經(jīng)營(yíng)模式比較[J];城市軌道交通研究;2003年04期

8 劉金玲,曾學(xué)貴;城市軌道交通建設(shè)資金籌措與盈利發(fā)展的探討[J];城市軌道交通研究;2004年04期

9 苗啟虎,何小竹,費(fèi)方域;城市軌道交通的外部性及其盈利模式探討[J];城市軌道交通研究;2004年05期

10 王海生,何德宏,黃渝祥;城市軌道交通公私合作投資模式的風(fēng)險(xiǎn)分析[J];城市軌道交通研究;2005年03期

，

本文編號(hào)：1497867