城市軌道交通產(chǎn)業(yè)投資基金及融資方案評(píng)價(jià)研究
本文選題:城市軌道交通 + 投融資模式; 參考:《西南交通大學(xué)》2012年碩士論文
【摘要】:城市軌道交通具有運(yùn)量大、占地少、耗能少、準(zhǔn)時(shí)、快捷等優(yōu)點(diǎn),目前我國很多城市都在大力發(fā)展城市軌道交通項(xiàng)目。因此在很長一段時(shí)期內(nèi),城市軌道交通都是我國基礎(chǔ)設(shè)施項(xiàng)目建設(shè)的重點(diǎn)。然而我國城市軌道交通項(xiàng)目資金缺乏、融資渠道單一、市場化程度不高,投融資模式的研究創(chuàng)新已經(jīng)成為我國城市軌道交通發(fā)展所要解決的首要問題。 首先,本文通過系統(tǒng)的分析城市軌道交通行業(yè)的特點(diǎn),總結(jié)國內(nèi)外已有的城市軌道交通投融資經(jīng)驗(yàn),結(jié)合我國國情,探討了目前應(yīng)用較多的BOT、ABS投融資模式,對(duì)比分析它們的優(yōu)勢(shì)與劣勢(shì)。這些模式在一定程度上解決了城市軌道交通項(xiàng)目融資遇到的困難,并為今后的創(chuàng)新積累了實(shí)踐經(jīng)驗(yàn)。但它們還有很多的不足,沒有從根本上解決我國城市軌道交通項(xiàng)目的資金供求矛盾。因此,研究城市軌道交通產(chǎn)業(yè)投資基金具有重要的現(xiàn)實(shí)意義。 其次,本文通過分析國外產(chǎn)業(yè)投資基金在基礎(chǔ)設(shè)施領(lǐng)域的成功應(yīng)用經(jīng)驗(yàn),研究探討了將產(chǎn)業(yè)投資基金應(yīng)用于我國城市軌道交通的可行性與必要性,分析了產(chǎn)業(yè)投資基金的運(yùn)營組織形式。產(chǎn)業(yè)投資基金模式不但可以使投資主體多元化、拓寬籌資渠道、吸納社會(huì)民間資本、減輕政府財(cái)政壓力,還可以加快我國城市軌道交通現(xiàn)代企業(yè)制度的建立。城市軌道交通與產(chǎn)業(yè)投資基金相結(jié)合,可以充分發(fā)揮各自的優(yōu)勢(shì),實(shí)現(xiàn)優(yōu)勢(shì)互補(bǔ),不但優(yōu)化產(chǎn)業(yè)投資結(jié)構(gòu),也將極大的促進(jìn)城市軌道交通的發(fā)展。是一種符合目前我國國情、先進(jìn)的投融資模式。 最后,在確定城市軌道交通項(xiàng)目的融資方案之后,如何從眾多的融資方式中選出最優(yōu)的項(xiàng)目融資方案,是項(xiàng)目融資決策者面臨的現(xiàn)實(shí)問題。各項(xiàng)目融資方案的優(yōu)劣往往受其成本、風(fēng)險(xiǎn)、期限、融資能力等因索的影響,僅憑單一的指標(biāo)評(píng)價(jià)項(xiàng)目融資方案已不符合客觀實(shí)際,不能滿足決策者的客觀要求。為此,本文研究探討了城市軌道交通項(xiàng)目融資方案多目標(biāo)綜合評(píng)價(jià)的方法,應(yīng)用層次分析法與模糊重心理論相結(jié)合分析計(jì)算最優(yōu)的融資方案。最后通過實(shí)例分析,驗(yàn)證了計(jì)算方法的正確性。
[Abstract]:Urban rail transit has the advantages of large transportation capacity, less land occupation, less energy consumption, punctuality, rapidity, etc. At present, many cities in our country are vigorously developing urban rail transit projects. Therefore, in a long period of time, urban rail transit is the focus of infrastructure construction in China. However, the lack of funds for urban rail transit projects in China, the single financing channel, the low degree of marketization, the research and innovation of investment and financing mode has become the most important problem to be solved in the development of urban rail transit in China. First of all, through the systematic analysis of the characteristics of urban rail transit industry, this paper summarizes the existing domestic and foreign urban rail transit investment and financing experience, combined with the situation of our country, discusses the current application of BOT ABS investment and financing model. Comparative analysis of their strengths and weaknesses. To a certain extent, these models solve the difficulties encountered in the financing of urban rail transit projects, and accumulate practical experience for future innovation. But they still have a lot of deficiencies, did not fundamentally solve the contradiction between the supply and demand of funds for urban rail transit projects in China. Therefore, the study of urban rail transit industry investment fund has important practical significance. Secondly, by analyzing the successful application experience of foreign industrial investment funds in the field of infrastructure, this paper discusses the feasibility and necessity of applying industrial investment funds to urban rail transit in China. This paper analyzes the operation organization form of industrial investment fund. The industrial investment fund model can not only diversify the investment subject, widen the financing channel, absorb the social and folk capital, reduce the government financial pressure, but also accelerate the establishment of the modern enterprise system of urban rail transit in our country. The combination of urban rail transit and industrial investment funds can give full play to their respective advantages and realize complementary advantages. It not only optimizes the industrial investment structure, but also greatly promotes the development of urban rail transit. It is an advanced mode of investment and financing in line with the current situation of our country. Finally, after determining the financing scheme of urban rail transit project, how to select the optimal project financing scheme from many financing methods is a realistic problem facing project financing decision makers. The merits and demerits of each project financing scheme are often affected by its cost, risk, duration, financing ability and so on. The evaluation of project financing scheme based on a single index does not accord with the objective reality and can not meet the objective requirements of the decision makers. Therefore, this paper studies the method of multi-objective comprehensive evaluation of urban rail transit project financing scheme, and applies AHP and fuzzy barycenter theory to analyze and calculate the optimal financing scheme. Finally, the correctness of the calculation method is verified by an example.
【學(xué)位授予單位】:西南交通大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2012
【分類號(hào)】:F572;F283
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