基礎(chǔ)設(shè)施信托模式研究
本文選題:基礎(chǔ)設(shè)施信托 + 融資渠道; 參考:《上海交通大學(xué)》2013年碩士論文
【摘要】:黨的十八大及2013年的兩會(huì)多次強(qiáng)調(diào)“加快城鎮(zhèn)化建設(shè)”將會(huì)是未來若干年經(jīng)濟(jì)工作的重大任務(wù)之一,城鎮(zhèn)化建設(shè)預(yù)計(jì)將在未來十年拉動(dòng)40萬億元的投資,其中大部分資金將會(huì)用于城鄉(xiāng)基礎(chǔ)設(shè)施建設(shè)。然而,我國(guó)的基礎(chǔ)設(shè)施建設(shè)仍面臨資金缺口較大、投資資金來源單一依賴于財(cái)政資金和銀行貸款、區(qū)域建設(shè)投資不平衡等問題。 近幾年用于基礎(chǔ)產(chǎn)業(yè)的信托規(guī)模增勢(shì)迅速,截至2012年第四季度末,基礎(chǔ)產(chǎn)業(yè)信托余額已達(dá)到16501.8億元,信托業(yè)作為架構(gòu)民間資本與基礎(chǔ)產(chǎn)業(yè)的橋梁,為基礎(chǔ)設(shè)施建設(shè)提供了大量的資金,隨著城鎮(zhèn)化進(jìn)程的加快以及基于政府日益鼓勵(lì)民間資本參與城鎮(zhèn)化建設(shè)的政策導(dǎo)向下,未來基礎(chǔ)設(shè)施信托仍有很大的市場(chǎng)空間。 全文在參閱大量歷史文獻(xiàn)的基礎(chǔ)上,總結(jié)了我國(guó)當(dāng)前基礎(chǔ)設(shè)施建設(shè)的融資渠道并比較各類融資渠道的優(yōu)劣勢(shì),梳理了現(xiàn)有的基礎(chǔ)設(shè)施信托運(yùn)用模式。隨后文章分析了影響集合類基礎(chǔ)設(shè)施信托預(yù)期收益的因素,以期為信托公司在設(shè)計(jì)集合類基礎(chǔ)設(shè)施信托產(chǎn)品提供一些定價(jià)思路,具體是從宏觀經(jīng)濟(jì)及項(xiàng)目自身特點(diǎn)兩個(gè)角度出發(fā)進(jìn)行分析,并基于對(duì)歷史數(shù)據(jù)的實(shí)證分析歸納了對(duì)集合類基礎(chǔ)設(shè)施信托產(chǎn)品的預(yù)期收益率產(chǎn)生影響的幾大因素。文章最后闡述了當(dāng)前發(fā)展基礎(chǔ)設(shè)施信托面臨的機(jī)遇及挑戰(zhàn),并提出了應(yīng)對(duì)挑戰(zhàn)的建議以供信托公司借鑒。
[Abstract]:The 18th CPC National Congress and the two sessions in 2013 have repeatedly stressed that "speeding up the construction of urbanization" will be one of the major tasks of economic work in the next few years. Urbanization construction is expected to boost investment of 40 trillion yuan in the next ten years. Most of this money will be spent on urban and rural infrastructure. However, the infrastructure construction of our country still faces the big fund gap, the source of investment funds depends solely on the financial funds and bank loans, the regional construction investment is not balanced and so on. In recent years, the scale of trust used in basic industries has increased rapidly. By the end of the fourth quarter of 2012, the balance of trust in basic industries had reached 1.65018 trillion yuan. The trust industry served as a bridge between private capital and basic industries. It provides a lot of funds for infrastructure construction. With the acceleration of urbanization process and the policy guidance of government to encourage private capital to participate in the construction of urbanization, there is still a lot of market space for infrastructure trust in the future. On the basis of consulting a large number of historical documents, this paper summarizes the financing channels of infrastructure construction in China, compares the advantages and disadvantages of various financing channels, and combs the existing infrastructure trust operation mode. Then the paper analyzes the factors that affect the expected income of the aggregate infrastructure trust, in order to provide some pricing ideas for the trust company to design the aggregate infrastructure trust products. Based on the empirical analysis of historical data, this paper sums up several factors that affect the expected return rate of aggregate infrastructure trust products. In the end, the paper expounds the opportunities and challenges facing the development of infrastructure trust, and puts forward some suggestions for the trust company to use for reference.
【學(xué)位授予單位】:上海交通大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2013
【分類號(hào)】:F832.49
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