【摘要】：擁堵的城市交通嚴(yán)重制約著貴州省經(jīng)濟(jì)的發(fā)展,軌道交通的建設(shè)已經(jīng)成為一項緊迫的任務(wù)。但是目前我國軌道交通的發(fā)展受到投融資問題的阻礙,以政府為投融資主體的模式已經(jīng)不能滿足日益增長的交通需求,尋求市場多元化的投融資模式成為必然選擇。PPP投融資模式以其獨有的優(yōu)勢脫穎而出,它是一種新穎的公私合建模式,該模式的應(yīng)用可以引進(jìn)私人部門,提高項目建設(shè)效率,節(jié)約時間和成本。軌道交通和沿線物業(yè)兩者聯(lián)合開發(fā)進(jìn)行投融資建設(shè)是本文的核心。文章的重點研究內(nèi)容包括:第一部分,研究了軌道交通在建設(shè)和運(yùn)營兩階段如何進(jìn)行投融資,著重分析了PPP投融資模式利益相關(guān)者的職能定位、資金籌集方式、資金來源、具體運(yùn)作流程及特許經(jīng)營權(quán)方案。特許經(jīng)營權(quán)方案是PPP模式中的主合同,該部分又細(xì)化分析了特許權(quán)的組建、實施過程、經(jīng)營期限、退出機(jī)制及終止之后的資產(chǎn)處置等整個方案流程。第二部分,為了使PPP投融資模式順利實施,從政府補(bǔ)貼、"軌道+物業(yè)"聯(lián)合開發(fā)、廣告通信及稅收優(yōu)惠四個方面闡述了如何建立良好的資本回報模式,以提高軌道交通開通運(yùn)營后的預(yù)期收益,吸引更多優(yōu)質(zhì)社會資本進(jìn)行投融資。其中沿線物業(yè)的開發(fā)利用是繼票價收入外最大的預(yù)期收益來源,該部分重點分析了從土地出讓到物業(yè)開發(fā)過程中提高軌道交通項目收益的方法。第三部分,在借鑒分析了香港、上海等已建成地鐵經(jīng)驗的基礎(chǔ)上總結(jié)出一套適合貴州省軌道交通建設(shè)的發(fā)展方案,并以在建的貴陽輕軌一號線工程為例具體分析了投融資過程,以火車站站點為例具體研究了站內(nèi)、站外的物業(yè)開發(fā)方案。本文屬于應(yīng)用型金融專題文章。通過比較多種投融資方式,分析出貴州省軌道交通采用PPP投融資模式的優(yōu)勢和合理性,創(chuàng)新之處在于結(jié)合貴州省當(dāng)?shù)靥攸c,改進(jìn)模式的應(yīng)用細(xì)節(jié),使得PPP模式更加貼切、更加適用于貴州省輕軌的建設(shè),最終提高投融資效率,實現(xiàn)貴州省城市交通系統(tǒng)的有效規(guī)劃;文章內(nèi)容不僅僅簡單的闡述理論知識和經(jīng)驗介紹,更多的是提出軌道交通和沿線物業(yè)如何具體的進(jìn)行開發(fā)投融資,并運(yùn)用貴州輕軌一號線工程進(jìn)行具體驗證,最終設(shè)計出一套適合貴州省輕軌建設(shè)的投融資方案。希望對正在建設(shè)的貴州輕軌提供一些有益的借鑒。
[Abstract]:The congested urban traffic seriously restricts the economic development of Guizhou Province, and the construction of rail transit has become an urgent task. However, at present, the development of rail transit in our country is hindered by the problem of investment and financing, and the mode of taking the government as the main body of investment and financing can no longer meet the increasing traffic demand. PPP investment and financing model stands out because of its unique advantages, it is a novel public-private partnership model, the application of this model can introduce the private sector and improve the efficiency of project construction. Save time and cost. The core of this paper is the joint development and financing of rail transit and property along the line. The main contents of this paper are as follows: in the first part, how to carry out investment and financing in the two stages of construction and operation of rail transit is studied, and the functional orientation of stakeholders in PPP investment and financing mode, the way of fund raising, and the source of funds are analyzed emphatically. Specific operation process and franchise scheme. The franchise scheme is the main contract in the PPP model. In this part, the construction, implementation process, operating period, exit mechanism and asset disposal after termination of the concession are analyzed in detail. In the second part, in order to carry out the PPP investment and financing mode smoothly, this paper expounds how to establish a good capital return model from four aspects: government subsidy, joint development of "track property", advertising, communication and tax concessions. In order to improve the rail transit operation after the expected income, attract more high-quality social capital for investment and financing. The development and utilization of the property along the route is the largest source of expected income after the ticket price income. This part focuses on the analysis of the ways to improve the revenue of rail transit project from the land transfer to the property development process. The third part, on the basis of analyzing the experience of subway construction in Hong Kong and Shanghai, summarizes a set of development plan suitable for Guizhou province rail transit construction, and takes Guiyang Light Rail Line 1 project under construction as an example to analyze the process of investment and financing. Taking railway station as an example, this paper studies the property development scheme inside and outside the station. This paper is a special article on applied finance. By comparing a variety of investment and financing methods, this paper analyzes the advantages and reasonableness of Guizhou rail transit adopting PPP investment and financing mode. The innovation lies in combining the local characteristics of Guizhou Province, improving the application details of the model, and making the PPP mode more appropriate. It is more suitable for the construction of light rail in Guizhou Province to improve the efficiency of investment and financing and to realize the effective planning of urban transportation system in Guizhou Province. The content of this article is not only a brief introduction of theoretical knowledge and experience, but also how to carry out concrete development, investment and financing of rail transit and properties along the route, and use the Guizhou Light Rail Line 1 project to carry out specific verification. Finally, a set of investment and financing scheme suitable for Guizhou light rail construction is designed. Hope to build Guizhou Light Rail to provide some useful reference.
【學(xué)位授予單位】：貴州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F283;F572.88

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