【作者】 王晓刚；

【导师】 汤理；

【作者基本信息】 西南交通大学 ， 技术经济及管理， 2004， 硕士

【摘要】 交通之所以成为中国经济发展的“瓶颈”,是因为两大“需求”严重得不到满足。这两大“需求”分别是:经济高速发展引发的对交通进行增量建设的巨大资金需求;现行交通投融资体制下,私人资本参与交通投融资建设极度有限,政府交通投融资建设所有者缺位、管理无效等引起的对交通存量进行现代化调整的强烈效率需求。满足这两大“需求”,迫切需要我们通过运用先进的投融资建设模式,拓宽资金渠道,引入高效率的交通投融资建设主体。 该文在此背景下,提出在中国交通基建领域中引入目前在英国、日本等国家已经实践证明可以有效满足交通建设“资金”与“效率”两大需求的私人主动融资模式,为中国的交通投融资建设提供一条新途径。 应用私人主动融资模式建设交通基础设施项目取得成功的关键是项目特许者政府与私人资本之间合理的风险分担机制。在私人主动融资模式的应用过程中,存在政治、法律、违约、市场、金融、不可抗力等各种风险。政府作为交通基础设施项目的特许授权者,私人资本作为项目的建设者,二者对特定风险的控制与承担能力不同,只有将风险在二者之间进行“协调”分担,才能最大限度地降低项目整体风险,提高项目取得成功的几率。 该文将国外的理论实践与中国的实际情况相结合,对私人主动融资模式在中国交通基建领域应用的风险进行了研究,并设计出了具有中国特色的交通私人主动融资模式的风险分担机制。该文对交通私人主动融资模式中的主要参与方“私人资本”进行了创新性界定;提出了交通私人主动融资模式的风险评判标准和评估模型,对交通私人主动融资模式中的风险进行了系统识别与模糊综合评估;运用线性规划模型及委托-代理理论,初步设计出了符合中国国情的交通私人主动融资模式的风险分担机制,并对风险分担机制进行了定量研究分析。 该文通过对私人主动融资模式在中国交通基建中应用的研究,寄希望于为在中国交通基建中应用私人主动融资模式提供理论依据,为中国交通的建设发展提供微薄之力。更多还原

【Abstract】 Along with the high-speed increasing of Chinese economy, the financing and efficiency demand for traffic infrastructure becomes serious year by year. To solve the problem, China begun the active finance policy from 1998. By the end of 2003, China has emitted more than 800 billions long-term construction national debt used in infrastructure construction especially in traffic infrastructure. Chinese traffic infrastructure has been advanced greatly, but compared with the advanced countries, it is on the low side all the same. It needs vast money to make traffic infrastructure in line with the development of national economy. The active finance policy is fading out gradually, so that the financing demand for traffic infrastructure can not be fulfilled depending on the government’s finance investment.On the other hand, the development of economy and the opening of market accelerate the expanding of Chinese private capital. According to the Finance Report publicized by the People’s Bank of China on September 12 of 2004, Chinese bank saving balance has reached 12.14 trillion by the end of August of 2004. Bank saving can not be channeled off effectively through direct financing cause there are some shortcomings in Chinese finance system. If effective approach can not be found, Chinese bank saving balance will continue to increase noneffectively. At the same time. Chinese private capital gross has occupied over a half of the whole national capital gross. Even the private capital is enough and effective, it is still banned to enter some infrastructure construction fields which are kept a firm hand on by the government such as railway、 highway、 civil aviation 、 telecom, especially in the traffic field. The double-invalidation of government investment and management makes the traffic infrastructure can not be operated effectively so as to become the bottleneck of national economy development.At this background, it is necessary for us to introduce the model of Private Finance Initiative (PFI). The problem of investment and management gap of traffic infrastructure construction can be solved through PFI, so is the investment banning of private capital.The key problem of introducing PFI into Chinese traffic infrastructure更多还原