【作者】 张利；

【导师】 杜伟岸；

【作者基本信息】 武汉理工大学 ， 金融学， 2010， 硕士

【摘要】 进过几十年的大力建设,我国交通基础设施建设取得了巨大的成就,在总量快速增长的背后,我国交通基础设施建设存在着地区分布不合理和人均拥有量低等问题。因此在今后的相当一段时间内,国家仍将大力推动交通基础设施建设项目的发展,特别是西部等欠发达地区的交通基础设施建设。我国交通基础设施项目建设资金缺口严重,融资渠道单一,迫切需要发展新型融资模式,以缓解政府在交通基础设施中的资金压力。ST融资模式作为一种比较新的现代项目融资模式,已经在国外有着一些比较成功的运用。通过在交通基础设施建设中引入ST融资模式,可以使政府延长支付时间,缓解了政府的资金压力；同时使支付费用与项目实际的社会效益挂钩,控制了政府的项目建设成本。基于此背景,本文对ST融资模式在我国交通基础设施建设中的应用进行了研究,研究的主要内容分为三个部分。首先,对我国交通基础设施建设现状进行了详细的分析,找出了我国交通基础设施建设的不足之处,并在此基础上对现代项目融资方式进行了分析,通过各融资方式的比较,可以看出ST融资模式是适合我国当前交通基础设施建设的。其次,对ST融资模式进行了全面的剖析,包括ST融资模式的产生背景、投资结构、运作过程、适用条件和相关风险控制等内容。最后,阐述了交通基础设施建设中ST融资模式的给付结构的一般性制定方法,并对ST融资模式给付结构的制定方法进行了扩展,扩展的方法为嵌入GDP法和多因素加权法。论文的创新点主要包括：1、对我国当前的交通基础设施现状进行了分析,对交通基础设施建设的几种现代项目融资方式进行了比较详细的整理和阐述,为政府在进行交通基础设施时选择融资模式提供一定的参考。2、对ST融资模式进行了全面的剖析。包括ST融资模式的产生背景、投资结构、运作过程、适用条件和相关风险控制等内容。3、ST融资模式给付结构的制定方法进行了扩展,创新性的提出了多因素加权法。为ST融资模式能在我国交通基础设施中更好的应用提供参考。更多还原

【Abstract】 China has made great achievements in transportation infrastructures in several decades, behind the rapid growth in the total volume, there are two problems: Regional distribution of transportation infrastructures is not rational and the amount of per capita is low. So in the future for quite some time, the state will continue to promote the construction of transportation infrastructure projects vigorously, especially in the western areas which are underdeveloped. According to the large funding gap of construction of transportation infrastructures and the lacking of effective channels, there is an urgent need to develop some new financing models, as to easing the government’s pressure on financing for constructions.AS a new financing model of modern project financing modes, ST has several successful applications in western countries. The introduction of ST mode in transportation infrastructures would bring two positive effects for the government: Enables the government to extend the time for payment, at the same time the government can control the costs by making the payment amount linked with the social benefits brought by the project.Based on this background, this thesis does research on the application of ST in China’s transportation infrastructures. Main content of the study is divided into three parts.Firstly, analyze the status of China’s transportation infrastructures, Identify the inadequacies of the constructions of transportation infrastructure, and on this basis, we can find that ST mode is suitable for China’s current transportation infrastructure constructions through the comparisons of several financing modes.Then, make a comprehensive analysis of ST mode, including the background of ST, investment structure, operation process, suitable conditions and related risk control and so on.Finally, describe the making method of the payment structure of ST mode and extend the method by embedding the indicator of GDP and weighted multi-indicators.The main innovations are as follows: 1. Analysis the current status of China’s transportation infrastructures, do comparisons of several modern financing modes, provide a reference to the government.2. Make a comprehensive analysis of ST, including the background of ST, investment structure, operation process, suitable conditions and related risk control and so on.3. Extend the making method of the payment structure by imbedding weighted multi-indicators.更多还原