【作者】 李俊；

【导师】 张珉； 孙中栋；

【作者基本信息】 湘潭大学 ， 金融硕士（专业学位）， 2018， 硕士

【摘要】 2017年全国机动车保有量达3.1亿辆,但是停车场的发展远远赶不上汽车增长,据统计,我国经济发达地区泊位数与机动车比例约为0.77:1,经济落后地区不到0.6:1,这与国外1.4:1的标准相去甚远。且停车设施分布与停车需求严重不匹配。据统计,各大城市市区外围停车位相对闲置,停车需求主要集中在城市中心区,特别是繁华地段。这些地段可用于建设停车场的土地资源稀缺,停车场建造成本高昂,长期以来建设资金不足成为了制约停车场的发展的重要原因之一,因此如何为停车场项目建设融资是当前亟待解决的问题。本文以A市立体停车场项目融资为研究对象。A市作为国内重要旅游城市,近几年依托旅游产业发展迅速,但是城市汽车数量的增长与停车设施滞后的矛盾日益突出。该项目作为解决A市停车交通问题的重大项目,包含21个停车场以及酒店、商场等配套设施,总占地面积为132.6亩,总泊位数10233个,项目建设预期总投资额16亿元。项目资金缺口巨大,融资风险高,融资成本需要控制,笔者在广泛阅读相关文献的基础上深入项目公司A市交投集团实习工作,向公司专家请教并借鉴国内外优秀停车场项目融资案例经验,分析A市立体停车场项目目前融资方式存在以下问题:(1)单一的融资渠道及其问题:融资门槛高、贷款程序复杂、贷款期限短且额度受限等。(2)项目融资方式造成项目公司资本结构不合理,公司的债务风险构成了地方政府隐性债务。(3)项目融资方式不利于经济结构调整:排挤民间资本。为了解决以上问题,笔者提出了扩展融资渠道的解决办法并对其必要性和可行性进行充分分析,最后对措施实施可能产生的问题提出对策。本文的创新之处在于从城市停车问题出发,在地方政府隐性债务堪忧的背景下,探索建设公共停车场项目融资新渠道。分析A市立体停车场项目这一典型基础设施项目融资问题并提出采取BOT融资方式引入民间资本,希望对政府引导民间资本投资,发挥市场机制提供一定的政策指导意义。更多还原

【Abstract】 There are 310 million vehicles in China in 2017,but the development of the parking lot is far from the growth of cars.According to statistics,the proportion of the number of mooring and motor vehicles in the developed areas is about 0.77:1,and the economic backward areas are less than 0.6:1,which is far from the standard of foreign 1.4 to 1.The parking facilities do not match the parking demand.According to statistics,the parking spaces in the periphery of major cities are relatively idle,and parking demand is mainly concentrated in the urban central area,especially in prosperous areas.The land resources which can be used in the construction of parking lot are scarce,the cost of parking lot construction is high,and the shortage of capital for a long time has become one of the important reasons that restrict the development of parking lot.So how to finance the construction of parking lot is a problem to be solved urgently.This paper takes A city solid parking project financing channel as the research object.As an important tourist city in China,A city has developed rapidly by relying on the tourism industry in recent years,but the contradiction between the increase of the number of urban cars and the lag of parking facilities is becoming more and more prominent.As a major project to solve the parking problem in A City,the project includes 21 parking lots,hotels,shopping malls and other supporting facilities.The total area is 132.6 mu,the total number of mooring is 10233,and the total investment of the project is 1 billion 600 million yuan.The capital gap of the project is huge,the financing risk is high,the financing cost needs to be controlled.On the basis of extensive reading related literature,the author goes deep into the practice work of the item company A City exchange group,consults the company experts and draws lessons from the domestic and foreign outstanding parking lot project financing cases,and analyzes the current financing mode of the A city parking lot.The following problems are as follows:(1)single financing channels and problems:high financing threshold,complex loan procedures,short loan period and limited amount.(2)project financing causes the irrational capital structure of item company,and the debt risk of the company constitutes the implicit debt of the local government.(3)project financing is not conducive to economic restructuring:crowding out private capital.In order to solve the above problems,the author puts forward a solution to the expansion of financing channels and makes a full analysis of its necessity and feasibility.Finally,it puts forward some countermeasures to implement the possible problems in implementing the measures.The innovation of this paper is to explore the new financing channel for the construction of public parking lot under the background of the city parking problem and the hidden debt of local government.This paper analyzes the financing problem of the typical infrastructure project of A city parking lot and puts forward the adoption of BOT financing to introduce private capital,hoping to provide a certain policy guiding significance for government to guide private capital investment and play the market mechanism.更多还原