【作者】 包迪鸿；

【导师】 金雪军；

【作者基本信息】 浙江大学 ， 政治经济学， 2003， 硕士

【摘要】 作为经济快速增长的发展中国家，我国的市政设施建设的需求量非常大，这不仅是来自于人民改善生活条件的需求，也影响到今后城市的可持续性发展。但由于体制等问题，目前在我国的市政建设中，存在投资主体效率不高、服务质量改进缓慢、融资渠道狭窄等问题，不能满足我国建设和发展的新要求。在建设部下发《关于加快市政公用行业市场化程的意见》和北京市政府发布了《北京市城市基础设施特许经营办法》之后，这方面的探讨显得尤为重要。本文从市政建设的投融资机制人手，分析了市政建设收入现金流的特点，提出可以利用资产证券化作为新的融资方式。利用“资产重组原理”、“风险隔离原理”和“信用增级原理”三大原理，以稳定的收费现金流为基础资产进行证券化，吸引投资资金，解决市政建设资金不足和民营资金进入障碍等问题。并具体分析了实施资产证券化的不同模式的可行性，提出了当前适用于市政建设的证券化模式，为我国进一步探讨市政建设机制改革提供决策建议。更多还原

【Abstract】 To be a developing country with accelerating economic growth, China has a great demand of Municipal Facility Construction. It’s a result of the improvements of people’s living condition and will have a great effect on the city’s sustainable development in turn. But in the current economic system, there are still many problems, such as the low efficiency of investment subjects, the slowly improvement of the service quality, the limited financing channels and so on. Thus the whole economic system cannot satisfy the requirements of our country’s construction and development. As ≤The Suggestion about Accelerating the Marketing Course of Municipal Public Industry≥ issued by Ministry of Construction and ≤The Special Marketing-Running Measures of Peking’s City Frustration≥issued by Peking City people’s Government these two documents come out, the discussion of this fact seems especially important.Starting with the mechanism of investment and financing, this paper analyzes the cash flow of the Municipal-Facility Construction revenue, and then proposes that Asset Securitization could be a new way of financing. On the basis of the three principles of "Asset Reorganization, "Risk Separation" and "Credit Enhancement" , we make the steady cash flow to be negotiable security to attract the investment capital, in order to solve the problem of the capital shortage of Municipal Facility Construction and the private capital entrance obstacle. Besides, this paper concretely analyzes the feasibility of the different patterns of Asset Securitization, and proposes the appropriate pattern according to the current Municipal Facility Construction, which may be helpful to the reform of Municipal Facility Construction mechanism.更多还原