“一带一路”项目金融需求的供给匹配
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摘要
"一带一路"项目目前的间接债务性融资、工程总承包、直接债务融资以及权益性融资4种典型投融资模式,亟待发挥政策性金融的引导作用和商业性金融的主体功能,提供多元化专业性和全流程的服务。当前金融供给受制于总量、结构、成本收益及过度倚重国内资源,呈现供给整体不足、过度依靠国内贷款及工程总承包等状况。需充分发挥贷款、总包和发债的"三支柱"融资功能,发挥机构、市场和产品的综合支撑作用,形成一个内外资源有效互动的金融服务供求链接机制。
The "One Belt, One Road" project currently has four typical investment and financing modes: indirect debt financing, general contracting, direct debt financing and equity financing. It is urgent to play the guiding role of policy finance and the main function of commercial finance,providing diversified professional services. The current financial supply is subject to the total amount, structure, cost-benefit and excessive reliance on domestic resources, showing the overall lack of supply, excessive dependence on domestic loans and general contracting of the project. It is necessary to give full play to the "three pillars" financing function of loans, general contracting and debt issuance, and play a comprehensive supporting role of institutions, markets and products, and form a financial service supply and demand linkage mechanism with effective internal and external resources.
The "One Belt, One Road" project currently has four typical investment and financing modes: indirect debt financing, general contracting, direct debt financing and equity financing. It is urgent to play the guiding role of policy finance and the main function of commercial finance,providing diversified professional services. The current financial supply is subject to the total amount, structure, cost-benefit and excessive reliance on domestic resources, showing the overall lack of supply, excessive dependence on domestic loans and general contracting of the project. It is necessary to give full play to the "three pillars" financing function of loans, general contracting and debt issuance, and play a comprehensive supporting role of institutions, markets and products, and form a financial service supply and demand linkage mechanism with effective internal and external resources.
引文
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[2]Bhagwati,J.“US Trade policy:The infatuation with Free trade agreements”,Discussion paper series,Columbia University,1995[EB].https://academiccommons.columbia.edu/catalog/ac:100125.2018-11-21.
[3]高蓓,郑联盛,张明.亚投行如何获得AAA评级--基于超主权信用评级方法的分析[J].国际金融研究,2016(2).
[4]卢峰等.为什么是中国?--“一带一路”的经济逻辑[J].国际经济评论,2015(3).
[5]王琰.“一带一路”海外基金项目融资模式分析[J].国际融资,2018(4).
[6]吴亚平.“尽快设定PPP项目的合理投资回报率”[J].中国公路,2018(10).
[7]闫小娜等.构建“一带一路”倡议实施金融支持体系[J].财经智库,2018(5).
[8]张少军,刘志彪.产业升级与区域协调发展:从全球价值链走向国内价值链[J].经济管理,2013(8).
[9]郑雪峰,刘立峰.“一带一路”的投融资问题及对策建议[J].中国经贸导刊,2018(18).
[10]中国银行业协会.中国银团贷款行业发展报告2017[R].2017-12-18.
[11]住建部.城市基础设施项目全部投资税前财务基准收益率[R].2008-09.