重庆高速公路建设的融资问题及对策分析
摘要
本文从高速公路的地位、性质和投资机理入手，阐述了高速公路的重要作用；分析了高速公路的公益性和基础性，以及其作为特殊商品的性质；文章也分析了高速公路的投融资经济机理，项目的经济评价。高速公路按照其基础性和公益性的特点，其离不开国家的投入。但是，由于高速公路投资巨大，国家目前投入只能占建设资金的25％左右，吸引社会资金已是加快高速公路发展的必然。社会资本进入基础设施经营已是一个世界性的趋势，并也越来越多地被理论界所支持。由于高速公路年度投资规模优先增长理论，发展的超前性和后期效益决定了在发展中国家的地区，尤其是象重庆这样的地区，高速公路先期融资的困难。文章介绍了国内外成功的高速公路融资经验。世界各国在发展高速公路的历程中走过的道路都不一样，有的是以国家投资为主，有的是以资本市场融资为主，有的是利用各种资源发展高速公路。总的说来，凡是充分利用了资本市场融资，通过债券、股票基金等筹集建设资金的都取得了巨大发展。文章分析了重庆高速公路发展的现状、规划和目前融资遇到的问题，由此提出了在重庆加快发展高速公路投融资的一些设想，要开拓三大主要融资渠道：一是国家投资，除了常规的养路费、车购税和国债，还应根据高速公路所需和所有的资源拓展其它形式的融资，向投资企业或个人土地批租，各区县政府用公路建设用地作资本金等。二是银行贷款。目前高速公路建设资金的一半都是来自银行贷款，今后银行贷款仍是高速公路融资的重要途径，要加强高发司的整体融资信誉；三是社会资金，在重庆要利用社会资金，比较适合而且可以操作的也就应在四种形式上下功夫：应大力推进合作建设的BOT形式；灵活运用TOT；加紧发行高速公路企业债券；积极争取股票上市，进行股市融资。最后，文章运用投资回收理论和项目经济评价理论对重庆目前在建的渝邻高速公路进行了案例分析，证明了高速公路投资规模大、周期长、收益稳定、后期收益高的特点和公路项目投资回收的过程，此案例的成功说明合作建设的BOT形式是目前重庆最适合的也是应大力推广的高速公路建设融资方式。
This artic begin from the position, character and the investment theory of the expressway. Analyzes the first character of expressway is the public welfare and basement; the second is economic character of merchandise. Because of the character of public welfare, the expressway needs investment of the government; But for the shortage of the money and the expressway needs too much money, now the government can only supply 25% of the investment. For the character of merchandise, it should absorb all sorts of investment, especially use the money of social fund. Today more and more basement projects absorb money in the capital market. Because the expressway develop speed is faster than GDP and the profit of it is mainly in the late period, So in developing district, especially in chongqing district, financing is more difficult. The article introduce all kinds of succeed financing experiences of expressway in the world. Different country use different methods. Some mainly depend on government investment, some main
ly depend on capital market, some use all kinds of methods. But if one country develop its expressway on capital market, it must develop faster. Then the artic analyzes the theory of project investment and economic evaluation, and ChongQing expressway present development situation, plan and problem about investment and financing. Then take out some measures of expressway financing in ChongQing district. We should open three main financing channel, The first is government investment. Besides traditional way, we should develop land rent; absorb the country government investment of land occupied by expressway. The second is use the bank loan under the present good macroscopic environment. The third is use social fund: use BOT to absorb co-operation partner, this is a important method chongqing should choose today in developing expressway; Use TOT to absorb more money; Issue the expressway bond and share;. In the end, the article uses the theory of investment and economic evaluation to analyze the YL project as
a sample. The analyzing proves the expressway's character of huge scale investment and long period of recouping investment. Also it proves this method is the best method to absorb money for developing expressway in chongqing district.
This artic begin from the position, character and the investment theory of the expressway. Analyzes the first character of expressway is the public welfare and basement; the second is economic character of merchandise. Because of the character of public welfare, the expressway needs investment of the government; But for the shortage of the money and the expressway needs too much money, now the government can only supply 25% of the investment. For the character of merchandise, it should absorb all sorts of investment, especially use the money of social fund. Today more and more basement projects absorb money in the capital market. Because the expressway develop speed is faster than GDP and the profit of it is mainly in the late period, So in developing district, especially in chongqing district, financing is more difficult. The article introduce all kinds of succeed financing experiences of expressway in the world. Different country use different methods. Some mainly depend on government investment, some main
ly depend on capital market, some use all kinds of methods. But if one country develop its expressway on capital market, it must develop faster. Then the artic analyzes the theory of project investment and economic evaluation, and ChongQing expressway present development situation, plan and problem about investment and financing. Then take out some measures of expressway financing in ChongQing district. We should open three main financing channel, The first is government investment. Besides traditional way, we should develop land rent; absorb the country government investment of land occupied by expressway. The second is use the bank loan under the present good macroscopic environment. The third is use social fund: use BOT to absorb co-operation partner, this is a important method chongqing should choose today in developing expressway; Use TOT to absorb more money; Issue the expressway bond and share;. In the end, the article uses the theory of investment and economic evaluation to analyze the YL project as
a sample. The analyzing proves the expressway's character of huge scale investment and long period of recouping investment. Also it proves this method is the best method to absorb money for developing expressway in chongqing district.
引文
[1] 《中华人民共和国公路法》人民交通出版社 1999年12月
[2] 《公路经营权有偿转让管理办法》交通部1996年9号令
[3] 郗恩崇主编《公路经济学》人民交通出版社1999年
[4] 强莹编菥《投资经济学》南京大学出版社 1997年
[5] 汪良忠、陈乐天编著《投资通论》立信出版社 1998年
[6] 黄镇东著《求实奋进探索交通发展之路》中共中央党校出版社 1997年
[7] 《高速公路经济发展论文集》高速公路经济发展论文集编委会 1998年
[8] (美)保罗．A．萨谬尔森、威廉．D．诺德豪斯著《西方经济学》
[9] 潘忠良、吕悦译《美国公路财政的过去、现在和将来》《国外公路》1995年12月
[10] 杨文译《公路投资对国民经济的拉动作用有多大》《中国交通报》1998年6月6日
[11] 禹培文《健全财务与国有资本管理，尽快形成举债还贷有效机制》《重庆高速》2002年第四期
[12] 《高速公路经济与管理科研报告集》(1990-1995)广东省交通厅、西安公路交通大学1996年
[13] 黄镇东《2000年交通工作会议讲话》《中国交通报》2000年4月6日
[14] 李杰《道路工程经济分析与决策》人民交通出版社1997年
[15] 李永峰《公路建设资金筹措的研究》《华东公路》1998(1)
[16] 柳长立《美国公路债券的发展及其启示》 《国外公路》1997(1)
[17] 牛和恩、林常清编著《公路建设融资方法研究》广东经济出版社，1997年
[18] 良荣、黎谷编著《投资学》中国人民大学出版社，1996
[19] 赵清华《公路建设融资方法探讨》 《中外公路》2002年(3)
[20] 罗精奋等《基础产业建设资金筹集》经济管理出版社，1993年6月，第1版
[21] 《广渝高速公路工程可行性研究报告》交通部重庆公路科研所1999年
[22] 《中国交通报》2000年——2002年
[23] 范南等．《多渠道融资以促进西部大开发》．经济体制改革，2001年第1期
[24] 桑百川，《外商在直接投资下的经济制度变迁》，对外经济贸易大学出版社，2000年7月，第1版。
[25] 《高速公路如何利用外资》汪临发、徐成光，《中国公路》 1996年2月
[26] 《The Word Report》 1994-1996 by The World Bank
[27] Highway Financing by Thomas Cooper/Public Roads May/June 1998
[28] China Highway Development and Management Issues,Options,and Strategies by World Bank 1994
[29] Cheung,Steven N.S. The Theory of Share Tenancy. Chicago: University of Chicago Press, 1969.
[30] Coase,Ronald. "The Problem of Social Coast" Journal of Law and Economics,3,pp. 1-44, October, 1960.
[31] Debreu,Gerald.Theory of Value.New Haven:Yale University Press, 1972
[32] LaPorta, Rafael,florencio Lopez-de-Silanes,Andrei Shleifer and Robert vishny. "Investor Protection and Corporate Governance". Journal of Financial Economies.58(1),pp. 1-25,October 1976.
[33] Thaler.Richard(editor). Advances in Behavioral Finance. New York:Russel Sage Foundation, 1993
[34] Shleifer, Andrei,and Robert Vishny. "A survey of Corporate Governance". Journal of Finance. 52(2),pp.737-83.June 1997
[35] Samuelson,Paul. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money." Journal of Political Economy, 66(6),pp.467-482,December 1958
[36] Persson,Torsten;and Guido Tabellini. Political Economics: Explaining Economic policy. Cambridge,MA:MIT Press,2000.
[37] Modigliani, Franco,and Merton Miller. "The Cost of Capital, Corporation Finance and the Theory of Investment." The American Economic Review, 48(3),pp.261-297,june 1958
[38] Arrow, Kenneth,and Frank Hahn. General Competitive Analysis. Amsterdam:North-Holland, 1971.
[39] Rabin,Matthew. "Psychology and Economics." Journal of Economics Literature,36(1),pp. 11-46, March 1998.
[40] Hart,Oliver, and John Moore. "Property Rights and the Nature of the Firm." Journal of Political Economy,98(6),pp. 1119-1158,December 1990.
[2] 《公路经营权有偿转让管理办法》交通部1996年9号令
[3] 郗恩崇主编《公路经济学》人民交通出版社1999年
[4] 强莹编菥《投资经济学》南京大学出版社 1997年
[5] 汪良忠、陈乐天编著《投资通论》立信出版社 1998年
[6] 黄镇东著《求实奋进探索交通发展之路》中共中央党校出版社 1997年
[7] 《高速公路经济发展论文集》高速公路经济发展论文集编委会 1998年
[8] (美)保罗．A．萨谬尔森、威廉．D．诺德豪斯著《西方经济学》
[9] 潘忠良、吕悦译《美国公路财政的过去、现在和将来》《国外公路》1995年12月
[10] 杨文译《公路投资对国民经济的拉动作用有多大》《中国交通报》1998年6月6日
[11] 禹培文《健全财务与国有资本管理，尽快形成举债还贷有效机制》《重庆高速》2002年第四期
[12] 《高速公路经济与管理科研报告集》(1990-1995)广东省交通厅、西安公路交通大学1996年
[13] 黄镇东《2000年交通工作会议讲话》《中国交通报》2000年4月6日
[14] 李杰《道路工程经济分析与决策》人民交通出版社1997年
[15] 李永峰《公路建设资金筹措的研究》《华东公路》1998(1)
[16] 柳长立《美国公路债券的发展及其启示》 《国外公路》1997(1)
[17] 牛和恩、林常清编著《公路建设融资方法研究》广东经济出版社，1997年
[18] 良荣、黎谷编著《投资学》中国人民大学出版社，1996
[19] 赵清华《公路建设融资方法探讨》 《中外公路》2002年(3)
[20] 罗精奋等《基础产业建设资金筹集》经济管理出版社，1993年6月，第1版
[21] 《广渝高速公路工程可行性研究报告》交通部重庆公路科研所1999年
[22] 《中国交通报》2000年——2002年
[23] 范南等．《多渠道融资以促进西部大开发》．经济体制改革，2001年第1期
[24] 桑百川，《外商在直接投资下的经济制度变迁》，对外经济贸易大学出版社，2000年7月，第1版。
[25] 《高速公路如何利用外资》汪临发、徐成光，《中国公路》 1996年2月
[26] 《The Word Report》 1994-1996 by The World Bank
[27] Highway Financing by Thomas Cooper/Public Roads May/June 1998
[28] China Highway Development and Management Issues,Options,and Strategies by World Bank 1994
[29] Cheung,Steven N.S. The Theory of Share Tenancy. Chicago: University of Chicago Press, 1969.
[30] Coase,Ronald. "The Problem of Social Coast" Journal of Law and Economics,3,pp. 1-44, October, 1960.
[31] Debreu,Gerald.Theory of Value.New Haven:Yale University Press, 1972
[32] LaPorta, Rafael,florencio Lopez-de-Silanes,Andrei Shleifer and Robert vishny. "Investor Protection and Corporate Governance". Journal of Financial Economies.58(1),pp. 1-25,October 1976.
[33] Thaler.Richard(editor). Advances in Behavioral Finance. New York:Russel Sage Foundation, 1993
[34] Shleifer, Andrei,and Robert Vishny. "A survey of Corporate Governance". Journal of Finance. 52(2),pp.737-83.June 1997
[35] Samuelson,Paul. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money." Journal of Political Economy, 66(6),pp.467-482,December 1958
[36] Persson,Torsten;and Guido Tabellini. Political Economics: Explaining Economic policy. Cambridge,MA:MIT Press,2000.
[37] Modigliani, Franco,and Merton Miller. "The Cost of Capital, Corporation Finance and the Theory of Investment." The American Economic Review, 48(3),pp.261-297,june 1958
[38] Arrow, Kenneth,and Frank Hahn. General Competitive Analysis. Amsterdam:North-Holland, 1971.
[39] Rabin,Matthew. "Psychology and Economics." Journal of Economics Literature,36(1),pp. 11-46, March 1998.
[40] Hart,Oliver, and John Moore. "Property Rights and the Nature of the Firm." Journal of Political Economy,98(6),pp. 1119-1158,December 1990.