我国供水产业项目投融资问题研究
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摘要
供水产业作为国民经济发展的基础,具有巨大的发展潜力。中国城市水业的市场化改革在政府和企业的共同探索中不断推进。供水产业具有自然垄断性、高资本密集度、投入的低回报性、需求的低弹性就一定程度的公益性等经济特征,使得传统的投融资方式明显严重不适应水务领域的发展。同时我国传统的行政管制下的供水企业活力不足、管网老化、效率低下、投资主体单一,使得供水产业改革势在必行。供水产业市场化改革由两大动机所推动,一是吸引资金,伴随着城市化迅速提高的巨大的投资需求,仅靠政府力量难以满足;二是提高水业运营效率,增进服务,实现供水产业的可持续发展。在我国供水产业投资市场化背景下,将项目融资方式引入供水产业投资,即是解决资金来源的有效手段,也是提高供水产业运营效率的有效方式。
项目投融资是一种为大型工程项目的投资筹集资金的金融手段。与传统投融资方式相比,根本特征在于“项目导向”和“有限追索'。项目融资行为建立在项目本身的现金流量基础上,并且能够根据项目的特点设计出多种多样的信用保证结构,满足项目各方参与者的不同需求,使一些在传统融资条件下可能无法取得贷款资金的项目得以开发。
本文共分五章。第一章主要分析了我国供水产业的市场化背景,提出了在供水产业中进行项目投融资研究的必要性。
第二章从定义供水产业的含义入手,分析了供水产业作为公共产品的特殊经济特性。而后对我国供水产业的发展和市场化改革进行了简单的论述,指出了我国供水产业项目投融资的应用的市场背景,为后面的项目投融资的运用提供了理论依据。
第三章分析了项目投融资的定义及其运用范围,同时对供水产业的各种融资方式进行分析比较,结合供水产业的经济特征和市场化改革背景,提出了在供水产业运用项目投融资方式的可行性,并对供水产业运用项目投融资意义进行了探讨。为后面提出的策略建议提供理论基础。
第四章主要是对如何在供水产业中运用项目投融资进行了分析。首先介绍了项目投融资的结构,进而根据这一理论对如何在供水产业中设计项目投融资结构展开论述。首先分析了我国供水产业项目投资的主体的构成及其投资意愿;接着重点分析比较了BOT、TOT、ABS三种主要的项目融资方式在供水产业种运用;最后对项目融资种的风险进行了简单的分析,并且分析了如何在供水产业中设计信用保证结构的问题。
第五章对本文进行了总结,并进行了供水产业项目投融资研究的展望。
The water supply industry as the basis of national economic development, have great potential for development. China urban water sector in the market-oriented reforms of the government and enterprises constantly promote common exploration. Water is the natural monopoly industries. It is high capital-intensive, low-return investment . The low demand for a certain degree of flexibility on the public welfare, and other economic characteristics mean that the traditional ways of investment and financing seriously unsuitable as the obvious developments in the field of water services. Meanwhile, China's traditional administrative control of the water supply enterprises lacks vitality. The aging pipeline network, low efficiency, and investment entities single, make the water supply industry reform a must. Water industry market reform is driven by two motives. First is to attract funds, along with a rapid increase in urbanization huge demand for investment. The government forces alone can hardly satisfy the water industry's demand for operational efficiency and enhance services improving. So for the realization of the sustainable development of aquaculture. With the Industrial investment in China's water supply market as background, the introduction of the project financing investment in the water supply industry is not only the solution for the effective means of funding sources, but also improves the operating efficiency of the water supply industry. Project financing is a vote for the large-scale investment projects to raise funds for financial instruments. And compared to traditional financing methods, it has the fundamental characteristics of the "project-oriented" and "limited recourse'. Project financing establishs on the project's own cash flow basis, and bases on the project features to desgin a wide variety of credit guarantee structure. It will meet the diferent need of all participants in the project, so that some capital projects, which may not be able to obtain loans under the traiditional financing coidtions, to be developed.
This paper is divided into five chapters. Chapter I analyze our main water supply industry market-oriented background, raised the request for carrying out the water industry investment and financing research projects.
Chapter II starts from the definition of the meaning of water supply industries, analyze the special economic characteristics of the water supply industry as the supply of public goods industry. It has a quick describe to China's water supply industry and the development of a market-oriented reform, points out the market financing background behind the project of China water supply industry's finance investment,provides a theoretical baisis for the use of the investment and financing.
Chapter III analyze the definition of investment and financing projects, and the use of the water supply industry. It analyzes and compares the various financing methods of the project,proposes the feasibility of ways of investment and fiancing in water supply industry with the economic characteristics of the water supply industry and the background of the market-oriented reforms. Industrial use of the water supply project and the investment and financing significance are also discussed to provide the theiretical basis for the strategy suggestions.
Chapter IV mainly analyzes how to apply for project financing in water supply industry. First of all, it introduces the sturcture of project investiment and financing. Then it discribes how to design the structure of water industry investment and financing based on that theory: First of all,it analyzes the main body of investment projects of China water supply industry and its willingness of investing ; then it focuses on analysis and comparison of the BOT and TOT, ABS, three main means of financing projects in the water industry; final it simply analysis the financing of the project, as well as how to design the credit guarantee structure issues in water supply industry.
Chapter V of this paper, is a summary of the water supply industry and the research project investment with its financing prospects.
项目投融资是一种为大型工程项目的投资筹集资金的金融手段。与传统投融资方式相比,根本特征在于“项目导向”和“有限追索'。项目融资行为建立在项目本身的现金流量基础上,并且能够根据项目的特点设计出多种多样的信用保证结构,满足项目各方参与者的不同需求,使一些在传统融资条件下可能无法取得贷款资金的项目得以开发。
本文共分五章。第一章主要分析了我国供水产业的市场化背景,提出了在供水产业中进行项目投融资研究的必要性。
第二章从定义供水产业的含义入手,分析了供水产业作为公共产品的特殊经济特性。而后对我国供水产业的发展和市场化改革进行了简单的论述,指出了我国供水产业项目投融资的应用的市场背景,为后面的项目投融资的运用提供了理论依据。
第三章分析了项目投融资的定义及其运用范围,同时对供水产业的各种融资方式进行分析比较,结合供水产业的经济特征和市场化改革背景,提出了在供水产业运用项目投融资方式的可行性,并对供水产业运用项目投融资意义进行了探讨。为后面提出的策略建议提供理论基础。
第四章主要是对如何在供水产业中运用项目投融资进行了分析。首先介绍了项目投融资的结构,进而根据这一理论对如何在供水产业中设计项目投融资结构展开论述。首先分析了我国供水产业项目投资的主体的构成及其投资意愿;接着重点分析比较了BOT、TOT、ABS三种主要的项目融资方式在供水产业种运用;最后对项目融资种的风险进行了简单的分析,并且分析了如何在供水产业中设计信用保证结构的问题。
第五章对本文进行了总结,并进行了供水产业项目投融资研究的展望。
The water supply industry as the basis of national economic development, have great potential for development. China urban water sector in the market-oriented reforms of the government and enterprises constantly promote common exploration. Water is the natural monopoly industries. It is high capital-intensive, low-return investment . The low demand for a certain degree of flexibility on the public welfare, and other economic characteristics mean that the traditional ways of investment and financing seriously unsuitable as the obvious developments in the field of water services. Meanwhile, China's traditional administrative control of the water supply enterprises lacks vitality. The aging pipeline network, low efficiency, and investment entities single, make the water supply industry reform a must. Water industry market reform is driven by two motives. First is to attract funds, along with a rapid increase in urbanization huge demand for investment. The government forces alone can hardly satisfy the water industry's demand for operational efficiency and enhance services improving. So for the realization of the sustainable development of aquaculture. With the Industrial investment in China's water supply market as background, the introduction of the project financing investment in the water supply industry is not only the solution for the effective means of funding sources, but also improves the operating efficiency of the water supply industry. Project financing is a vote for the large-scale investment projects to raise funds for financial instruments. And compared to traditional financing methods, it has the fundamental characteristics of the "project-oriented" and "limited recourse'. Project financing establishs on the project's own cash flow basis, and bases on the project features to desgin a wide variety of credit guarantee structure. It will meet the diferent need of all participants in the project, so that some capital projects, which may not be able to obtain loans under the traiditional financing coidtions, to be developed.
This paper is divided into five chapters. Chapter I analyze our main water supply industry market-oriented background, raised the request for carrying out the water industry investment and financing research projects.
Chapter II starts from the definition of the meaning of water supply industries, analyze the special economic characteristics of the water supply industry as the supply of public goods industry. It has a quick describe to China's water supply industry and the development of a market-oriented reform, points out the market financing background behind the project of China water supply industry's finance investment,provides a theoretical baisis for the use of the investment and financing.
Chapter III analyze the definition of investment and financing projects, and the use of the water supply industry. It analyzes and compares the various financing methods of the project,proposes the feasibility of ways of investment and fiancing in water supply industry with the economic characteristics of the water supply industry and the background of the market-oriented reforms. Industrial use of the water supply project and the investment and financing significance are also discussed to provide the theiretical basis for the strategy suggestions.
Chapter IV mainly analyzes how to apply for project financing in water supply industry. First of all, it introduces the sturcture of project investiment and financing. Then it discribes how to design the structure of water industry investment and financing based on that theory: First of all,it analyzes the main body of investment projects of China water supply industry and its willingness of investing ; then it focuses on analysis and comparison of the BOT and TOT, ABS, three main means of financing projects in the water industry; final it simply analysis the financing of the project, as well as how to design the credit guarantee structure issues in water supply industry.
Chapter V of this paper, is a summary of the water supply industry and the research project investment with its financing prospects.
引文
(1)朱会冲,张燎.基础设施项目投融资理论与实务[M].上海:复旦大学出版社,2002:134-138.
(1)薛容久.BOT项目融资在我国城市水务的应用研究[D].北京:对外经济贸易大学,2005.
[01]鞠秋立.我国水资源管理理论与实践研究[D].长春:吉林大学,2004.
[02]张朝烽.水危机、水利现代化与水管理[J].广东水利水电,2002,(6):39.
[03]沈依云.建立现代水务管理体制,支持社会经济可持续发展[J].城市公用事业,2005,(1):2.
[04]傅涛,陈吉宁,常杪.城市水业投融资机制与资本战略[EB/OL].http://www.hwcc.com.cn/newsdisplay/newsdisplay.asp?Id=98788[/url],2004-4-16.
[05]张允宽等.中国城市基础设施投融资改革研究报告[M].北京:中国建筑工业出版社,2002:44-65.
[06]田张极井.项目融资[M].北京:中信出版社,2003:22-35.
[07]马秀岩,卢洪升.项目融资[M].大连:东北财经大学出版社,2002:16-24.
[08]卢家义,等.项目融资[M].北京:清华大学出版社,2001:18-21.
[09]王秀娟,于萍.项目融资-筹集资金的有效方式[J].建筑管理现代化,1999(1):28-29.
[10]赵华,苏卫国,工程项目融资,北京,人民交通出版社,2001.
[11]朱怀念,国际项目融资法律问题研究[M].武汉:武汉大学出版社,2002:56-62.
[12]王立国,项目融资中资金结构问题的选择,财经问题研究,2001,(12).
[13]刘坤.浅议项目资金筹措[J].内蒙古科技与经济,2003,(11):79-81.
[14]吕松.私人部门投资城市水行业问题研究[D].成都:西南财经大学,2005.
[15]邱卫东.跨国水务抢占中国市场概述[J].城市建设,2001(7):14-16.
[16]张誉.威立雅水务公司PFI投资模式分析[D].西安:西北大学,2006.
[17]姚亮,周晶.BOT项目风险及来源分析[J].东南大学学报(哲学社会科学版),2002,(10):9-12.
[18]韩灵丽.BOT项目融资中的政府信用[J].上海财经大学学报,2003,(5)3:45-49.
[19]卢汉林.国际投融资[M].武汉:武汉大学出版社,1998.
[20]李俊元.投融资体制比较[M].北京:机械工业出版社,2003.
[21]于九如.投资项目风险分析[M].北京:机械工业出版社,1999.
[22]迟福林.走入21世纪的中国基础设施领域改革[M].北京:中国经济出版社,2000.
[23]汪文祥.西部开发重大基础设施投融资方式研究[M].北京:中国计划出版社,2002.
[24]钱伟荣.国有企业产权改革研究[M].北京:经济管理出版社,2003.
[25]李金早,任树本,杜尊亚著.BOT投资方式[M].北京:中国经济出版社,1996.
[26]常杪.水业领域投融资机制设计方法与国际经验[EB/OL].http://www.cnjlc.com/Article/ShowArticle.asp?ArticleID=1041[/url],2004-9-5.
[27]吴季松.水务管理体制改革的发展和深化[J].中国水利,2002,(7):35.
[28]沈大军.城乡水务一体化管理的制度分析[J].水利学报,2005,36(9):1144-1145.
[29]魏杰.变国企产权一元化为多元化[N].香港大公报,2000-12-6.
[30]毕明爽.论我国水资源管理体制改革和水权制度的构建[D].长春:吉林大学,2004.
[31]周晓花.城市水务基础设施投融资机制浅析[J].水利发展研究,2004,(1):20-21.
[32]侯元瑕.治水之本,体制创新[J].大连干部学刊,2002,18(1):15-16.
[33]矫勇,陈明忠,石波等.英国法国水资源管理制度的考察[J].中国水利,2001,(3).
[34]林洪孝.城市水务系统管理模式及运行机制研究[D].成都:西南交通大学,2004.
[35]Dieter Helm,Tim Jenkinson.The Assessment:Introducing Competition into Regulated Industry[J].Oxford Review of Economic Policy,1997(13):1-14.
[36]宋光禄.改革水务管理体制,服务大连经济发展[J].中国水利,2002,(8):41-42.
[37]王喻.我国城市水务事业改革思路分析[D].成都:西南财经人学,2004.
[38]刘毓香.城乡水务统一管理体制初探[J].河北水利水电,2003,(增刊):23.
[39]李荣融.外国投融资体制研究[M].北京:中国计划出版社,2000.
[40]唐建新,杨军.基础设施与经济发展[M].武汉:武汉大学出版社,2003.
(1)薛容久.BOT项目融资在我国城市水务的应用研究[D].北京:对外经济贸易大学,2005.
[01]鞠秋立.我国水资源管理理论与实践研究[D].长春:吉林大学,2004.
[02]张朝烽.水危机、水利现代化与水管理[J].广东水利水电,2002,(6):39.
[03]沈依云.建立现代水务管理体制,支持社会经济可持续发展[J].城市公用事业,2005,(1):2.
[04]傅涛,陈吉宁,常杪.城市水业投融资机制与资本战略[EB/OL].http://www.hwcc.com.cn/newsdisplay/newsdisplay.asp?Id=98788[/url],2004-4-16.
[05]张允宽等.中国城市基础设施投融资改革研究报告[M].北京:中国建筑工业出版社,2002:44-65.
[06]田张极井.项目融资[M].北京:中信出版社,2003:22-35.
[07]马秀岩,卢洪升.项目融资[M].大连:东北财经大学出版社,2002:16-24.
[08]卢家义,等.项目融资[M].北京:清华大学出版社,2001:18-21.
[09]王秀娟,于萍.项目融资-筹集资金的有效方式[J].建筑管理现代化,1999(1):28-29.
[10]赵华,苏卫国,工程项目融资,北京,人民交通出版社,2001.
[11]朱怀念,国际项目融资法律问题研究[M].武汉:武汉大学出版社,2002:56-62.
[12]王立国,项目融资中资金结构问题的选择,财经问题研究,2001,(12).
[13]刘坤.浅议项目资金筹措[J].内蒙古科技与经济,2003,(11):79-81.
[14]吕松.私人部门投资城市水行业问题研究[D].成都:西南财经大学,2005.
[15]邱卫东.跨国水务抢占中国市场概述[J].城市建设,2001(7):14-16.
[16]张誉.威立雅水务公司PFI投资模式分析[D].西安:西北大学,2006.
[17]姚亮,周晶.BOT项目风险及来源分析[J].东南大学学报(哲学社会科学版),2002,(10):9-12.
[18]韩灵丽.BOT项目融资中的政府信用[J].上海财经大学学报,2003,(5)3:45-49.
[19]卢汉林.国际投融资[M].武汉:武汉大学出版社,1998.
[20]李俊元.投融资体制比较[M].北京:机械工业出版社,2003.
[21]于九如.投资项目风险分析[M].北京:机械工业出版社,1999.
[22]迟福林.走入21世纪的中国基础设施领域改革[M].北京:中国经济出版社,2000.
[23]汪文祥.西部开发重大基础设施投融资方式研究[M].北京:中国计划出版社,2002.
[24]钱伟荣.国有企业产权改革研究[M].北京:经济管理出版社,2003.
[25]李金早,任树本,杜尊亚著.BOT投资方式[M].北京:中国经济出版社,1996.
[26]常杪.水业领域投融资机制设计方法与国际经验[EB/OL].http://www.cnjlc.com/Article/ShowArticle.asp?ArticleID=1041[/url],2004-9-5.
[27]吴季松.水务管理体制改革的发展和深化[J].中国水利,2002,(7):35.
[28]沈大军.城乡水务一体化管理的制度分析[J].水利学报,2005,36(9):1144-1145.
[29]魏杰.变国企产权一元化为多元化[N].香港大公报,2000-12-6.
[30]毕明爽.论我国水资源管理体制改革和水权制度的构建[D].长春:吉林大学,2004.
[31]周晓花.城市水务基础设施投融资机制浅析[J].水利发展研究,2004,(1):20-21.
[32]侯元瑕.治水之本,体制创新[J].大连干部学刊,2002,18(1):15-16.
[33]矫勇,陈明忠,石波等.英国法国水资源管理制度的考察[J].中国水利,2001,(3).
[34]林洪孝.城市水务系统管理模式及运行机制研究[D].成都:西南交通大学,2004.
[35]Dieter Helm,Tim Jenkinson.The Assessment:Introducing Competition into Regulated Industry[J].Oxford Review of Economic Policy,1997(13):1-14.
[36]宋光禄.改革水务管理体制,服务大连经济发展[J].中国水利,2002,(8):41-42.
[37]王喻.我国城市水务事业改革思路分析[D].成都:西南财经人学,2004.
[38]刘毓香.城乡水务统一管理体制初探[J].河北水利水电,2003,(增刊):23.
[39]李荣融.外国投融资体制研究[M].北京:中国计划出版社,2000.
[40]唐建新,杨军.基础设施与经济发展[M].武汉:武汉大学出版社,2003.