基础设施项目多元投融资模式选择研究
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摘要
中国经济的快速增长和城市化的快速发展使国内城市基础设施建设需求成倍增加。传统的以政府财政为投资主体的基础设施投资建设模式远不能满足社会经济和城市发展的需要。随着市场经济的发展,以吸引政府财政以外资金为目的的基础设施投融资模式不断出现,以解决政府对基础设施投资不足与社会迫切需求之间的矛盾。目前我国正处于经济转型期,与基础设施投融资相配套的法律法规和政策尚不健全,导致基础设施公权利的公益性与部分基础设施的盈利性问题产生较大的矛盾,使部分基础设施项目的社会经济综合效益受到影响。同时,各级政府在进行基础设施投融资决策时,经常因为基础设施项目建设是由政府财政直接投资、还是选择市场化投融资的方式陷于两难境地,难于选择和把握好。基础设施项目的公共性与盈利性问题和投融资模式选择问题也成为学术界近期关注的热点和难点问题。
目前国内外学者对基础设施投融资的研究主要集中在投资主体、筹资渠道、具体融资模式等方面,其也是经济学和管理学的经典问题。由于基础设施项目兼有经营性与公共性的特征,其投融资模式的争论始终伴随着基础设施建设,而其中的核心问题即是政府是否应全部承担基础设施建设费用,面向社会融资建设的基础设施如何协调公益性与经营性之间的关系,政府应如何选择投融资模式。对于这些核心问题的研究也成为本文的立题支撑,本文从基础设施的概念出发,系统地分析了基础设施概念、性质及其投融资的一般特性,通过架构基础设施投融资综合评价体系、探索项目价值评价的方法,基础设施项目投融资类型和构成要素,以及影响构成要素的因子分析,从而最终构建出基础设施项目多元投融资模式选择的框架体系。主要研究内容为:
第一章为绪论,系统分析了课题研究的背景与意义。随着我国经济的快速增长,基础设施建设也迅速发展,传统的以政府财政投入为主体的基础设施建设模式已越来越无法满足社会经济迅速发展的需求,需要采取多种方法、通过多种渠道进行基础设施项目的投资建设。本文对国内外基础设施投融资理论的研究、基础设施的定义理论、项目融资相关概念与研究、基础设施项目性质及融资方式匹配理论的研究、基础设施融资方式影响因素的研究进行了梳理,并对既有研究做出了总结和判断,即对于基础设施项目的公共性与经营性的系统综合评价问题和投融资模式的系统选择问题目前进行的是孤立的研究,还没有形成系统的理论和方法。本文对此提出本课题的研究方法和研究的技术路线。
第二章系统地论述了基础设施项目投融资的理论与特性,研究了基础设施建设中为解决效率低下的竞争理论、政府有效与市场有效理论和实现普遍使用理论,对基础设施建设的理论基础、投融资特点及政府在基础设施投融资中的主导作用、基础设施项目投融资的规模巨大性、决策的复杂性、投融资效益的特殊性,以及在基础设施项目投融资中普遍采用的项目融资方式进行了详尽的分析,为基础设施项目综合评价及投融资模式选择提供理论基础与工具。
第三章综合了项目的国民经济评价、环境影响评价、财务评价、社会效益等多个评价,构建了基于项目性质分析的基础设施项目投融资综合评价体系。通过综合评价体系清晰的度量基础设施的公共性与经营性程度,为基础设施项目是否由政府承担全部建设费用或采取市场化的投融资方式提供较为适当的决策依据,提高了政府决策的科学性。
第四章对项目价值评估进行了研究,分析了各种价值评估方法,提出传统价值评估方法在部分基础设施评价过程中较难准确和全面估量项目价值,本文将实物期权概念引入项目价值评估,通过分析实物期权价值与静态价值的关系,构建了基于实物期权的项目价值评估方法,分析了实物期权价值评价法与传统现金流折现评价法的异同,指出将实物期权概念引入项目价值评估可以完善项目价值分析,使其对各项目的价值评价更为全面。
第五章系统地论述了我国基础设施项目投融资现状及特点,总结与梳理了我国现存基础设施投融资模式,将基础设施项目投融资模式进行归纳分类成为以政府投资为主体的直接投融资、特许权经营的项目融资等七种模式。在模式分类的基础上,对影响和决定基础设施项目投融资模式分类的五项构成要素进行了拆解,详尽分析了项目投资主体、运营机制、融资渠道、追索权及项目产权所有权等五项构成要素。为进一步的基础设施项目投融资模式选择框架构建奠定了理论基础。
第六章在解构基础设施投融资模式影响因素的基础上,建立了基础设施投融资各构成要素之间的逻辑关系和各构成要素与影响因子之间的逻辑关系,从而构建了较为系统和完整的基础设施项目投融资模式选择的框架体系;通过BPNN神经网络模型的运用,完善了所构建框架的逻辑体系,提升了框架体系的可行性与实用性,实现了基础设施项目投融资模式选择评价,能够将满足条件要求的基础设施项目评价为文中总结的七种模式,实现了基础设施项目多元投融资模式的科学选择,为政府决策提供了科学依据和有力支持。
第七章论文以深圳地铁4号线项目为例进行了实证研究。利用本次研究提出的理论框架对深圳地铁4号线延长线进行了系统地评价,从对深圳地铁4号线项目的公共性和经济性分析开始,通过国民经济评价、财务评价及社会影响的综合评价,并以实物期权价值模型及对地铁4号线续建段的价值进行了计算,得出地铁项目的公共性与经营性适中,论证了其选择BDOT模式的合理性更大,有效支持了项目投融资模式选择理论。
从总体上看,文章围绕基础设施项目的性质及其价值进行了系统的评价,对现有较为零散和孤立的各类项目投融资模式选择和评价进行了系统的研究,提出了系统的、全面的和整体的基础设施项目投融资模式选择框架体系。文章的创新点主要在以下三个方面:
(1)构建了基础设施项目综合评价体系。本体系是在项目国民经济评价、财务评价、社会评价及环境影响评价的基础上,进行综合分析,以定量与定性相结合的方式确定基础设施项目经营性与公共性的程度,为政府是选择由财政直接投资、还是市场化投融资的相关决策提供更科学的依据。
(2)提出了基于实物期权的项目价值评估方法。将实物期权概念引入项目价值评估,通过分析实物期权价值与静态价值的关系,分析了实物期权价值评价法与传统现金流折现评价法的异同,构建了基于实物期权的项目价值评估方法。
(3)构建了基础设施项目多元投融资模式选择框架。将各种不同的基础设施项目投融资模式进行分类,在模式分类的基础上,提出影响和决定基础设施项目投融资模式分类的构成要素和影响因子,建立了各构成要素之间、各构成要素与影响因子之间的逻辑关系,并以神经网络分析为判别依据使相关评价能够深入准确地判定投融资模式的选择,最终构建了基础设施项目多元投融资模式选择框架。
The rapid growth of the economy and the high speed of urbanization in China make the demand of municipal infrastructure construction increasing fast. But the traditional way that takes the government funds as the main source of infrastructure construction can't satisfy the demand today. To deal with the conflict between lack of money and great demand, the infrastructure project financing mode with the aim of attracting non-governmental funds becomes more and more popular. As China is still in the economic transformation period, the law system and other politics can’t regulate and guide fully the way of project financing, and in this situation, many projects built by new financing way meet with lots of problems just like the conflict between public demands and profits making. In the meantime, the local authorities usually enter the dilemma that whether they directly invest or not, and which financing ways they should take. So the research about the infrastructure financing is getting a hot problem attracting much attention from the academic circles today and in the near future.
Domestic and overseas scholars have lots of researches about infrastructure financing that focus on the investors, the channel of financing and the mode of financing. These above are also the typical problems of economics and management fields. As the infrastructure projects have both business and public characteristics, we are wondering whether the government should undertake all the expenditure or not, and how the government deals with the contradiction between the public demands and money making. The paper sets out the concept of the infrastructure, analyzes the general characteristic of the infrastructure, introduces comprehensive evaluation methods of the infrastructure projects and explores new method of projects evaluation. It tries to set up the whole systems of the infrastructure financing mode selection. The article makes a research from the following aspects:
The paper summarizes all researches on the infrastructure financing theories from domestic and abroad. These researches cover many important spheres such as infrastructure financing theory, infrastructure definition theory, projects financing related concepts, projects features, factors influencing financing ways, etc. These subjects are getting more and more significant and they are attracting more and more attention. But up to now, they have not formed systematical studies yet. The thesis presents the research methods and technology approach.
The dissertation tries to demonstrate the natures of infrastructure systematically, to assess the infrastructure functions in detail, to probe into infrastructure theory foundation, to find out the investment characteristics, to inquire into the government role in the infrastructure construction. It points out that the infrastructure has the characteristic of the mixed economy, so the government should make efforts to build manifold competition mechanism in the infrastructure field. The supply and production of infrastructure products can't be controlled completely by privatization market. But we can set up this kind of financing mechanism under the supervision of the rules and regulations and the government’s policies.
The dissertation synthesizes many infrastructure project appraisal items by combining the national economy evaluation, the environment influence evaluation, the finance evaluation, etc. Thus it forms comprehensive estimation system of the infrastructure project according to its nature analysis. By using the comprehensive estimation system, Public and business property degree can be analyzed, and the government can select the suitable kinds of investors involved in the project, and determine whether it undertakes all the expenses or not .
The dissertation states the traditional value estimation methods, and then expresses the viewpoints that it is very difficult to estimate accurately the infrastructure project value. It introduces the real object option concept into value estimation, holds the views that the method of the real object option is suitable in dynamic state but not in static state. It attempts to find general method of value estimation through real object option way, to discuss different and similar points between the value estimation methods through the real object option concept and traditional pattern of cash flow. It points out that introducing the real object option concept into the infrastructure project value estimation can improve project value analysis systems for various purposes.
The dissertation discusses completely infrastructure financing characteristics in current China, project financing mode spreading in recent years, and strong points and shortcomings of each kind of financing mode in particularly conditions. It also provides guideline for the feasibility and the correspondent problems analysis when adopting each kind of financing mode in our country.
The dissertation expounds the process of the infrastructure financing mode selection, explains the impact factors of the infrastructure financing mode choices and analyzes the connection of the impact factors , then uses BPNN as the evaluation way to confirm the infrastructure financing mode choices.
Making use of the theories framework this time, The dissertation makes a complete study of the subway No.4 extension line in Shenzhen. Starting from the public and business features of the subway project, then proceeding with the national economy evaluation, finance evaluation, social influences evaluation, and calculating the value of the subway project by the real object option evaluation, the paper draws a conclusion that this project’s public feature matches it’s business feature, and it adopted the most suitable financing way-the BDOT mode. Therefore the study case confirms the theory framework of infrastructure financing mode choosing correspondently.
The dissertation has delivered its opinions from three creative aspects as following:
(1)The dissertation sets up the comprehensive appraisement system about the infrastructure financing by Combining national economy evaluation, finance evaluation, society assessment and environment influence evaluation, and by assessing project value through the real object option method in detail for accuracy, the research carries on comprehensive analysis with qualitative and quantitative methods to determine the degree of the infrastructure business property and public property, and offers an obvious reference for the government related decision making.
(2) It introduces the real object option concept into value estimation, holds the views that the method of the real object option is suitable in dynamic state but not in static state. It attempts to find general method of value estimation through real object option way, to discuss different and similar points between the value estimation methods through the real object option concept and traditional pattern of cash flow.
(3)The research reveals the process of the infrastructure financing mode selection, gives an exposition of the impact factors of the infrastructure financing mode choices and analyzes the relations of the impact factors, then uses BPNN as the evaluation way to confirm the infrastructure financing mode selection.
目前国内外学者对基础设施投融资的研究主要集中在投资主体、筹资渠道、具体融资模式等方面,其也是经济学和管理学的经典问题。由于基础设施项目兼有经营性与公共性的特征,其投融资模式的争论始终伴随着基础设施建设,而其中的核心问题即是政府是否应全部承担基础设施建设费用,面向社会融资建设的基础设施如何协调公益性与经营性之间的关系,政府应如何选择投融资模式。对于这些核心问题的研究也成为本文的立题支撑,本文从基础设施的概念出发,系统地分析了基础设施概念、性质及其投融资的一般特性,通过架构基础设施投融资综合评价体系、探索项目价值评价的方法,基础设施项目投融资类型和构成要素,以及影响构成要素的因子分析,从而最终构建出基础设施项目多元投融资模式选择的框架体系。主要研究内容为:
第一章为绪论,系统分析了课题研究的背景与意义。随着我国经济的快速增长,基础设施建设也迅速发展,传统的以政府财政投入为主体的基础设施建设模式已越来越无法满足社会经济迅速发展的需求,需要采取多种方法、通过多种渠道进行基础设施项目的投资建设。本文对国内外基础设施投融资理论的研究、基础设施的定义理论、项目融资相关概念与研究、基础设施项目性质及融资方式匹配理论的研究、基础设施融资方式影响因素的研究进行了梳理,并对既有研究做出了总结和判断,即对于基础设施项目的公共性与经营性的系统综合评价问题和投融资模式的系统选择问题目前进行的是孤立的研究,还没有形成系统的理论和方法。本文对此提出本课题的研究方法和研究的技术路线。
第二章系统地论述了基础设施项目投融资的理论与特性,研究了基础设施建设中为解决效率低下的竞争理论、政府有效与市场有效理论和实现普遍使用理论,对基础设施建设的理论基础、投融资特点及政府在基础设施投融资中的主导作用、基础设施项目投融资的规模巨大性、决策的复杂性、投融资效益的特殊性,以及在基础设施项目投融资中普遍采用的项目融资方式进行了详尽的分析,为基础设施项目综合评价及投融资模式选择提供理论基础与工具。
第三章综合了项目的国民经济评价、环境影响评价、财务评价、社会效益等多个评价,构建了基于项目性质分析的基础设施项目投融资综合评价体系。通过综合评价体系清晰的度量基础设施的公共性与经营性程度,为基础设施项目是否由政府承担全部建设费用或采取市场化的投融资方式提供较为适当的决策依据,提高了政府决策的科学性。
第四章对项目价值评估进行了研究,分析了各种价值评估方法,提出传统价值评估方法在部分基础设施评价过程中较难准确和全面估量项目价值,本文将实物期权概念引入项目价值评估,通过分析实物期权价值与静态价值的关系,构建了基于实物期权的项目价值评估方法,分析了实物期权价值评价法与传统现金流折现评价法的异同,指出将实物期权概念引入项目价值评估可以完善项目价值分析,使其对各项目的价值评价更为全面。
第五章系统地论述了我国基础设施项目投融资现状及特点,总结与梳理了我国现存基础设施投融资模式,将基础设施项目投融资模式进行归纳分类成为以政府投资为主体的直接投融资、特许权经营的项目融资等七种模式。在模式分类的基础上,对影响和决定基础设施项目投融资模式分类的五项构成要素进行了拆解,详尽分析了项目投资主体、运营机制、融资渠道、追索权及项目产权所有权等五项构成要素。为进一步的基础设施项目投融资模式选择框架构建奠定了理论基础。
第六章在解构基础设施投融资模式影响因素的基础上,建立了基础设施投融资各构成要素之间的逻辑关系和各构成要素与影响因子之间的逻辑关系,从而构建了较为系统和完整的基础设施项目投融资模式选择的框架体系;通过BPNN神经网络模型的运用,完善了所构建框架的逻辑体系,提升了框架体系的可行性与实用性,实现了基础设施项目投融资模式选择评价,能够将满足条件要求的基础设施项目评价为文中总结的七种模式,实现了基础设施项目多元投融资模式的科学选择,为政府决策提供了科学依据和有力支持。
第七章论文以深圳地铁4号线项目为例进行了实证研究。利用本次研究提出的理论框架对深圳地铁4号线延长线进行了系统地评价,从对深圳地铁4号线项目的公共性和经济性分析开始,通过国民经济评价、财务评价及社会影响的综合评价,并以实物期权价值模型及对地铁4号线续建段的价值进行了计算,得出地铁项目的公共性与经营性适中,论证了其选择BDOT模式的合理性更大,有效支持了项目投融资模式选择理论。
从总体上看,文章围绕基础设施项目的性质及其价值进行了系统的评价,对现有较为零散和孤立的各类项目投融资模式选择和评价进行了系统的研究,提出了系统的、全面的和整体的基础设施项目投融资模式选择框架体系。文章的创新点主要在以下三个方面:
(1)构建了基础设施项目综合评价体系。本体系是在项目国民经济评价、财务评价、社会评价及环境影响评价的基础上,进行综合分析,以定量与定性相结合的方式确定基础设施项目经营性与公共性的程度,为政府是选择由财政直接投资、还是市场化投融资的相关决策提供更科学的依据。
(2)提出了基于实物期权的项目价值评估方法。将实物期权概念引入项目价值评估,通过分析实物期权价值与静态价值的关系,分析了实物期权价值评价法与传统现金流折现评价法的异同,构建了基于实物期权的项目价值评估方法。
(3)构建了基础设施项目多元投融资模式选择框架。将各种不同的基础设施项目投融资模式进行分类,在模式分类的基础上,提出影响和决定基础设施项目投融资模式分类的构成要素和影响因子,建立了各构成要素之间、各构成要素与影响因子之间的逻辑关系,并以神经网络分析为判别依据使相关评价能够深入准确地判定投融资模式的选择,最终构建了基础设施项目多元投融资模式选择框架。
The rapid growth of the economy and the high speed of urbanization in China make the demand of municipal infrastructure construction increasing fast. But the traditional way that takes the government funds as the main source of infrastructure construction can't satisfy the demand today. To deal with the conflict between lack of money and great demand, the infrastructure project financing mode with the aim of attracting non-governmental funds becomes more and more popular. As China is still in the economic transformation period, the law system and other politics can’t regulate and guide fully the way of project financing, and in this situation, many projects built by new financing way meet with lots of problems just like the conflict between public demands and profits making. In the meantime, the local authorities usually enter the dilemma that whether they directly invest or not, and which financing ways they should take. So the research about the infrastructure financing is getting a hot problem attracting much attention from the academic circles today and in the near future.
Domestic and overseas scholars have lots of researches about infrastructure financing that focus on the investors, the channel of financing and the mode of financing. These above are also the typical problems of economics and management fields. As the infrastructure projects have both business and public characteristics, we are wondering whether the government should undertake all the expenditure or not, and how the government deals with the contradiction between the public demands and money making. The paper sets out the concept of the infrastructure, analyzes the general characteristic of the infrastructure, introduces comprehensive evaluation methods of the infrastructure projects and explores new method of projects evaluation. It tries to set up the whole systems of the infrastructure financing mode selection. The article makes a research from the following aspects:
The paper summarizes all researches on the infrastructure financing theories from domestic and abroad. These researches cover many important spheres such as infrastructure financing theory, infrastructure definition theory, projects financing related concepts, projects features, factors influencing financing ways, etc. These subjects are getting more and more significant and they are attracting more and more attention. But up to now, they have not formed systematical studies yet. The thesis presents the research methods and technology approach.
The dissertation tries to demonstrate the natures of infrastructure systematically, to assess the infrastructure functions in detail, to probe into infrastructure theory foundation, to find out the investment characteristics, to inquire into the government role in the infrastructure construction. It points out that the infrastructure has the characteristic of the mixed economy, so the government should make efforts to build manifold competition mechanism in the infrastructure field. The supply and production of infrastructure products can't be controlled completely by privatization market. But we can set up this kind of financing mechanism under the supervision of the rules and regulations and the government’s policies.
The dissertation synthesizes many infrastructure project appraisal items by combining the national economy evaluation, the environment influence evaluation, the finance evaluation, etc. Thus it forms comprehensive estimation system of the infrastructure project according to its nature analysis. By using the comprehensive estimation system, Public and business property degree can be analyzed, and the government can select the suitable kinds of investors involved in the project, and determine whether it undertakes all the expenses or not .
The dissertation states the traditional value estimation methods, and then expresses the viewpoints that it is very difficult to estimate accurately the infrastructure project value. It introduces the real object option concept into value estimation, holds the views that the method of the real object option is suitable in dynamic state but not in static state. It attempts to find general method of value estimation through real object option way, to discuss different and similar points between the value estimation methods through the real object option concept and traditional pattern of cash flow. It points out that introducing the real object option concept into the infrastructure project value estimation can improve project value analysis systems for various purposes.
The dissertation discusses completely infrastructure financing characteristics in current China, project financing mode spreading in recent years, and strong points and shortcomings of each kind of financing mode in particularly conditions. It also provides guideline for the feasibility and the correspondent problems analysis when adopting each kind of financing mode in our country.
The dissertation expounds the process of the infrastructure financing mode selection, explains the impact factors of the infrastructure financing mode choices and analyzes the connection of the impact factors , then uses BPNN as the evaluation way to confirm the infrastructure financing mode choices.
Making use of the theories framework this time, The dissertation makes a complete study of the subway No.4 extension line in Shenzhen. Starting from the public and business features of the subway project, then proceeding with the national economy evaluation, finance evaluation, social influences evaluation, and calculating the value of the subway project by the real object option evaluation, the paper draws a conclusion that this project’s public feature matches it’s business feature, and it adopted the most suitable financing way-the BDOT mode. Therefore the study case confirms the theory framework of infrastructure financing mode choosing correspondently.
The dissertation has delivered its opinions from three creative aspects as following:
(1)The dissertation sets up the comprehensive appraisement system about the infrastructure financing by Combining national economy evaluation, finance evaluation, society assessment and environment influence evaluation, and by assessing project value through the real object option method in detail for accuracy, the research carries on comprehensive analysis with qualitative and quantitative methods to determine the degree of the infrastructure business property and public property, and offers an obvious reference for the government related decision making.
(2) It introduces the real object option concept into value estimation, holds the views that the method of the real object option is suitable in dynamic state but not in static state. It attempts to find general method of value estimation through real object option way, to discuss different and similar points between the value estimation methods through the real object option concept and traditional pattern of cash flow.
(3)The research reveals the process of the infrastructure financing mode selection, gives an exposition of the impact factors of the infrastructure financing mode choices and analyzes the relations of the impact factors, then uses BPNN as the evaluation way to confirm the infrastructure financing mode selection.
引文
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