融资结构对BOT项目效益影响分析
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摘要
随着我国经济的快速增长,城市化脚步的日益加快,以轨道交通项目为代表的基础设施建设也迎来了一个新的大发展时期。2009年,为了应对全球性金融危机对我国经济的冲击,政府更是出台了多项措施,并投以总计4万亿元的重资,用于进一步扩大内需促进经济增长。但这样的投资规模仍然远远不能满足各项基础设施建设的需求,政府也更是寄希望于这样抛砖引玉式的投资,吸引更多资金投入到基础设施建设等经济建设中去,以此带动全国的经济增长,应对金融危机冲击的同时,保持国民经济的又好又快发展。
BOT(Build-Operate-Transfer),即建设-经营-转让的模式,是通过私营机构参与国家基础设施项目的投资建设,解决政府融资渠道问题的有效途径。BOT模式可能涉及的方面多,融资结构较为复杂,正是由于各项目融资结构的影响,项目整体的融资效率以及项目效益各不相同。
本文以轨道交通项目为例,分析融资结构以及项目投资中公与私的比例对项目效益的影响。本文认为,BOT模式的大型基础设施建设项目融资结构复杂程度高,简单划分为权益性融资和债务性融资的情况下,合理的分配资金来源,平衡两类融资资金的额度,以求达到项目稳定以及资金灵活的最佳状态,是保证项目健康长久发展的关键。
通过实证分析对BOT项目的融资结构从权益负债角度分析其对项目效益的影响,得出以下结论：1、项目自有资本对BOT项目资金使用效率的影响显著为负。2、权益资本对BOT项目资金使用效率的影响显著为正。3、长期债务对BOT项目资金使用效率的影响显著为正。4、短期债务环境与BOT项目资金使用资本存量的使用效率不显著。
而从权责结构中公与私的比例角度分析其对项目效益的影响,可知虽然单从股本结构角度分析,公与私所占比例对项目效益影响不大,但政府在为项目提供政策性保障的同时,投入资金用以支持项目的正常运营也是项目成功的关键。相对政府为代表的公共投资来说,民间资本规模小且相对分散,难以承受如此大规模的资金需求,同时因为对经济效益的关注,民间资本也不可能承担起周期长而见效慢的基础设施项目投资,所以,在基础设施建设融资结构中,政府处在主导地位更有利于项目的生存发展。合理的安排基础设施建设融资结构中公与私的比例,也是提高项目整体融资效率,达到最佳的资源配置,并且最有利于项目的运营和发展。
With China's rapid economic growth, the increasing pace of urbanization accelerated to rail transit project on behalf of infrastructure has also ushered in a new period of great development. In 2009, in response to the global financial crisis impact on our economy, the Government introduced a number of measures are, and arrange a total number of 4 trillion yuan capital for further expansion of domestic demand and promote economic growth. But such investment is still far from meeting the needs of the infrastructure, the Government is pinning hopes on this type of investment start a discussion, to attract more money into infrastructure construction, economic construction, to, to give impetus to the country economic growth, address the financial crisis while maintaining sound and fast development of national economy.
BOT (Build-Operate-Transfer), the build-operate-transfer model, is through private sector participation in the national infrastructure investment and construction projects to address the issue of government financing channels, an effective way. BOT model may involve many aspects, the financing structure is more complex, because of the impact of the project financing structure, the financing of the overall efficiency of the project varies.
In this paper, mass transit project, through the BOT model currently used on some rail transit project financing structure of, from the traditional analysis of the financing from the financial efficiency and financial structure from the ratio of public and private two aspects of the project financing the efficiency of its financing structure, the impact of the relationship between the two to come, this research on the use of BOT mode of rail transit project financing structure, setting forth reasonable proposals. This view, BOT mode of large-scale infrastructure project finance structure, complexity, simple and divided into equity financing and debt financing in the case of reasonable distribution of sources of funds, balanced funds in the amount of both financiers in order to achieve project stability and the best financial flexibility is to ensure healthy long-term development of key projects.
Through empirical analysis of the BOT project debt financing structure from the perspective of equity benefits of its projects, the following conclusions:1, the project's own capital funds on the efficient use of BOT projects a significant negative impact.2, equity capital efficiency in the use of the BOT project funds is significantly positive effect.3, long-term debt of the BOT project efficiency in the use of funds is significantly positive.4, short-term debt funds Environment and BOT projects more efficient use of capital stock was not significant.
Powers and responsibilities of the structure from the ratio of public and private point of view of its impact on project effectiveness, although one can see from the perspective of capital structure, the proportion of public and private benefits of the project has little effect, but the government policy protection for the project the same time, investment capital to support the normal operation of the project is the key to success of the project. The Government, represented by the relative public investment, private capital is relatively small and scattered, difficult to sustain such large funding requirements, and because of the economic concerns, private capital can not bear the long period in isolation from the infrastructure slow investment, so the structure in infrastructure financing, the government is in a dominant position more conducive to survival and development projects. Reasonable arrangements for infrastructure construction financing structure in the ratio of public and private, but also improve the efficiency of the overall financing the project, to achieve the best allocation of resources, and most conducive to the operation and development projects.
BOT(Build-Operate-Transfer),即建设-经营-转让的模式,是通过私营机构参与国家基础设施项目的投资建设,解决政府融资渠道问题的有效途径。BOT模式可能涉及的方面多,融资结构较为复杂,正是由于各项目融资结构的影响,项目整体的融资效率以及项目效益各不相同。
本文以轨道交通项目为例,分析融资结构以及项目投资中公与私的比例对项目效益的影响。本文认为,BOT模式的大型基础设施建设项目融资结构复杂程度高,简单划分为权益性融资和债务性融资的情况下,合理的分配资金来源,平衡两类融资资金的额度,以求达到项目稳定以及资金灵活的最佳状态,是保证项目健康长久发展的关键。
通过实证分析对BOT项目的融资结构从权益负债角度分析其对项目效益的影响,得出以下结论：1、项目自有资本对BOT项目资金使用效率的影响显著为负。2、权益资本对BOT项目资金使用效率的影响显著为正。3、长期债务对BOT项目资金使用效率的影响显著为正。4、短期债务环境与BOT项目资金使用资本存量的使用效率不显著。
而从权责结构中公与私的比例角度分析其对项目效益的影响,可知虽然单从股本结构角度分析,公与私所占比例对项目效益影响不大,但政府在为项目提供政策性保障的同时,投入资金用以支持项目的正常运营也是项目成功的关键。相对政府为代表的公共投资来说,民间资本规模小且相对分散,难以承受如此大规模的资金需求,同时因为对经济效益的关注,民间资本也不可能承担起周期长而见效慢的基础设施项目投资,所以,在基础设施建设融资结构中,政府处在主导地位更有利于项目的生存发展。合理的安排基础设施建设融资结构中公与私的比例,也是提高项目整体融资效率,达到最佳的资源配置,并且最有利于项目的运营和发展。
With China's rapid economic growth, the increasing pace of urbanization accelerated to rail transit project on behalf of infrastructure has also ushered in a new period of great development. In 2009, in response to the global financial crisis impact on our economy, the Government introduced a number of measures are, and arrange a total number of 4 trillion yuan capital for further expansion of domestic demand and promote economic growth. But such investment is still far from meeting the needs of the infrastructure, the Government is pinning hopes on this type of investment start a discussion, to attract more money into infrastructure construction, economic construction, to, to give impetus to the country economic growth, address the financial crisis while maintaining sound and fast development of national economy.
BOT (Build-Operate-Transfer), the build-operate-transfer model, is through private sector participation in the national infrastructure investment and construction projects to address the issue of government financing channels, an effective way. BOT model may involve many aspects, the financing structure is more complex, because of the impact of the project financing structure, the financing of the overall efficiency of the project varies.
In this paper, mass transit project, through the BOT model currently used on some rail transit project financing structure of, from the traditional analysis of the financing from the financial efficiency and financial structure from the ratio of public and private two aspects of the project financing the efficiency of its financing structure, the impact of the relationship between the two to come, this research on the use of BOT mode of rail transit project financing structure, setting forth reasonable proposals. This view, BOT mode of large-scale infrastructure project finance structure, complexity, simple and divided into equity financing and debt financing in the case of reasonable distribution of sources of funds, balanced funds in the amount of both financiers in order to achieve project stability and the best financial flexibility is to ensure healthy long-term development of key projects.
Through empirical analysis of the BOT project debt financing structure from the perspective of equity benefits of its projects, the following conclusions:1, the project's own capital funds on the efficient use of BOT projects a significant negative impact.2, equity capital efficiency in the use of the BOT project funds is significantly positive effect.3, long-term debt of the BOT project efficiency in the use of funds is significantly positive.4, short-term debt funds Environment and BOT projects more efficient use of capital stock was not significant.
Powers and responsibilities of the structure from the ratio of public and private point of view of its impact on project effectiveness, although one can see from the perspective of capital structure, the proportion of public and private benefits of the project has little effect, but the government policy protection for the project the same time, investment capital to support the normal operation of the project is the key to success of the project. The Government, represented by the relative public investment, private capital is relatively small and scattered, difficult to sustain such large funding requirements, and because of the economic concerns, private capital can not bear the long period in isolation from the infrastructure slow investment, so the structure in infrastructure financing, the government is in a dominant position more conducive to survival and development projects. Reasonable arrangements for infrastructure construction financing structure in the ratio of public and private, but also improve the efficiency of the overall financing the project, to achieve the best allocation of resources, and most conducive to the operation and development projects.
引文
1 资料来源：王小红.日本高速铁路投融资模式研究[J].铁道经济研究.2007(2)：38-43
2 资料来源：王小红,贾光智.意大利高速铁路投融资管理研究[J].中国铁路.2009(12)：68-70
4 John F. McDonald;Robert A.Moffitt.The Uses ofTobit Analysis.The Review of Economics and Statistics,Vo1.62,No.2.(May,1980),pp.318-321.
[1]林晓言,陈娟.台湾高速铁路吸纳民间投资的经验借鉴[J].技术经济,2002,(3).36-38
[2]吴玲,林晓言.台湾高速铁路融资及建设体制的启示[J].铁道经济研究,2001,(5).45-47
[3]林晓言.民间投资基础设施需三大保障——以台湾高速铁路BOT方案为例[J].中国投资,2005,(2).111-112
[4]林晓言.讨论铁路吸纳民间投资需要的政府支持——以台湾省高速铁路BOT方案为例[J]铁道运输与经济,2002,(2)
[5]刘烨.融资绩效评价指标构建研究[J].世界经济情况,2009,(4).72-76
[6]方芳,曾辉.中小企业融资方式与融资效率比较[J].铁道经济研究,2005,(4).38-42
[7]马忠.英国铁路路网公司管制体系与业绩分析[J].铁道学报,2003,(8).102-109
[8]姚世斌,李羽.高校融资渠道分析[J].哈尔滨学院学报,2004
[9]周露阳,丁臻.航空租赁的重要意义及融资优势[J].中国民航学院学报,2002
[10]李春好,曲九龙.项目融资[M]：科学出版社,2004
[11]荣朝和,王国祥.台湾《鼓励民间参与交通建设条例》及有关法规评介[J].铁道经济研究,1999,(4)
[12]荣朝和.规划中的台湾高速铁路及BOT方案[J].铁道经济研究,1997,(1).
[13]刘海虹,王明华.企业融资制度[M].北京：中国经济出版社,2001
[14]马亚军,宋林.企业融资效率及理论分析框架[J].吉林财税高等专科学习学报,2004,(2).
[15]卢福财.企业融资效率分析[M].北京：经济管理出版社,2001
[16]文宏.融资偏好与融资效率[J].当代经济科学,1999(11)
[17]Kirwan P. Channel Tunnel the link to Europe:An overview and guide to the literature[J]. Reference Reviews.1995.9.31
[18]Dodge T M. Ventilating the English Channel Tunnel [J]. ASHRAE Journal,1993,35(10):70-74
[19]谈毅.企业融资制度和创新企业融资效率分析[J].管理科学,2003(12)：2-7
[20]郑泽华.融资机制、融资绩效与融资发展[J].经济研究,2001(1)：9-13
[21]方茂扬.房地产上市公司融资结构对公司绩效影响的实证分析[J].武汉金融,2009(7)：37-39
[22]于东智.资本结构、债权治理与公司绩效：一项经验分析[J].中国工业经济,2003,(1)：87-94
[23]董黎明.企业债务融资与企业绩效研究述评[J].商业时代,2008(9)：62-63
[24]陆玉梅,胡宝光.债务融资结构对公司治理影响的实证研究[J].辽宁工程技术大学学报,2005
[25]荣朝和.英法隧道工程的经验、教训与启示：[工作论文2001]
[26]荣朝和,李瑞珠.欧盟铁路丧失货运市场的教训与启示[J].铁道学报,2001(3)
[27]MODIGLIANI F, MILLER M. The cost of capital, corporation finance, and the theory of in vest ment[J]. American Economic review,1958(48):261-297.
[28]ROBICBEK A, MYERS S C. Problems in the theory of optimal capital structure [J], Journal of Financial and Quantitative Analysis,1966(1):1-35.
[29]台湾高速铁路股份有限公司民国94-97年年报
[30]贾光智,昌晶.国外高速铁路融资趋势及其对我国客运专线建设的启示[J].中国铁路.2008(1)：59-63
[31]肖翔.铁路投融资理论与实践[M].北京：中国铁道出版社,2003
[32]罗仁坚.我国铁路投融资体制改革研究[J].中国铁路2006(5)
[33]王小红.日本高速铁路投融资模式研究[J].铁道经济研究.2007(2)：38-43
[34]王雅龄,徐颖,韩广华.基础设施融资结构化及其经验分析[J].中国城市经济.72-75
[35]游经元.高速铁路融资结构因素分析模型研究[J].铁道经济研究.2006(2)：27-31
[36]冯陶.企业融资结构理论综述[J].合作经济与科技.2007(9)：55
[37]王小红,贾光智.意大利高速铁路投融资管理研究[J].中国铁路.2009(12)：68-70
[38]孙玉霞,靳菁.从传统到现代：融资结构理论的发展[J].财务与会计.2006(11)：76-77
[39]陈标,孙小光.融资结构与融资效率实证分析——以江苏为例[J].金融纵横.2007(13)：24-28
[40]余力,陈宇峰,隋文环.中国企业融资结构的现状与绩效[J].研究探索.2006(12)：69-72
2 资料来源：王小红,贾光智.意大利高速铁路投融资管理研究[J].中国铁路.2009(12)：68-70
4 John F. McDonald;Robert A.Moffitt.The Uses ofTobit Analysis.The Review of Economics and Statistics,Vo1.62,No.2.(May,1980),pp.318-321.
[1]林晓言,陈娟.台湾高速铁路吸纳民间投资的经验借鉴[J].技术经济,2002,(3).36-38
[2]吴玲,林晓言.台湾高速铁路融资及建设体制的启示[J].铁道经济研究,2001,(5).45-47
[3]林晓言.民间投资基础设施需三大保障——以台湾高速铁路BOT方案为例[J].中国投资,2005,(2).111-112
[4]林晓言.讨论铁路吸纳民间投资需要的政府支持——以台湾省高速铁路BOT方案为例[J]铁道运输与经济,2002,(2)
[5]刘烨.融资绩效评价指标构建研究[J].世界经济情况,2009,(4).72-76
[6]方芳,曾辉.中小企业融资方式与融资效率比较[J].铁道经济研究,2005,(4).38-42
[7]马忠.英国铁路路网公司管制体系与业绩分析[J].铁道学报,2003,(8).102-109
[8]姚世斌,李羽.高校融资渠道分析[J].哈尔滨学院学报,2004
[9]周露阳,丁臻.航空租赁的重要意义及融资优势[J].中国民航学院学报,2002
[10]李春好,曲九龙.项目融资[M]：科学出版社,2004
[11]荣朝和,王国祥.台湾《鼓励民间参与交通建设条例》及有关法规评介[J].铁道经济研究,1999,(4)
[12]荣朝和.规划中的台湾高速铁路及BOT方案[J].铁道经济研究,1997,(1).
[13]刘海虹,王明华.企业融资制度[M].北京：中国经济出版社,2001
[14]马亚军,宋林.企业融资效率及理论分析框架[J].吉林财税高等专科学习学报,2004,(2).
[15]卢福财.企业融资效率分析[M].北京：经济管理出版社,2001
[16]文宏.融资偏好与融资效率[J].当代经济科学,1999(11)
[17]Kirwan P. Channel Tunnel the link to Europe:An overview and guide to the literature[J]. Reference Reviews.1995.9.31
[18]Dodge T M. Ventilating the English Channel Tunnel [J]. ASHRAE Journal,1993,35(10):70-74
[19]谈毅.企业融资制度和创新企业融资效率分析[J].管理科学,2003(12)：2-7
[20]郑泽华.融资机制、融资绩效与融资发展[J].经济研究,2001(1)：9-13
[21]方茂扬.房地产上市公司融资结构对公司绩效影响的实证分析[J].武汉金融,2009(7)：37-39
[22]于东智.资本结构、债权治理与公司绩效：一项经验分析[J].中国工业经济,2003,(1)：87-94
[23]董黎明.企业债务融资与企业绩效研究述评[J].商业时代,2008(9)：62-63
[24]陆玉梅,胡宝光.债务融资结构对公司治理影响的实证研究[J].辽宁工程技术大学学报,2005
[25]荣朝和.英法隧道工程的经验、教训与启示：[工作论文2001]
[26]荣朝和,李瑞珠.欧盟铁路丧失货运市场的教训与启示[J].铁道学报,2001(3)
[27]MODIGLIANI F, MILLER M. The cost of capital, corporation finance, and the theory of in vest ment[J]. American Economic review,1958(48):261-297.
[28]ROBICBEK A, MYERS S C. Problems in the theory of optimal capital structure [J], Journal of Financial and Quantitative Analysis,1966(1):1-35.
[29]台湾高速铁路股份有限公司民国94-97年年报
[30]贾光智,昌晶.国外高速铁路融资趋势及其对我国客运专线建设的启示[J].中国铁路.2008(1)：59-63
[31]肖翔.铁路投融资理论与实践[M].北京：中国铁道出版社,2003
[32]罗仁坚.我国铁路投融资体制改革研究[J].中国铁路2006(5)
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