城市轨道交通建设资金来源研究.docVIP

城市轨道交通建设资金来源研究 刘丽琴 李明阳 王忠微 沈蕾 北京城建设计发展集团股份有限公司 浙江工业大学之江学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 随着国发[2014]43号文件的发布, 我国地方政府债务资金筹措以及投资项目筹融资方式发生了深刻的变化, 国家针对平台类企业融资监管日益趋严, 融资重要性日益凸显。针对城市轨道交通项目建设, 从政府主导的负债型投融资模式和市场化投融资模式两个角度分析城市轨道交通可能的资金来源。结合轨道交通行业具体融资实践, 系统地梳理出政府主导的负债型投融资模式下三大政府资金来源和以银行贷款为主、多种融资产品组合的多元化债务资金来源, 以及政府主导的市场化投融资模式下股权融资和债权融资来源, 希望能够为城市轨道交通融资工作开展提供有益借鉴。 关键词： 城市轨道交通; 投融资; 资金来源; 作者简介：刘丽琴, 女, 经济师, 硕士, 从事城市轨道交通前期经济评价及投融资咨询工作, liuliqin@ 收稿日期：2016-12-14 基金：浙江省软科学课题 (2017C35010) Financing Sources for Urban Rail Transit Construction LIU Liqin LI Mingyang WANZG Zhongwei SHEN Lei Beijing Urban Construction Design Development Group Co., Ltd.; Zhijiang College of Zhejiang University of Technology; Abstract： With the issuance of [2014]No. 43 document of the State Council, the w ay of local government debt financing and the financing of investment projects have undergone profound changes. The financing regulation of the platform enterprises has become more and more tightened, and financing is becoming more and more important. For the construction of urban rail transit projects, this paper analyzes the possible sources of funding for urban rail transit from tw o perspectives: the government-led debt-investment and financing mode, the government-led market-oriented investment and financing mode. Aiming at the specific financing practice of rail transportation industry, this paper analyzes the government-led debt-investment and financing mode of three main government funds sources and a diversified debt fund source based on bank loans containing a variety of financing instruments, and the government-led market-oriented investment and financing mode of equity financing and debt financing sources, hoping to provide useful references for urban rail transit financing. Keyword： urban rail transit; financing; sources of funds; Received： 2016-12-14 近年来, 随着财预[2012]463号、财预[2014]351号、财预[2015]225号及国发[2014]43号等文件[1-4]的相继出台, 国家针对平台类