城市基础设施市场化与市政债券融资

首先分析了我国推行城市基础设施市场化的必要性,认为不同类型的基础设施项目应采取适当的运作模式,最后指出我国已基本具备发行市政债券的市场条件。     

Managing the Private Financing of Urban Infrastructure

Abstract

This article explores the implications of private financing for the functioning of urban infrastructure, with a particular emphasis on Australian cities. The article charts the directions of infrastructure financing in Australia from the 1980s onwards, being the period when privatisation and financialisation of utilities and state-owned enterprises in Australia gathers momentum. It then explains how infrastructure emerged globally as an asset class with exposition of how the particular characteristics of urban infrastructure have proven to be attractive to private capital interests. A concluding section points to directions in infrastructure financing that merit close attention from an urban planning perspective.     

FC模式在城市基础设施建设中的应用研究

首先介绍现行的基础设施融资模式,指出它们普遍存在的一些问题,然后介绍一种全新的融资模式——承包商融资建造模式(FC模式),并介绍了FC模式的概念、思路、结构,接下来探讨了FC模式的可行性。并结合国内成功应用FC模式的案例对其进行详尽分析,最后给出FC模式应用时应该注意的一些事项。     

Financing Urban Infrastructure: Old Ideas in New Guises

We shall have to think again about the way in which we finance urban infrastructure. These are difficult times for urban development; even more so for meeting public needs. The most optimistic interpretation is to say that we are going through a period of economic restructuring following (or is it still preceding?) a low point in the long cycle of world economic growth: what we can look forward to, with luck, is sustained growth in the 1990s. But we are not there yet. For the next decade economic conditions will remain harsh, especially in an exposed economy like Australia's.     

青岛城市基础设施投融资体制创新研究

当前青岛城市基础设施供需矛盾仍然十分突出,严重制约了青岛的经济发展和城市化进程,青岛城市基础设施投融资体制急需创新.首先,分析了当前青岛城市基础设施投融资体制存在的主要问题;接着,重点阐述了美、英、日三国以及我国上海的城市基础设施投融资体制创新举措,并得到启示;最后,基于青岛城市基础设施投融资体制存在的主要问题以及得到的启示,提出了青岛城市基础设施投融资体制创新的四个维度:投资主体、融资模式、投融资风险管理以及城投公司.这为青岛城市基础设施投融资体制创新提供了一个新视角.     

Regional Issues Affecting the Financing of Urban Infrastructure in NSW

Demand for urban and regional infrastructure at particular locations is the product of market economic forces acting in concert with the inertia of established demographic and economic patterns. Forecasts of how such patterns may evolve are the starting point for infrastructure planning. Factors affecting demand for infrastructure in the Sydney region, and for New South Wales as a whole, are outlined in the first part of this paper. To some extent, especially in large urbanised regions, the location of demand for infrastructure can be steered by public policy. Careful attention to the resource cost implications of different possible patterns of regional development can result in major savings. The second part of the paper reviews ways in which regional planning can complement more direct and faster-acting means of minimising private and public costs of financing infrastructure.     

A Sustainable Funding and Financing Strategy for Urban Infrastructure Renewal in China

In a relatively short time, many of China’s cities have become major industrial, shipping, and financial hubs. To support this unprecedented growth and economic development, China has invested enormous sums to provide transportation, power, communications, sanitation, and other basic infrastructures. Although much of this investment has been in newer urban districts, old districts within existing cities still add value to the economy and are often repositories of China’s considerable cultural heritage. Maintaining compatibility between the old and the new is always challenging but the renewal of older infrastructure systems often lags behind due to a shortage of capital and difficulties in raising sufficient revenue to support replacement and upgrading of basic systems. This paper will examine the range of funding and financing options that are in use throughout the world to see what mix of public and private approaches might be most suitable for Chinese cities to adopt as part of a funding and financing strategy that will support enduring and sustainable renewal and redevelopment of older urban districts.     

对我国城市基础设施建设项目投融资的建议

在对我国基础设施建设项目存在问题进行分析的基础上,提出城市基础设施建设项目投融资的建议。在城市基础设施建设项目投融资中,应该加大基础设施建设的债券融资力度,深化基础设施建设的证券化融资,明确政府投融资职能定位,加强基础设施投融资领域的法制建设,建立基础设施资金保障与投资回报机制,保护投资者利益。     

金融支持城市基础设施投融资贡献度的研究

通过分析城市基础设施投融资主体与方式,利用1995—2013年城市基础设施融资数据建立多元回归模型,对金融支持城市基础设施投融资贡献度进行实证分析。一是财政预算、国内银行信贷、国外贷款、债权与股权融资、其他资金(主要包括信托融资和项目融资)等对城市基础设施融资呈显著的正向作用。二是相对于财政预算与国外贷款,目前我国城市基础设施融资更加依赖债权与股权融资、银行信贷、信托融资和项目融资。     

Equity and Social Justice Issues Associated with Financing Infrastructure in New Urban Development

The implications for social justice and equity of the move towards self financing of urban infrastructure are explored in this paper. Self financing means that costs and benefits of infrastructure are regarded as interdependent. Direct developer investment, capital contributions and increased user charges are the three main methods used in Australia. There is debate about who will bear the burden of costs, the land owner, the developer, or the consumer of housing, when there is direct developer investment in infrastructure. Capital contributions will not generate sufficient income to cover all costs unless the nexus test is interpreted widely. However, this may mean that house prices could rise significantly, making housing less affordable. Care is needed to prevent double charging of consumers, especially where there is a mix of financing methods used. Use of self financing for upper tier facilities is questionable as this may deny access to low income groups.     

城市轨道交通基础设施投融资问题探讨

在相当长的时间内,我国城市基础设施的建设任务还相当繁重,交通、能源、环保等许多重大项目资金紧缺是常见的现象。试以城市轨道交通为例,通过分析轨道交通建设资金筹措途径和投融资机制目前存在的问题,并借鉴国内外的先进经验,提出一些轨道交通建设资金的其他筹措途径,以及改善投资回收机制、实现投资良性循环的设想。     

我国城市污水设施建设资金缺口分布特征分析

根据国家相关政策目标，估算了“十一五”期间我国地级及以上城市的污水设施建设资金的缺口情况，分析了资金缺口及由此形成的地方财政负担随城市所处区域、经济水平及人口规模变化而表现出来的分布特征，在此基础上提出了“十一五”时期城市污水设施建设投资策略建议。     

PPP模式下城市基础设施融资风险评价

十八届三中全会提出允许社会资本通过特许经营等方式参与城市基础设施投资和运营,但这种PPP模式下城市基础设施项目一般具有投资大、周期长、参与者众多、融资结构复杂等特点,资金管理、分配及后续经营等环节问题层出不穷,导致融资难度大、融资风险增大。从融资方的角度识别出融资风险因素,分析融资风险因素之间的相互关系,构建了融资风险系统动力学的因果关系图和流程图模型。结合具体案例,利用模型通过仿真分析对PPP模式下城市基础设施融资风险进行评价,有利于相关部门提高融资风险管理水平。     

城市基础设施PPP 模式下融资风险水平度量研究

度量城市基础设施PPP 模式下融资风险水平是一个复杂的新问题,涉及面广。结合我国具体实施情况,从PPP 模式下的融资定义界定和风险源分析为出发点,以分析城市基础设施PPP 模式下融资风险的3 个特征为基础,以风险识别方法作为操作技术,构建了全面且具有可操作性的城市基础设施PPP 模式下融资风险评价指标体系,以层次分析法度量各因素的权重,以两级模糊综合评价法度量PPP 模式下融资风险水平。旨在综合衡量定性指标和定量指标,较全面地为城市基础设施PPP 模式下融资风险水平的度量工作提供帮助。     

对城市基础设施建设过程中的项目融资问题探讨

在城市规划发展的过程中,基础设施建设起到了关键性的作用,城市基础设施建设的规模逐渐加大,融资问题也引起了广泛关注,本文将以此为中心,结合自身工作经验,对城市基础设施建设过程中项目的融资问题进行探讨。     

基于PPP视角的城市公共基础设施投融资模式选择——兼论南京三桥的投融资模式

在澄清PPP概念的基础上,比较分析了公共基础设施领域基于伙伴关系的主要投融资模式,并对影响具体投融资模式选择的因素作了分析和总结,提出了公共基础设施投融资模式选择的主要依据,最后简要分析了南京三桥的投融资模式。     

城市设计和基础设施

我们的城市是快速变化的地方,它们给设计师们提出了不断的挑战。DesignInc具备建筑技巧和经验迎接这些挑战、用灵活性去满足今天的需要以适应将来的变化。我们提供赏心悦目的环境,为在经济和生态需求中寻找平衡做出积极的贡献,并且减少城市基础设计的成本。     

城市基础设施建设PPP项目融资模式中的政府监管研究

城市基础设施建设PPP项目融资模式政府监管,日益成为亟待研究的关键问题.在分析了城市基础设施建设PPP项目融资模式中私人投资方“败德行为”的基础上,提出了城市基础设施建设PPP项目融资模式政府监管框架.研究结果显示:政策性道德风险、市场性道德风险和公益性道德风险是城市基础设施建设PPP项目融资模式中私人投资方的主要“败德行为”,可以通过政府部门的经济性监管与社会性监管予以规制.     

我国城市基础设施建设投融资模式现状及创新研究

城市化进程加快了城市基础设施建设的步伐,但城市基础设施的融资功能衰退、融资渠道狭窄、融资效率低下,投融资已成为制约城市基础设施建设的瓶颈,而这些问题无一不是源于现有的政府与市场角色界定不清以及市场化程度低下的城市基础设施投融资体制。文章首先利用统计数据分析了我国城市基础设施建设投融资存在的问题,然后针对有关问题提出了城市基础设施建设投融资模式创新的几种形式,最后给出了建立投融资模式创新保障机制的建议。