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论文编号：	3961
作者编号：	2120082509
上传时间：	2011/12/15 9:46:29
中文题目：	我国城投类公司城市基础设施项目融资研究—以天津滨海建投公司为例
英文题目：	Study on the financing of urban infrastructure projecting for China City Investment Company——An example of Tianjin Binhai Construction Investment Company
指导老师：	梅丹
中文关键字：	城市基础设施 城投类公司 经营模式 项目融资
英文关键字：	Urban infrastructure, City Investment Company, Operating, Project Financing
中文摘要：	城市基础设施是国民经济发展的基石，与经济增长密切相关。我国城市基础设施的建设在现阶段及今后的一定时期中，可以预见到，大部分都将由各类城投公司负责实施。这些城投公司基本上都是各级政府出资成立的政府融资平台，承担经营性或非经营性项目建设。虽然我国近年来在鼓励和吸引私人部门资金投资基础设施建设方面做了不少有益的探索和尝试，但我国大多数城市基础设施的资金来源渠道仍主要是财政资金，远远不能满足对城市基础设施建设资金的巨大需求。因此，为了实现城市基础设施建设的跨越式发展，必须拓宽和丰富城投类公司的融资渠道和融资方式，而这又取决于城投类公司的经营模式和对项目现金流的构建。本文通过研究我国城投类公司的发展历程，总结了城投类公司的一般经营模式；同时，鉴于城投类公司承担的城市基础设施项目大部分均为非经营性项目或准经营性项目，因此为城投类公司设计了此类项目可行的融资模式，以期帮助公司实现项目融资。本论文的主要结论可概括为如下几方面：（1）我国城投类公司融资现状分析。在分析我国城投类公司发展历程基础上，重点研究了三家城投类公司的经营模式。研究表明，具备“造血”机制、以市场化方式实现政府目标的经营模式有助于实现城市基础设施项目融资与建设。（2）设计了我国城投类公司基础设施项目融资模式。首先，针对城市基础设施项目中的经营性项目，总结了该类项目特点，提出了该类项目融资模式的选择，总结了经营性项目融资案例，并进行了对比分析；其次，针对非经营性项目和准经营性项目，总结了这两类项目的特点及转化方式。（3）总结分析了天津滨海建投公司基础设施项目融资案例。首先，介绍了天津滨海建投公司经营模式及项目情况；其次，从经营环境、发展战略、经营模式、财务结构、资金需求等方面对天津滨海建投公司进行了分析；再次，对天津滨海建投公司基础设施融资模式进行了评价，并与其他城投类公司进行了对比分析；最后，总结了天津滨海建投公司存在的问题，并提出解决问题的建议。
英文摘要：	Urban infrastructure is the cornerstone of national economic development, which are closely related with economic growth. At this stage and in the future , it can be expected that China's urban infrastructure will be most responsible for implementing various types of city investment company. These investment companies are basically fund by all levels of city government, which undertake operating or non-operating projects. Although China in recent years has done a lot of useful explore and try to encourage and attract private sector capital investment in infrastructure, the main sources of funds for the majority of our urban infrastructure is still financial funds, which can not meet the huge funding needs. Therefore, in order to achieve the construction of urban infrastructure development by leaps and bounds, it should broaden and enrich the city's investment and financing channels and types of financing, which in turn depends on the companies business model and construction for project cash flow. This paper sums up the city investment company's general business model by studying city investment company's development process in order to help it to choose the right business model. Meanwhile, since the non-operating or quasi-operational project are mostly undertaken by the city investment company, so this paper design a financing model to help companies achieve project financing. The main conclusions of this paper can be summarized as the following aspects: (1) Analysis of China city investment corporate for finance. On the basis of analysis of development process of the city investment company, this paper focus on the three company's business model.Studies have shown that it will be helpful to achieve the goal of urban infrastructure project financing and construction with "blood" mechanism and market-oriented approach to achieve the Government's business model. (2) To design the financing model of infrastructure projects. First, for the business projects of urban infrastructure, this paper summarizes the characteristics of such projects, propose the choice standard of such project financing models, sums up the case of project financing, and conducts a comparative analysis. Secondly, for non-operating and quasi-operating project, this paper sums up the characteristics of these two types of projects and transformation methods. (3) To summarize the case of the project financing of Tianjin Binhai Construction Investment Company. First, to introduce business model and project conditions of the Tianjin Binhai Construction Investment Company. Secondly, to analyze Tianjin Binhai Construction Investment Company from the angle of operating environment and development strategy and business model and financial structure. Thirdly, to evaluate the financing models for Tianjin Binhai Construction Investment Company, and conduct a comparative analysis.Finally, to summarize the problems of Tianjin Binhai Construction Investment Company, and propose recommendations to solve the problem.
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