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论文编号：	5788
作者编号：	2120112769
上传时间：	2013/12/4 17:20:53
中文题目：	我国城市基础设施建设BT融资模式及风险管理研究 ——以天津成林道道路延长线BT融资建设项目实例分析
英文题目：	Analysis on China''''s city infrastructure construction, BT financing mode and risk management -- Taking Tianjin ChengLin road extension line BT financing construction projects
指导老师：	武立东
中文关键字：	城市基础设施;BT融资模式;风险管理
英文关键字：	city infrastructure;BT financing mode;Risk management
中文摘要：	随着我国社会城市化进程速度的不断加快,城市作为人们生产、生活、经济、娱乐等各类活动的载体，其基础设施发展需求已经上升到一个前所未有的高度。在我国宏观调控政策出台的大背景下，城市基础设施投资银根受到了压缩的巨大冲击，如何能够有效的融资成为制约城市基础设施建设发展的“瓶颈”。由于我国现阶段城市基础设施建设发展水平与经济发展水平的不匹配，因此城市基础设施建设滞后现象已经严重制约了经济高速发展的需要，也成为我国与国际化大都市基础设施建设接轨的“瓶颈”。我国城市基础设施建设及融资仍旧面临诸多困难，例如城市基础设施建设商品化没有充分放开，融资渠道狭窄，以及成功的融资经验推广范围小、速度慢等。积极健康的引入BT融资模式对于我国现阶段城市基础设施及公用事业建设发展无疑是雪中送炭。作为民间资本参与政府基础设施建设的BT融资模式进入我国才仅仅10年的时间，怎样对其进行合理调控，如何引导其健康有序发展、有效规避风险成为摆在政府及各个参与者面前最直接的问题。基于城市经济发展及企业业务量的拓展需求和压力，政企双方都对BT融资模式报以高涨的热情，BT融资模式目前正处于“供需两旺”的阶段中。但是立法的滞后与缺失以及操作流程没有规范统一等一系列问题给BT融资模式带来的先天不足一直都存在，一些严重问题会在城市基础设施投融资市场发展到一定阶段时暴露出来。特别是全球及我国金融、经济等环境的不确定化日趋明显，BT融资模式赖以生存的土壤发生了巨大的变化，加之BT融资模式存在的风险种类繁多，例如适用风险、法律风险、政策风险、融资风险、信用风险、投标风险、合同风险、施工风险、经济风险及其他风险。因此，从某种程度上来讲BT融资模式一路走来已经到了一个关键的“路口”，我们应该更加冷静的思考，从实践中观察，谨慎的应对，让其更加良性的发展运行，为我国城市基础设施建设事业提供强有力的保障。要从根本上解决BT融资模式在运行过程中的困难，就要去由相适应的的法律来保障和约束。当BT融资已经成为城市基础设施建设领域十分流行的投融资模式时，并且在10年的发展历程中有了很多实践经验和教训，国家应该尽快出台相关法律法规条款，从法律层面规范BT投资资活动。当然投资人更应该清楚的认识到BT融资模式的性质、价值、风险及法律地位，并且充分做足项目的前期工作，加强与政府及政府项目发起人（业主）的沟通，审时度势观察项目所处的政治、经济、自然、人文等环境，谨慎而不犹豫积极参与BT融资项目上来，为社会，为百姓，为国家，为企业创造更大的福祉和价值，也树立企业自身的良好形象。天津成林道道路延长线BT融资建设项目作为天津2011年20项民心工程之一，很好的缓解政府项目发起人融资困难的问题，不仅提高资金的筹集效率，也大大降低了融资的成本，而且项目公司对该项目的建设管理也取得了良好的效果。该项目的建设对政府、对建设单位、对投资单位、对银行、对百姓、对各个参与方，乃至对整个滨海新区的发展起到了多赢的效果，为BT融资模式在天津城市基础设施及公用事业建设领域发展奠定了良好的基础。本文通过对城市基础设施融资的基本概念、特点及项目融资在我国的发展与应用，引入BT融资模式涵义、本质特点及其与垫资施工的区别，从而梳理了在BT融资项目中的各个参与者及阶段划分。通过对我国城市基础设施建设的现状的认知与探讨，以及剖析现阶段我国基建及融资所面临的困难与问题，引出目前十分流行的BT融资模式的在我国的应用与发展及存在问题。并通过BT融资模式的风险管理及天津成林道延长线BT项目典型的案例分析，提出对不同种类的风险问题采取的应对措施以及对天津成林道延长线BT项目的模式进行了梳理，并展示其采用BT融资模式所取得的优秀成绩。总结出BT融资项目怎样从困境中转折，从而对于科学利用BT融资模式，又快又好的为我国城市基础设施建设给出启示和建议。
英文摘要：	With the urbanization speed in China social city continues to accelerate, as people's production, life, economy, entertainment and other activities of the carrier of the city, its infrastructure development demand has risen to a hitherto unknown height. In the background of China's macro-control policies, the city infrastructure investment is influenced greatly by compression, how can effective financing has become a bottleneck restricting the development of city infrastructure construction "". Due to the mismatch with the level of economic development level of city infrastructure construction and development in China at the present stage, so the city infrastructure construction lag phenomenon has seriously restricted the high speed development of economy, has become the bottle neck of our country and international city infrastructure construction standards "". China's city infrastructure construction and financing is still facing many difficulties, such as commodity city infrastructure construction has not fully liberalized, the financing channel is narrow, and the successful financing experience of small, slow speed range. Active introduction of BT financing mode is timely assistance for infrastructure in our country present stage city and the construction of public utilities development.. BT financing mode but as private capital participation in government infrastructure construction in China is only 10 years, how to reasonable regulation on it, how to guide its healthy and orderly development, effectively avoid risks become placed in front of the government and the various participants in the most direct questions. City Economic Development and business volume to expand demand and pressure on the government, both with a passion for BT financing, BT financing mode is currently in the "supply and demand" stage. But the lag of legislation is not a series of problems such as the lack of uniform standards and procedures for the BT financing mode and bring be congenitally deficient exists all the time, some serious problems will be exposed in the city infrastructure investment and financing market to a certain stage of development. Especially the global and China's financial, economic environment of uncertainty is becoming obvious, great changes have taken place in the BT financing mode for the survival of the soil, and the risk types of BT financing mode are various, such as risk, legal risk is, policy risk, financial risk, credit risk, risk, contract risk, construction bidding risk, economic risk and other risks. Therefore, to a certain extent the financing mode of BT along the way has reached a critical "intersection", we should think more calm, from the observation of practice, cautious, let it more benign development, provide a powerful guarantee for our country's city infrastructure construction. To fundamentally solve the difficulties of BT financing mode in the process of running, go by the adaptation of the law to safeguard and restraint. When the BT financing has become very popular in city infrastructure construction investment and financing mode, and in the 10 years of development history has a lot of experience and lessons, countries should as soon as the relevant laws and regulations, from a legal level specification BT investment activities. Of course, investors should be aware of the nature of BT financing mode, value, risk and legal status, the preparatory work and fully done projects, and strengthen the government and government sponsors (owners) communication, the situation of the political, economic, natural and humanity environment, cautious and not hesitate active participation in BT financing project, for society, for the people, for the country, to create greater well-being and value for the enterprise, also set up a good image of enterprise. In this paper, the basic concept, the city infrastructure financing and the characteristics of project financing in the development and application in China, the introduction of BT financing model definition, essential features and underwritten construction difference, thus combing divided each participant and stage in BT financing project. And Discussion on the status of city infrastructure construction of our country's cognition, and analyzes the difficulties and problems at the present stage of China's infrastructure and financing facing, leads to BT financing mode is very popular in the application and development of our country and the existing problems. And through the risk management of BT financing mode and Tianjin forest road extension project BT typical case analysis, carried out the risk problem of different kinds of measures and the mode of Tianjin forest road extension line of the BT project, and demonstrate its outstanding achievements made by BT financing model. Summed up the BT project financing from the plight of turning, thereby for the utilization of BT financing mode, fast and good for our country city infrastructure construction gives the enlightenment and suggestions.
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