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论文编号：	6828
作者编号：	2220120329
上传时间：	2014/12/7 11:38:45
中文题目：	天津市地方政府平台公司债务融资与PPP融资模式的比较分析
英文题目：	The comparative analysis between Debt financing and PPP financing model in Tianjin local government construction company
指导老师：	边泓
中文关键字：	城市基础设施；PPP融资模式；债务融资；地方政府债务
英文关键字：	Urban infrastructure; PPP (Public-Private Partnerships) mode;
中文摘要：	随着我国经济社会的持续发展和城镇化建设的有序推进，天津市的城市基础设施正在加快进行，因此需要大量的资金投入。但是基础设施建设具有投入高、回收周期长等特点，单靠政府自身财力无法满足基础设施建设需要，目前只能依靠以银行贷款为主的债务融资方式满足其资金需求。2013年，来自审计署的审计数据结果显示，天津市地方政府性债务已经达到一个比较高的债务水平。因此我们必须通过寻找新的融资模式以达到经济的可持续发展。PPP（公私合营模式）为我们提供了一个新的融资模式和管理理念，引入社会资本参与公共基础设施建设，不仅减少政府财政资金压力，而且可以引进新的管理模式，从而提高项目融资效率，达到政府和社会资本风险共担、利益共享的双赢局面。 本文在查阅相关文献的基础上，首先从政府债务形成原因和以往融资模式的介绍入手，指出现行的债务融资方式已经不能满足城市发展的需要。随后，介绍PPP（公私合营）模式，并将PPP模式与以往的债务融资模式进行比较，并列举国外采用PPP模式的成功案例。然后，以北京地铁4号线和天津地铁2号线为例，从资金平衡方案等方面分析两种融资模式的不同，指出PPP模式的比较优势，并总结出现阶段PPP融资模式的一般运作流程。而后，将PPP模式引入天津基础设施项目中，提出成功运用PPP模式需要关注的几个重点环节。 本文的研究目的是在现有债务融资模式的基础上，提出新的融资和管理模式PPP模式具有的比较优势，旨在为天津市城市基础设施项目上采用PPP模式提供分析参考。
英文摘要：	As economic and social sustainable development and urbanization construction in China, Tianjin urban infrastructure is speeding up, so we need a large of investment. But infrastructure construction has the characteristics of the investment is too high and the cycle is so long, the government's own resources alone cannot meet the demand of infrastructure construction. The current debt financing, mainly rely on bank loans as way to meet its funding needs. In 2013, according to the results of the audit data, Tianjin local government debt has reached a very high index. So we have to find new financing mode in order to achieve the sustainable development of economy. The PPP (company of the joint venture mode) provides us with a new financing mode and management concept. The introduction of social capital to participate in public infrastructure construction, not only reduces the pressure of government financial capital, but also can provide a new management, so as to improve the efficiency of project financing, what’s more, the government and social capital can both benefit in the win-win situation. In this paper, on the basis of literature review, first of all, from the government's debt formation reasons and before the introduction of financing model, that points out that the current debt financing way has already not meet the needs of the development of the city. Then, this paper introduces the PPP (public-private partnerships) model, and the PPP is be made compared with previous debt financing mode, using the PPP pattern of successful cases, and then compared with Beijing metro Line 4 to Tianjin metro line 2 as an example, from the perspectives of capital channel, analysis of two kinds of different financing patterns, points out that the PPP model of comparative advantage, and summarize the general operation of a stage the PPP financing model process. And then introduces the PPP model in infrastructure projects in Tianjin, the successful application of PPP model is proposed to focus on several keys. On the basis of the existing debt financing mode, the purpose of this paper mainly talks about the new financing and management mode of PPP which has comparative advantage. What’s more, this paper aimed to provide reference analysis at Tianjin urban infrastructure projects with the PPP mode.
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