目前我国城镇基础设施投融资模式分析

在我国经济建设步伐加快,各级地方财政普遍吃紧的情况下,直接财政投资、土地储备制度等传统融资模式已不能满足城市基础设施融资的需求。继之出现的BOT、TOT、PFI、ABS和市政债券的投融资模式市场程度依次提高,共同的特点在于引入SPC作为桥梁将政府与市场在公共物品领域连接起来,这些融资模式合作形式各异,以公私合营和资本市场的力量为城建资金寻找到了更广泛的投资者。本文介绍了我国现行的城镇基础设施投融资模式,如土地储备制度和市政债券等,依市场化程度的高低对这些融资进行了分类分析和比较,指出未来我国城建融资模式的发展方向。

Analysis on the Investment and Financing Mode of Urban Infrastructure in China

The growth of all levels of Chinese local finance can＇t catch up with the increasing urbanization of the fund demand recent years. The traditional financing models of urban infrastructure are almost irrelevant to the market such as Direct Invest and Land Reserve System which have comparative low financing efficiency. The followed financing models join SPC etc., more market elements have higher financing efficiency and get more fund from some specific investors. The paper analyses and compares all present financing models of urban infrastructure in China based on classification of the degree marketization and points out the developing direction in the future.