城市轨道交通建设资金来源研究

摘要

随着国发[2014]43号文件的发布,我国地方政府债务资金筹措以及投资项目筹融资方式发生了深刻的变化,国家针对平台类企业融资监管日益趋严,融资重要性日益凸显.针对城市轨道交通项目建设,从政府主导的负债型投融资模式和市场化投融资模式两个角度分析城市轨道交通可能的资金来源.结合轨道交通行业具体融资实践,系统地梳理出政府主导的负债型投融资模式下三大政府资金来源和以银行贷款为主、多种融资产品组合的多元化债务资金来源,以及政府主导的市场化投融资模式下股权融资和债权融资来源,希望能够为城市轨道交通融资工作开展提供有益借鉴.%With the issuance of [2014] No.43 document of the State Council,the way of local government debt fimancing and the financing of investment projects have undergone profound changes.The financing regulation of the platform enterprises has become more and more tightened,and financing is becoming more and more important.For the construction of urban rail transit projects,this paper analyzes the possible sources of funding for urban rail transit from two perspectives:the government-led debt-investment and financing mode,the government-led market-oriented investment and financing mode.Aiming at the specific financing practice of rail transportation industry,this paper analyzes the government-led debt-investment and financing mode of three main government funds sources and a diversified debt fund source based on bank loans containing a variety of financing instntments,and the government-led market-oriented investment and financing mode of equity financing and debt fimancing sources,hoping to provide useful references for urban rail transit financing.