某高铁站场再开发项目投融资方案设计[.docVIP

某高铁站场再开发项目投融资方案设计[?] 马生华伍迪王守清 （清华大学建设管理系暨清华大学国际工程项目管理研究院，北京 100084） [摘要]根据成渝地区某高铁站场改扩建项目的实际需求，首先简要分析了项目规划，指出企业参与投资的要点。针对项目的非自偿性，提出“捆绑式PPP”融资模式，并设计了四种投融资方案。通过探讨各方案的特点及其可行性，进行方案比选，得出推荐方案为“以新城CBD地产开发收益补偿其他子项目支出”，并进一步设计了该方案的项目结构，提出了项目成功的关键因素，以期为我国类似项目的实施提供一定参考。 [关键词]项目融资；特许经营(PPP)；投融资方案；高铁站场；新城建设 Investment and Financing scheme design of a high-speedrailway station redevelopment project MA Sheng-hua, WU Di, WANG Shou-qing (Department ofConstruction Management Institute of InternationalEngineering Project Management, TsinghuaUniversity, Beijing,100084,China) [Abstract]According to the real needs of a high-speed railway station redevelopmentproject in Chengdu-Chongqing area, this paper first analyzes the planningrequirements of the project, indicates the key issues for investorsparticipating the project and proposes a “binding PPP” model for this nonself-liquidating project. Four investment andfinancing schemes for the project are designed. By analyzing and comparing thepros and cons as well as the feasibility of these schemes, “binding a new towndevelopment with the station redevelopment”, is deemed as appropriate. Thestructure of this scheme is further developed, followed by analysis of criticalsuccessful factors associated with this project. It is hoped that theconclusions of this paper would be useful for relevant parties in implementingthis or similar projects inChina. [Keywords]project finance; Public-Private Partnership (PPP);investment and financing scheme; high-speed railway station; new towndevelopment 0 引言 2010年我国城市化率已经达到了49.7%，且据联合国经济与社会事务部预计，截至2025年，中国城市化率将达到59%。毋庸置疑，我国的城市化进程正在快速发展：既有城市结构和规模业已不能满足人民日益增长的对城市空间的需求；以拓展城市空间，优化城市结构，提升城市竞争力为目标的新城建设成为解决问题的主要手段。由于新城建设开发规模大，投资额度高，持续时间长，地方政府往往缺乏足够资金对项目进行持续有效的支持。而运用公私合营（Public-Private-Partnership，PPP）模式，引入民间资本，则可结合新城建设统一规划、逐步开发的特点，对所在区域资源进行统筹规划，既能缓解政府的资金压力，又能提高开发效率为民造福，还为企业创造了市场，实现多赢。但由于一些基础设施项目的非自偿性，使得此类项目在使用PPP模式时更加需要合理的设计。本文以成渝地区新城高铁场站改扩建为例，为有兴趣参与此类投资的企业进行投融资方案设计。 1 项目规划简析 1.1 项目背景 随着我国铁路客运专线网络“五纵六横七连线”的规划与建设，各大城市面临