某高铁站场再开发项目投融资方案设计.PDFVIP

马生华,? 伍迪,? 王守清.? 某高铁站场建设项目投融资方案设计.? 项目管理技术,?2012(2):?17‐20.? 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-speed railway station redevelopment project MA Sheng-hua, WU Di, WANG Shou-qing (Department of Construction Management Institute of International Engineering Project Management, Tsinghua University, Beijing, 100084, China)? [Abstract] According to the real needs of a high-speed railway station redevelopment project in Chengdu-Chongqing area, this paper first analyzes the planning requirements of the project, indicates the key issues for investors participating the project and proposes a “binding PPP” model for this non self-liquidating project. Four investment and financing schemes for the project are designed. By analyzing and comparing the pros and cons as well as the feasibility of these schemes, “binding a new town development with the station redevelopment”, is deemed as appropriate. The structure of this scheme is further developed, followed by analysis of critical successful factors associated with this project. It is hoped that the conclusions of this paper would be useful for relevant parties in implementing this or similar projects in China. [Keywords] project finance; Public-Private Partnership (PPP); investment and financing scheme; high-speed railway station; new town development 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