铁路PPP项目的投融资管理实践与建议——以杭绍台铁路为例

作者:靳丽芳
单位:浙江省发展规划研究院
摘要:基于铁路PPP项目投融资管理要求,阐述铁路PPP项目投融资结构设计的“两个基础”和“五大要点”,其中,“两个基础”是指铁路PPP项目合作期现金流测算和项目融资增信措施情况,“五大要点”是指明确资金来源、明确资金结构、测度融资风险、衡量融资成本和明确资金计划;并以杭绍台铁路为例,分析其投融资结构设计的具体内容,总结其破解投融资管理中资本金到位不及时、融资授信批复流程复杂和运营期持续稳定现金流保障等难点问题的具体实践经验,针对性提出完善多元化融资模式、拓展融资渠道和规模、提升项目持续运营能力等建议。
关键词:铁路建设PPP项目投融资建议
作者简介:靳丽芳,高级经济师,研究方向:基础设施领域投融资,PPP咨询。
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参考文献[1] 吕琪.PPP项目融资与收益模式研究[J].工程经济,2018(7):40-42.

[2] 易宇,白雪,冯晓晨.宁夏加强铁路建设投融资的对策研究——基于我国地方政府铁路建设投融资的经验[J].宁夏党校学报,2017(9):87-93.

[3] 杜佳媛.PPP项目投融资期限错配与资金平衡研究[D].大连:大连海事大学:2020.
Practice and Suggestion of Investment and Financing Management of Railway PPP Project:Take Hangzhou-Shaoxing-Taizhou Railway as an Example
JIN Lifang
(Zhejiang Development & Planning Institute)
Abstract: Based on the investment and financing management requirements of railway PPP projects,this paper expounds the “two foundations” and “five key points” of the investment and financing structure design of railway PPP projects.Among them,the “two foundations”refer to the cash flow measurement of railway PPP projects during the cooperation period and the credit enhancement measures of project financing.“Five key points” refers to clear capital source,clear capital structure,measure financing risk,measure financing cost and clear capital plan.Taking Hangzhou-Shaoxing-Taizhou Railway as an example,analyzes the specific content of its investment and financing structure design and summarizes its practical experience in solving the difficult problems in investment and financing management,such as delayed capital,complex financing credit approval process and continuous and stable cash flow guarantee during operation.Finally,puts forward suggestions to improve the diversified financing mode,expand financing channels and scale,and improve the sustainable operation capacity of the project.
Keywords: railway construction; PPP project; investment and financing; advice
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