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城市水务项目融资模式研究 ——水务产业投资基金
时间:2011-03-14 浏览次数:1725次 无忧论文网
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    水是人类的生命之源,也是社会经济发展最重要的支持要素。城市水务是我国国民经济中极为重要的基础设施和公用事业行业,常被称为城市的“生命线工程”。在过去的十几年里,我国城市水务虽然获得良好的发展机遇,但是随着经济高速发展和城市化进程的加速,城市水务发展面临巨大压力和困境:城市普遍缺水、水环境污染严重、城市水务供需矛盾日益突显、水务企业经营效率低下、水务设施功能低下、城市人居环境和水生态环境受到严重威胁,这一系列水问题已成为制约我国城市可持续发展的主要因素,而且影响日益明显。出现这一局面的主要原因是城市水务投资的严重不足,水务基础设施项目建设长期落后于社会经济和城市的发展速度。城市水务发展需要巨额的资金支持,而投资资金却是捉襟见肘,按照我国“十一五”规划要求,到2010年底,全国城市水务项目仍将面临着9000亿人民币的资金缺口问题。然而,现有的融资渠道无法满足资金缺口问题:目前我国地方政府财政融资能力有限,中央政策性资金投资杯水车薪;股权融资、市政债券等直接融资渠道不畅;以BOT、TOT和ABS为代表的项目融资模式受到多方面制约而难以推广;城市水务项目固有的资本投入量大、资本沉淀性强、投资回报不高等特点,决定了城市水务企业难以背负项目建设所带来的商业贷款还本付息压力,常规的银行贷款模式无法满足发展要求。与此同时,我国经济发展积累的社保、保险公司长期资金、银行存贷差和大量民间资本,机构投资者也急需为这些资金寻找长期投资渠道,这些资金的合理稳定投资回报要求与城市水务项目巨大的长期投资需求完全匹配。因此,本文认为:将这二者结合搭建的平台——水务产业投资基金,通过这一平台募集社会资金,采用长期股权方式投资城市水务项目,既可解决城市水务项目资金缺口问题,又可为机构投资者获取长期稳定的投资回报。因此,本文的结构首先是在城市水务项目经济特征分析的基础上,结合项目融资理论,系统性地阐述了我国现阶段城市水务项目融资模式及其存在的问题;并从长期资金投资需求、政策条件、人才条件以及国内外运行经验等方面阐述建立水务产业基金的可行性;并从募集方式、设立方式、组织形式、基金规模、资本结构等方面探索水务产业基金的设计模式;从创立、投资管理和退出三个方面探索水务产业基金的运营模式;然后站在水务项目主体的角度探讨利用水务产业基金模式进行融资的途径选择;文章最后结合当前实际背景,指出当前发展水务产业投资基金存在的不足之处和制约因素。本文最后得出结论:发展水务产业投资基金,将是扩展城市水务项目融资渠道、完善城市水务融资主体、化解城市水务融资困境的有效途径。水务产业投资基金将可以作为现有融资模式的有效补充,必将成为未来我国水务基础设施领域重要的融资模式之一。   [英文摘要]:     Water, the source of life, is the most critical support for the social economic development. Being the infrastructure and public utilities of great importance, urban water engineering is named the lifeline to a city. During the past ten years, with the accelerating pace of urbanization and economic development, China’s water service industry is facing with difficulties, in spite of the opportunity for development: shortage of water in cities, heavy water pollution, urban water supply unpararell to the increasing demand, inefficient enterprises in water service industry, poor functional water utilities, residential and water ecological environment being severe threatened. These more and more serious problems have become the main inhibiting factor in the sustainable development of cities in China. The major reason for that situation is the insufficient investment in urban water service industry and the construction of infrastructure far behind the social and economic development. The development of urban water service industry requires enormous captials, while the investment fund is in strained circumstances. According to the Eleventh Five-Year Plan, urban water service project will have high demands upon 900 billion yuan RMB by the end of 2010. However, the current financing channels do not bridge the gap between funds of investment and supply: China’s local governments have limited financing ability, meanwhile central government has inadequate policy investment; the direct financing channels, such as stock financing, municipal bond, do not work well; project financing models which are represented by BOT, TOT and ABS, are hard to spread due to a number of restricting conditions; the intrinsic characters to urban water service projects, such as high capital input, low flowing capability and low return on capital, produce a consequence that urban water service enterprises could not repay the commercial loans with interest, and the traditional loan is not satisfied. Meanwhile, diversified funds appeared in China’s economic development, their resources include social insurance, long-term capital from insurance agents, balance from deposit and loan in banks and huge amount of private capital, of which the institutional investors are in an urgent need to make investments. The investment returns on those capitals match the needs of urban water service development in a huge and long-term nature. And consequently, this dissertation concludes that through the water industrial investment funds (WIIF),the platform combined with those two needs (demand and supply), investment in urban water service projects by long-term stock not only bridges the capital shortage in urban water service industry, but also offers the institutional investors steady investment returns. Therefore, the dissertation firstly explores the current project financial models of China’s urban water service and their problems, produce the feasibility of establishing WIIF from these aspects, namely, long-term policies, talents, foreign and domestic experiences, and framework in models design. This dissertation probes the operating models from setting up, developing, managing and drawing back, and explores the avenues to financing in advantage of WIIF from the owners of water project. Finally, the dissertation puts forward the challenge factors in the development of WIIF based on current environment. This dissertation concludes that the water service industrial investment funds(WIIF) will be effective for urban water service project in widening financial channels, improving financial efficiency and reducing financial difficulties. WIFF will be a complement to the current financing models, and will become one of the most important financing models in China’s water service industry.    
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