摘要
铁路是国家重要的基础设施,大众化的交通工具。铁路在交通基础设施项目中占有重要的地位。铁路为经济和社会的全面、协调、可持续发展,发挥着更加有效的促进作用。目前铁路仅依靠以政府部门投资和银行贷款为主的资金来源,很难满足需求,铁路建设资金存在严重的缺口。但是当前我国铁路融资面临着投资主体单一、融资渠道匮乏、融资结构失衡以等一系列问题,严重阻碍了我国铁
路项目的建设和发展。本文试图从项目融资模式的本质出发,对项目融资模式构建流程进行了创新设计。它摆脱传统的地项目融资模式选择的框架束缚,将项目融资模式视为一种动态的设计过程,以项目融资模式的本源为根本出发点,即项目融资模式是在考虑项目的特点、在项目运行中存在的各种风险因素及可能的风险分担方式、资金来源等诸多项目特征与需求的基础上,对项目融资中各要素的有机整合与构建。本文主要从以下几方面进行了深入探讨:
首先,利用利益相关者理论对铁路项目融资参与者进行分类,将项目融资问题视为一个开放的系统问题,从系统的角度,利用协调方法构建了项目融资参与者的互动协调机制。项目融资模式设计的问题实质上是将各项目融资参与者进行有效的整合,将各项目融资参与者掌握的资源进行有效的整合。通过构建协调机制,使各参与者在项目融资系统中和谐相处,进而调动其参与热情,为项目融资提供机制保障;其次,构建了基于时间维度、风险类别维度和风险影响维度的风险矩阵评估模型,对铁路项目融资的风险进行评估,并结合文献归纳分析方法构建了项目融资风险规避的框架结构;然后,在梳理归纳了项目融资模式设计影响因素的基础上,将DEMATEL方法引入到项目融资模式设计中来,进而探寻基础设施项目融资模式设计的主要影响因素。并以此为基础结合项目融资参与者的利益诉求以及项目融资风险的可能分担策略对铁路项目融资模式展开设计,利用融资系统参与者协调机制为契机构建项目融资模式有效运行的保障机制;最后,以项目融资模式所表现出的资本结构特征为契机,基于项目生存、项目价值、项目融资成本和项目融资风险等方面目标均衡的铁路基础设施项目为优化准则,从项目生存能力、融资成本、融资风险、偿债能力和盈利能力这几个方面搭建了铁路项目融资资本结构优化评价的指标体系,应用灰色评价法和层次分析法构建了优化评价模型,为铁路基础设施项目融资的资本结构提供一种可行的优化评价模型。
Railway is not only an important national infrastructure but also the popularization of transport. Railway plays an important role in the transport infrastructure projects. Railways play a more effective role in promoting the economic and social comprehensive, coordinated and sustainable development. Railway construction has relied on the government sector investment and bank loans as the main sources. It is difficult to meet the capital requirements. There is serious gap in funding. Currently railway faced with a series of problems, such as single investors, financing channel scarcity and structural imbalance, which seriously hampered the construction and development of railway projects.
This paper attempts to start from the essence of project financing mode, construct the project financing model with the innovative design process. It get rid of the constraints of traditional project financing mode selection, and regard project financing model as a dynamic design process, to the origin of project financing models for essential starting point, namely project finance model is considered the characteristics of the project, project existing in the operation of all kinds of risk factors and may risk allocation methods, financing source and so on many items based on the characteristics and requirements of project financing, in each element of the organic integration and establishment. This article mainly from the following several aspects of the thorough discussion:
Firstly, using stakeholder theory classifies the railway project financing participants, facing the project finance problems as an open system, from a system point of view, using the method of coordination constructs project finance participants’interactive coordination mechanism. Project financing mode design problem is essentially combine each project financing participants, and integrate each project financing participants mastery of the resources, so as to provide the resources required to project. Between participants in project financing through constructing harmonious mechanism, make each participants in project financing system harmony, then transferred each participant's enthusiasm for the project, provide a mechanism for the protection of project implementation.
Secondly, constructed based on the time dimension, the risk category dimension and the risk effection of the risk matrix assessment model, and assess the risks of project financing. Finally, combined with literature review of project financing risk was constructed frame structure.
Third, in analyzed the influence factors of project financing pattern design, take DEMATEL method into the design of the project financing model, and explore the main influencing factors for the design of the infrastructure project financing pattern. As the basis for combining the stakeholder demands and the possible risk-sharing strategy, design the railway project finance pattern. Finally, use of coordination mechanisms for financing the system participants the opportunity to build the project financing model mechanism for the effective operation of the protection.
Finally, based on the capital structure that is shown by project financing model, taken four targets in a balanced as optimization criterion, the targets including project viability, project value, project financing cost, project financing risk, the paper establishes optimal evaluation index system of railway project from five aspects of the project viability, financing costs, financing risk, project solvency and profitability. The multi-objectives model is built based on the method of Grey Evaluation and AHP to carry on the optimal evaluation for financing structure of railway project, at the same time prove the practical and validity of the model using the case, in order to provide a viable capital structure optimal evaluation model for the railway project financing.
引文
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