本文選題：基礎(chǔ)設(shè)施 + 投融資平臺(tái)　； 參考：《天津大學(xué)》2012年碩士論文

【摘要】：現(xiàn)階段，我國城市基礎(chǔ)設(shè)施投融資平臺(tái)面臨嚴(yán)峻形勢，普遍存在：設(shè)立和運(yùn)作不規(guī)范，，投資資本金不足，負(fù)債過高等問題。為保證其健康可持續(xù)發(fā)展，2010年我國政府與發(fā)改委、財(cái)政部、人民銀行以及銀監(jiān)會(huì)四部委聯(lián)合頒布一系列投融資平臺(tái)清理政策，欲清整管理城市基礎(chǔ)設(shè)施投融資平臺(tái)的債務(wù)問題。目前，地方投融資平臺(tái)存在的危機(jī)如下：我國基礎(chǔ)設(shè)施建設(shè)總體水平低，嚴(yán)重滯后于西方經(jīng)濟(jì)發(fā)達(dá)的地區(qū)發(fā)展；財(cái)政資金供應(yīng)不足，負(fù)債壓力沉重；缺乏體系化的投融資管理決策工具；對(duì)城市基礎(chǔ)設(shè)施的功能認(rèn)識(shí)不到位，項(xiàng)目公益性與市場化區(qū)分不科學(xué)等問題。文章試圖解決如何匹配這類因融資方式的多元化與項(xiàng)目類型的多樣化造成的結(jié)構(gòu)性風(fēng)險(xiǎn)問題。 論文首先通過政策梳理以及現(xiàn)狀分析，歸納了基礎(chǔ)設(shè)施投融資平臺(tái)發(fā)展的歷程，并結(jié)合數(shù)據(jù)分析，提出平臺(tái)面臨的問題，進(jìn)一步分析研究結(jié)構(gòu)性風(fēng)險(xiǎn)的必要性，并對(duì)基礎(chǔ)設(shè)施投融資平臺(tái)結(jié)構(gòu)性風(fēng)險(xiǎn)進(jìn)行了界定和描述。 其次文章通過文獻(xiàn)綜述和案例分析等方式，識(shí)別出基礎(chǔ)設(shè)施投融資平臺(tái)結(jié)構(gòu)性風(fēng)險(xiǎn)影響因素清單，并通過專家訪談方法進(jìn)一步確定了3級(jí)指標(biāo)清單，包括2個(gè)1級(jí)指標(biāo)，7個(gè)2級(jí)指標(biāo)，23個(gè)3級(jí)指標(biāo)。涵蓋了文獻(xiàn)所列出的以及根據(jù)專家經(jīng)驗(yàn)給出的具有研究價(jià)值的指標(biāo)。 再次通過設(shè)計(jì)調(diào)查問卷并回收，對(duì)問卷結(jié)果進(jìn)行了重要度分析，聚類分析和判別分析多種數(shù)量方法結(jié)合分析。研究結(jié)果發(fā)現(xiàn)，前期識(shí)別出的基礎(chǔ)設(shè)施投融資平臺(tái)結(jié)構(gòu)性風(fēng)險(xiǎn)影響因素可以根據(jù)其發(fā)生的概率以及產(chǎn)生后果的嚴(yán)重性進(jìn)行進(jìn)一步劃分，對(duì)原有風(fēng)險(xiǎn)清單進(jìn)行調(diào)整后，將基礎(chǔ)設(shè)施投融資平臺(tái)結(jié)構(gòu)性風(fēng)險(xiǎn)因素劃分為4個(gè)1級(jí)指標(biāo)、13個(gè)2級(jí)指標(biāo)及若干3級(jí)指標(biāo)。此次劃分是在文獻(xiàn)分析、專家經(jīng)驗(yàn)以及數(shù)量分析的基礎(chǔ)上提出的，具有較強(qiáng)的可信度和實(shí)用性。通過劃分發(fā)現(xiàn)，政府行為因素是綜合影響最大的因素，這與業(yè)界普遍認(rèn)識(shí)相吻合。 論文最后，通過文獻(xiàn)分析以及實(shí)踐總結(jié)的基礎(chǔ)上，結(jié)合上海城投公司的發(fā)展經(jīng)驗(yàn)，提出了我國城市基礎(chǔ)設(shè)施投融資平臺(tái)對(duì)于結(jié)構(gòu)性風(fēng)險(xiǎn)的控制手段和規(guī)避方法，強(qiáng)調(diào)了政府的主導(dǎo)地位。
[Abstract]:At present, the urban infrastructure investment and financing platform in our country is faced with severe situation, such as the establishment and operation is not standardized, the investment capital is insufficient, the debt is too high, and so on.In order to ensure its healthy and sustainable development, our government, the Development and Reform Commission, the Ministry of Finance, the people's Bank of China and the Banking Regulatory Commission jointly issued a series of investment and financing platform clean-up policies in 2010, in order to clean up the debt problem of managing the urban infrastructure investment and financing platform.At present, the crisis of local investment and financing platform is as follows: the overall level of infrastructure construction in our country is low, which lags behind the development of the developed region in the west, the financial fund supply is insufficient, and the debt pressure is heavy;Lack of systematic investment and financing management decision-making tools, lack of understanding of the functions of urban infrastructure, the public welfare of projects and the unscientific distinction between marketization and so on.This paper tries to solve the problem of how to match the structural risks caused by the diversification of financing and project types.Firstly, the paper summarizes the development course of infrastructure investment and financing platform through policy combing and current situation analysis, and puts forward the problems faced by the platform, and further analyzes the necessity of studying structural risk.The structural risk of infrastructure investment and financing platform is defined and described.Secondly, through literature review and case analysis, the paper identifies the list of factors affecting the structural risk of infrastructure investment and financing platform, and further determines the list of three levels of indicators through the method of expert interview.It includes 2 grade 1 index, 7 2 level index and 23 3 level index.It covers the research indicators listed in the literature and based on the experience of experts.Thirdly, by designing the questionnaire and recovering it, the importance of the questionnaire results is analyzed, and the cluster analysis and discriminant analysis are combined with a variety of quantitative methods.The results show that the structural risk factors of infrastructure investment and financing platform can be further divided according to the probability of occurrence and the severity of the consequences, and the original risk list can be adjusted.The structural risk factors of infrastructure investment and financing platform are divided into 4 grade 1 index, 13 2 level index and several 3 level index.This division is based on literature analysis, expert experience and quantitative analysis, and has strong credibility and practicability.It is found that the government behavior factor is the most important factor, which is consistent with the general understanding of the industry.Finally, on the basis of literature analysis and practice summary, combined with the development experience of Shanghai City Investment Corporation, the paper puts forward the control measures and evading methods for structural risks of the urban infrastructure investment and financing platform in China.The dominant position of the government was emphasized.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F299.24;F832.4

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