摘要
由于城市轨道交通项目的财务经济效益低,偿付机制的设计是引入民间资本的关键。根据偿付时间和偿付方式,偿付机制可分为进度付款、完全自偿、完全他偿和混合偿付四种机制。其中,只有完全他偿和混合偿付两种偿付机制可利用民间资本开发城市轨道交通项目,相应的开发模式分别为BT和带补偿的BOT模式。本文提出了偿付机制的设计框架以及BT项目的回购价和BOT项目的补偿计算公式,并对偿付机制的应用进行案例分析,为民间资本开发城市轨道交通项目的偿付机制设计提供了理论基础。
Because of low financial returns from urban rail projects,rewarding systems should meet the requirements of private investment in order to tap the private capital.According to repayment time and repayment measures,rewarding systems were divided into progress payments,fully repaid by project revenues,fully repaid by other financial sources,and repaid partially by project revenues,and partially by other financial sources.Of them,the rewarding system of fully repaid by other financial sources and the rewarding system of repaid partially by project revenues and partially by other financial sources were suitable for privately financed urban rail projects.These two rewarding systems may be used with ＂build-transfer＂ and ＂build-operate-transfer＂ strategies respectively.A framework was suggested to design rewarding systems.Two formulas were derived to compute buyback prices of BT projects and subsidies of BOT projects.Finally,several cases were studied to illustrate the application of rewarding systems.The findings would be helpful to the development of urban rail projects.
出处
《北京交通大学学报（社会科学版）》
CSSCI
2011年第2期33-39,共7页
Journal of Beijing Jiaotong University(Social Sciences Edition)
关键词
偿付机制
轨道交通
BOT模式
补偿机制
rewarding system
urban railway transport
build-operate-transfer（BOT）
subsidies
