中国铁路客运专线多元化融资模式研究

对外经济贸易大学硕士学位论文中国铁路客运专线多元化融资模式研究姓名：邹丹申请学位级别：硕士专业：金融学指导教师：温晓芳2010-09I20041IIAbstractInJanuary,2004,StateCouncilroutineconferencediscussedandadoptedmiddleandlong-termRailwaynetworkPlan.Thisprogrammaticfilemarksthefour-horizontal-four-verticalrailwaydedicatedpassengerlinebecomesasignificantprojectincurrentChineserailwayconstruction.TherailwayisoneofChinesemonopolyindustriesandtheconstructionofdedicatedpassengerlineisamajorconcerninsociety.Therailwaydepartmentisenergeticallyexploringvariouschannelsanddiversewaysoffinancing.Improvingcurrentstatusofthededicatedpassengerline,speedinguptherailwayreform,avoidingthedisadvantageswhichcomefromtheimperfectlawsandregulations,andseekinganapplicablefinancialmodelareessentialissuesinconstructingdedicatedpassengerline,andarealsotheaimofthisthesis.OnthebasisofthecurrentstatusofChinarailwaydedicatedpassengerline'sdevelopment,thisarticleproposesthatthemajorprobleminChinarailwaydedicatedpassengerlineisthehugefinancinggap,whichdemonstratesthenecessityoffinancing.Anditalsoanalyzestheproblemsincurrentfinancingsystembylearningtheexperiencefromhigh-speedrailwaydevelopmentsinothercountries.Bythemeansofanalyzingtheadvantagesanddisadvantagesincurrentfinancingpattern,itexplainsthereasonthattheconstructionofChineserailwaytransportationexclusivelineadoptsdiversificationwaysoffinancing,insteadofapplyingamonomodel.Thisarticleanalyzesfactorsininfluencingfinancingandtherisksindiversificationoffinancing,andproposesthesuggestionsandmethodsintheconstructionofChinarailwaydedicatedpassengerline.Anditsuggestsreformingtheeconomicsystemsupervisedbylawsandregulations,combiningthemarketizationofcapitalandmoderatesupervision.Thegovernmentshouldincreaseitsinvestment,attractsmoreforeigncapitalsandthesocialcapitalthroughthecapitalmarketandthededicatedpassengerline’sinvestmentfund,tocompletetheconstructionsofChinarailwaydedicatedpassengerline.KeywordsChinaRailwayDedicatedPassengerLine,diversification,financing;112004120202200m200350km/h199720071606000km2002501.2“”200250120050916“”kmkm/h—131835020084182011122209———22603502006712011122977——17003502011121038———166525020082011121236——95835020136680——8803502005620101308——87125020056112008227—————16722502012.1211522008-10-10320201.61920063000422.119990.54002003005001000-1300500-80022200739152.1200841%265.224%122.86%-13%57.67%42.211%65.25%28.83%19200861600550006000101202022.22.2.1200592006622.5100060032.2.22.12.2.3320050916“52502003.11988406.9209061971TGV41738919761019839TGV2703502TGV198919903001993TGV71964101210630352010-08-22://baike.baidu.com/view/1396831.htm72010710://baike.baidu.com/view/543460.htm112002/60%2007TGV30%199863%199140%35%93.2.21997TGV423.6%328%103.2.3920081601020081601263%BOT9.9%ABSTOT44.14.1.14.1.2134.1.3,4.214——BOTPPP--TOTABS4.2.1--BOT1BOTBuild—Operate—Transfer(BOT)——112BOTBOTBOTBOTBOTBOTBOTBOT11BOT2010811://baike.baidu.com/view/1725315.htm?fr=ala0_118TOTTOTTOTTOTTOTTOTTOTTOT4.2.4ABS1ABSAsset-BackedSecunritizationABS14ABS14ABS20061147192ABSABSABS3ABSABS1996ABSABSABSABS300500204.34.3.114.11.3(km)1520304050601617331300867650520433()100010001000100010001000(km/h)250250250250250250()330330330330330330(h)1212121212121716012870858064355148429020103755211.32.63501540643520071985-20077.45%2015383662015234224.3.212BOTTOTPPP15ABS3,1615BOT-TOT-PPP2009111451620067802355.15.1.157.630%60%17125001835.1.231720081611812500170002009-12-11245.1.35.1.4251505.1.5195.25.2.119200553926BOTBOOT---BTO--BOT199515BOTABS2016140spv5.2.22020051028[1]20050916[2][3]2008159-63[4]2007926-29[5]2010-08-22[6]2010-6-5[7]2010-7-10[8]2010-8-1[9]BOT2010-8-11[10]PPP20079998-101[11]TOT2010-8-11=ala0_1[12]ABS20061147-50[13]201037355-57[14]BOT-TOT-PPP2009111144-49[15]2006779-81[16]12500170002009-12-11[17]2005539-41[18]20051028[19]PPPPFI2008116-18[20]200611251129-30[21]BOTABS2007180-83[22]BOT2009915564[23]20072977-78[24]BOT30BOT2009395-96[25]2008376-77[26]200745106-107[27]2007238-43[28]2009331627-28[29]20090712-17[30]20091268-69[31]2007391-92[32]2005[33]20071060-61[34]199842125-131[35]20089175-177[36]2006118-23[37]2007378-83[38]20066392-96[39]2008276-7731201010321980