上海轨道交通投融资研究

上海交通大学硕士学位论文上海轨道交通投融资研究姓名：王洪刚申请学位级别：硕士专业：工商管理指导教师：吴冲锋2008011320101781020101600400THERESEARCHOFTHEINVESTMENTANDFINANCINGMODESINSHANGHAIMASSTRANSITABSTRACTAtthepresenttime,Shanghaiisinthecriticalperiod,whenitisspeedingupthedevelopmentsoftheinternationalcityandthecentersoftheinternationaleconomy,finance,tradingandshipping.Inthesprintofthepreparingforthe2010Shanghaiworldexpo,Shanghaiisstrengtheningtheconstructionofinfrastructuralfacilitiesonthelargescale.AftertheGovernmentandShanghaimunicipalityissuedtheguidelinesofgivingprioritytothedevelopmentoftheurbanpublictraffic.Shanghaihasmadethemasstransitasthepillaroftheurbanpublictraffic.Becausethemasstransitisoneoftheinfrastructuralfacilities,whicharepublic,needhighinvestmentandlongreturnperiod,ithasbeenanimportantproblemforimmediatesolutionhowtogetthelargenumberofcapitalreasonablyandscientificallyandmaketheinvestmentandfinancingchannelsforShanghaimasstransit.Basedonthehigherapproachandthescaleofmacro,thispapertriestoanalyzethespecialtiesandproblemsoftheinvestmentandfinancingmodesforthemasstransitthroughthreepointsofview,andthengiveoptimizedconceptsandsuggestions.Intheworldaspect,thebigcitiesinthedevelopedcountriesandregions,notonlyParisandTokyo,butHongKongandSingapore,whicharesimilarwithShanghai,allmakethemasstransitastheprincipalpartoftheurbantraffic.Althoughtheinvestmentandfinancingchannelsallhavetheirownfeatures,thepublicfinanceperformsthebasic,exploitativeandbearingfunctions.Whilethedevelopmentofeconomy,bigcitiessuchasBeijingandGuangzhouhavestrengthenthemasstransit,pursuitandpracticedhowtoinvestwiththeleadingroleofthegovernmentandthelight-handedtouchofothersectors.Inthehistoricaspect,afterthereformandopening,inShanghaitheinvestmentandfinancinghavechangedfromplanedeconomytomarketeconomy,themodeshavetransitedtobeindustrialized,socializedandglobalized.TheyareallatthesamestagewithChineseeconomychangedfromplanedtosocialism,closedtoopeningtotheworld.Themodesoftheinvestmentandfinancinghaveenteredtoanewstagewhichchangedfromthefirst-levelgovernmentinputtothesecond-levelgovernmentinput,andthenattractedthesocialcapital.Inthedevelopmentaspect,Shanghaimunicipalityhasconstitutedatransportationnetworkplan,whichisincluding17linesand810kmlength.It’splanedthatShanghaimunicipalitywillinvest160billiontobuildover400kmmasstransit.Tosuccessfullycarryoutthisplan,itisrequiredtobuildaseriesofinvestmentandfinancingmodes,whichareefficient,scientificandeconomic.Intheconsiderationofthemasstransit’seconomicfeatures,whicharethebasicfunctionstothedevelopmentoftheurbaneconomyandstrongsocializedpublicity,thispaperpointsoutShanghaimunicipalityshouldenhancetheinputofthepublicfinancetothemasstransit,holdthegoodchancesinthecapitalmarkets,graduallyactualizethecompletedlistoftheprofit-makingassetsinShanghaimasstransit,widenthechannelsoftheinvestmentandfinancing,increasetheproportionofthedirectfinancing,optimizeandconsummatethemodesofinvestmentandfinancingintheconstructionofthemasstransit,thenpushthedevelopmentofthemasstransitinShanghai.KEYWORDS:masstransit,investmentandfinancing,modes200711262007112720071127MBA150707080554020083002020100016002090135102012400505MBA211.11.1.1189941900CMP1900719142849372RATPRATP110050040%40%20%40%60%1982AOTMBA3AOTAOT90.551.05%AOTRATP1.1.223800502246.4222/13001312217700701(%)1846.182.2130316276.212.3030312.90.6010154.72.42024GMT39.31.7103417.20.811022246.4100.019563030MBA4113GMT21/21/42MBA51020301.1.3198891492020806350101996MBA6:1.1.41979,11550,15,,49275820199236.4335.45,18521975MBA73200034156.2%1979319963329/419973830531998472761419995529620200073327342000:()1.1.51MBA82000115700056008011530070551(thedevelopmentofmasstransitintheworld)1330.21/020040060080010001200140000.20.40.60.811.2(/)MBA9236040MBA1041.221,100020102020100020001.2.1MBA11401.2.21998123783050MBA121.2.3123MBA1322.12.1.119820.3%44%205012-15/80-90%35%2.1.2MBA14408060150150200264102000500050004000030000700002.5141020km2040km4050km7080km2415406105180m9m132.1.3113R4MBA1526002.1.41998345010047MBA162.22.2.11PublicgoodsPrivategoods“”MBA172319941352.4MBA1852.02.62.42.41.84MBA192.2.2112ttXYYfXftXtfXt1——340%341015MBA2021“”“”——2342.32.3.1MBA2112153.36.7206100/8-2722-6050-165/5-10%10%10%5%5%//10%35%/10-15%2MBA2265%21005-3510-201010542.3.2MBA2312BOTMBA2433.13.1.19019912000101.41030008090198632949090MBA25101000BOT9019972003.1.2901MBA2621220034MBA277.38.31.4276019941019983.1.31109423MBA28410903.1.4100001500090MBA293.22011986321986152112211997MBA30221160020002000428123MBA314105673MBA322000413226020011200220032400342200420101600400267527MBA333.3634067020021641956GDP5480GDP4912220320015199920202010153.3.1117485810km492km0.59kmkm2492km0745kmkm2R4428kmM8276kmL5118kmMBA34200572005201210()389km500km800452(theplanofshanghaimasstransitsystem)20078230km201011400km201213500km21810km455(nn)10993124MBA35217RML3hRM3L3SODTOD3040km1h40min1860603.3.2120595145km200618045252200162005128344200412rain45s2005434MBA36221112132006411000120033100km71009520802604100020053.3.312MBA37315km20km20303.3.411MBA38()(COCCETC)23401000MBA39163115020102802