地铁项目融资模式研究

23,3Vol123,No1320067JOURNALOFSHENZHENUNIVERSITYSCIENCEANDENGINEERINGJuly2006:100022618(2006)0320217205:2005210225;:2006202228::(19702),(),,.E2mail:of820@2631net,(,518060):,.4---.:;;;;:F530131;F284:A,.:100,1000,300,3.[1],.,.,,.1111(projectfinancing)2070.,,.,,.1996,NevittPK[2],,,,,.(),,.:;;.[3],.,,;.[426]1122080,B.90,BOT(--),B.,,1994BOT,19974,,.21823113,:.,,,,.,.,..,.,,.,,,,,..,.,,;,,,;,,,,.2211,,,.,.,;,.,(subsidizeinbuilding,operateandtransfer,SB2O2T),AB.A,;B,.,,.,A,;,A,,;,.,(build,sub2sidizeinoperationandtransfer,B2SO2T).,.,,,..,.212(BDOT)()4,,BDOT.BDOT,B(build),-,(),,;D(develop),().,,.,,,;O(operate),,;T(transfer),,3,:219.1BDOT.1BDOTFig11ProjectfinancingflowchartofBDOT34BDOT4,,,1,.42015km,(),()1518km,5913(23).3114BDOT(B).,4.218,.,,,4.(D)..,,;,4,.,24Fig12RoutemapofShenzhenunderground4#34Fig13OutlookofShenzhenunderground4#.(),40%.,.,60%,40%4.(O).422023,30.,,.,,,,.(T).,4,430,,.312BDOTBDOT,:,.4,430,,,.,..14.1,,.4,,.4,,,.,,,,,.,.BDOT,.,,.,.4,,,.BDOT,BOT.,,.,.20,.,.:[1].([2003]81)[EB/OL].(2004209206)[2005209210]http:[2]NevittPK.[M].:,1989().[3],.[EB/OL].(1997204206)[2005209210]http:[4],.[M].:,1998:20221.[5].[M].:,1997.[6].[M].:,2005:223.3,:221Abstract:100022618(2006)03202212EAStudyonBDOTfinancemodeofasubwayprojectWANGGangandZHUANGYanCollegeofArchitectureandCivilEngineeringShenzhenUniversityShenzhen518060P.R.ChinaAbstract:Likemanyotherbigcitiessufferingfromheavytraffic,Shenzhenisbuildinganewsubwaysystem.Fi2nancingiscriticaltothegiganticproject.Thetraditionalfinancingmodedoesnotfitsuchnonprofitinfrastructureprojectsfortheirpoorcashflow.BDOT(build2develop2operate2transfer)isanewfinancingmodewhichcanim2provetheconstructionandmanagementefficiencyofsubwayandacceleratethedevelopmentofthecity.ItdiffersfromtheotherprojectfinancingmodeofsubsidyinBOTandthemodeofbuild2subsidizeinoperate2transfer.Itcom2binesthesubwaypsconstructionandthecitypsdevelopment.Atthebeginningofaproject,theinitiatorofthesubwayproject,usuallyaprojectcorporation,willintegratethesubwaypsconstructionandlocalestatedevelopmentinre2gionsnearthesubwaystationsinordertocompensatefortheinvestorspconstructioncostandsubsidizethesubwaypsoperationcosts.Inthisphase(B&D),aspecialpermissionofconstructionandoperationaswellasacontractoflanddevelopmentwillbegrantedbythelocalgovernment.Theinvestorsareofteninternationalcorporationswitham2plefundsandrichexperiencesinsubwayconstructionandoperation.Thismodeisgoodforbothsides.Thecitycantakeadvantagesofthosefundsandexperiencestoguaranteethesuccessoftheproject,andthepromisingprospectsofthecitywillattractthoseforeigninvestmentspursuingagenerousreturn.Afteraspecifiedlongperiodofopera2tion,thesubwaywillbetransferredtothelocalgovernmentwithoutcharge.Inthismodeoffinancing,thekeyistheamountofcompensationthatcomesfromlanddevelopingandthetermsofthetransfer.Sothenegotiationsofearningsoflanddevelopingwilltakealongtimeandneedcompromiseofbothsides.ThismodeprovesworkableandpracticableintheNumberFoursubwayprojectinShenzhenthroughtheco2operationofthecitypsgovernmentandMTRcoofHongKong.ItcanbesafelyconcludedthattheBDOTmodewillbecomepopularinChinainfuture.Keywords:Shenzhensubway;financingmode;projectfinancing;subsidizeinbuild2operate2transfer;build2sub2sidizeinoperation2transferReferences:[1]StateCouncilofChina.Circularofadvanceconstructionmanagementofurbanrailtraficproject(theofficeofcentralpeoplepsgovernmentofP.R.China[2003]81)[EB/OL].(2004209206)[2005209210]http:(inChinese).[2]NevittPK.ProjectFinancing[M].5thed.London:EconomPublications,1989.[3]NationalDevelopmentandReformCommission,StateAd2ministrationofForeignExchange.Theprovisionalmanage2mentruleofprojectfinancingonforeigninvestment[EB/OL].(1997204206)[2005209210]http:(inChinese).[4]LUJia2yi.LUYou2jie.ProjectFinancing[M].Beijing:TsinghuaUniversityPress,1998:20221(inChinese).[5]ZHANGJi2jing.Projecting[M].Beijing:ZhongxinPress,1997(inChinese).[6]DAIDa2shuang.Projecting[M].Beijing:ChinaMachinePress,2005:223(inChinese).:;: