中美污水项目债券融资结构比较研究  

Comparative Study of China-US Wastewater Project Bonds Financing Structure

作　　者：张翅[1] 王守清[1] 

机构地区：[1]清华大学建设管理系,北京100084

出　　处：《建筑经济》2010年第5期19-22,共4页Construction Economy

摘　　要：选取中美两国两例典型污水项目债券的融资结构进行细致解读,研究两国污水项目债券在合同结构、现金流和担保等方面的特点,分析比较采用两种融资结构的利弊和潜在财务风险。在借鉴美国污水债以项目收益为主要支持的思路基础上,结合我国国情,提出改进污水项目债券结构的若干意见,以期为我国新生的污水项目债券市场的发展提供参考。The paper develops an in-depth comparison and analysis of typical bonds financing structure for wastew- ater projects in China and the USA,based on two samples taken from each country.Characteristics of covenant pro- visions,cash flows and guarantees have been closely examined in order to unveil both the advantages and inherent financial risks of the two structures.The revenue-supported structure from the USA sets a good example for China to develop its nascent project bond market.

关 键 词：债券 污水项目 融资结构 案例分析 比较研究 

分 类 号：F407.9[经济管理—产业经济]