地下空间大规模开发的投融资路径选择  

The Investing and Financing Way for the Development of Underground Space in Large Scale

作　　者：陈倬[1] 

机构地区：[1]武汉工业学院经济与管理学院,武汉430023

出　　处：《地下空间与工程学报》2011年第2期207-213,共7页Chinese Journal of Underground Space and Engineering

基　　金：武汉市社会科学基金(whsk10032);住房和城乡建设部科学技术项目(2010-R2-12)

摘　　要：在我国城市地下空间开发的投融资实践中,面临着一系列急需解决的问题:投资主体单一、资金来源有限、运营方式守旧、法规建设滞后。地下空间项目具有供给有限、用途多样、开发不可逆、效益综合等特点,开发过程应由政府主导,政府通过建立规制来实现在地下空间开发中的主导地位。地下空间项目又具有投资额高、投资回收期长、投资规模效应等特点,单靠政府投入是不现实的,需要市场化的投融资机制。政府主导下的市场导向型地下空间投融资模式是政府规制与市场机制的有机结合,通过投资主体复合化、资金来源多样化、融资方式项目化和配套政策创新来构建,达到增加开发与运营效率、优化资金来源结构、提高收益与风险匹配性的目标。There are many problems need to be resolved urgently in our practice of investing and financing the city underground space development： single subject of investment,limited source of capital,old way of operation and lagged construction of legislation.With the features of limited supply,multipurpose,irreversibility and overall returns,the development of underground space should be guided by local government.The government plays a leading role in the development of underground space by working out rules and regulations.With the features of huge investment amount,long payback period and scale effect,it is not a reality for local government to develop underground space on its own investment.The market-oriented mechanism of investment and financing for underground space should be set up.The market-oriented investment and financing mode of underground space under government-guiding is a combination of governmental regulations and market mechanism.It can be set up by the means of combination of investment subjects,diversification of capital sources,modes of project financing and innovation of supporting policies.It can attain the results of raising the efficiency of development and operation of underground space,optimizing the structure of capital resource and increasing the match of returns for risk.

关 键 词：地下空间 投融资 政府主导 市场导向 

分 类 号：F293.2[经济管理—国民经济] F830.593