铁路现行主要投融资模式对比分析  

Comparative Analysis of Current Main Railway Investment and Financing Modes

作　　者：霍亮[1] HUO Liang(Design and Research Department of Track Alignment and Station Yard,China Railway Siyuan Survey and Design Group Co Ltd,Wuhan Hubei 430063,China)

机构地区：[1]中铁第四勘察设计院集团有限公司线路站场设计研究院,湖北武汉430063

出　　处：《中国铁路》2021年第6期50-56,共7页China Railway

基　　金：中铁第四勘察设计院集团有限公司科技研究开发计划项目(2020K016)。

摘　　要：随着中国国家铁路集团有限公司及各省市铁路建设资金压力逐年攀升,铁路项目建设中投融资的重要性日益凸显。对我国铁路现行主要投融资模式进行分析归类,在模式介绍、运作流程、案例及优劣势等方面,对政府投资、股份公司运作、政府主导引入社会资本、铁路项目捆绑土地综合开发回报等4种模式进行深入探讨,并从投资方、前期工作周期、政府前期投资资金、招标要求和项目风险分配等方面,对4种融资模式进行对比,提出铁路项目投融资相关建议,可为铁路项目融资模式决策提供参考。At present,the pressure on funding for railway construction by the China State Railway Group Co Ltd,and various provinces and cities has been increasing year by year,and the importance of investment and financing in railway project construction has become increasingly prominent.This paper analyzes and categorizes the current main investment and financing modes of domestic railways.This paper discusses four modes including direct government investment,corporate operation,cooperation between government and social capital,and comprehensive return on"railway project+land development"in terms of mode introduction,operation procedures,cases,advantages and disadvantages,etc.The four financing modes are compared from the aspects of investor,preliminary work cycle,government preliminary investment funds,bidding requirements,and project risk allocation,and relevant suggestions are put forward for railway project investment and financing,which can provide reference for decision-making in railway project financing mode.

关 键 词：铁路建设投融资 长大干线 区域干线 城际铁路 投融资模式 

分 类 号：F532[经济管理—产业经济] F283