第三方市场合作的融资模式选择及其影响因素--基于中日第三方市场合作实践的分析  

Financing Models and Relative Determinants of Third-party Market Cooperation:A Case Study of China-Japan Cooperation

作　　者：张友谊 罗仪馥 ZHNAG You-yi;LUO Yi-fu(Development Research Center of the State Council,Beijing 100010;School of International Studies,Renmin University of China,Beijing 100872)

机构地区：[1]国务院发展研究中心,北京100010 [2]中国人民大学国际关系学院,北京100872

出　　处：《南洋问题研究》2021年第2期18-34,共17页Southeast Asian Affairs

摘　　要：第三方市场合作(third-party market cooperation)是共建“一带一路”背景下中国倡导的“政府引导、企业主导”的国际合作新模式,主要表现为中国企业与发达国家企业在第三国进行投融资、建设等方面的合作。基于已有项目实践,根据中国与发达国家企业在东道国合作的密切程度,本文归纳了第三方市场合作的4种融资模式,分别是“共同承建”“一方出资、一方承建”“合资”与“共同出资、共同承建”。影响第三方市场合作融资模式选择的主要因素包括中国与发达国家资本充裕程度的差距以及东道国政治环境的稳定程度。中国与发达国家资本差距越小、东道国政治环境越稳定,越有可能达成“合资”与“共同出资、共同承建”这两种合作密切度更高的融资模式。目前中国已与十余个发达国家签署第三方市场合作协议,其中中日两国的第三方市场合作进展得最快。本文基于越南宜山水泥厂、泰国东部经济走廊、中欧班列等中日第三方市场合作的代表性项目案例,验证上述关于融资模式选择的假设,并建议下一步研究议题应包括第三方市场合作融资模式的国际合作机制、国际规则及投融资争端解决机制等。Third-party market cooperation(TMC)is a new,government-led,and firm-centric model of international cooperation,proposed by the Chinese government within the framework of the Belt and Road Initiative(BRI).The model refers to cooperation between firms from China and developed countries in areas of financing,investment,and construction in a third country.According to the degree of cooperation between firms from China and developed countries,this article summarizes four types of financing models under TMC based on existing projects,namely,co-contracting,one side financing,another side contracting,co-financing,and both financing and contracting.The main factors that shape financing models of TMC include the gap between China and developed countries in overseas capital and political stability of host states.The closer the gap in overseas capital,the more stable the host states,the more likely to have two financing models representing higher degree of cooperation,i.e.co-financing and both financing and contracting.So far China has signed TMC documents with more than 10 advanced economies,in which the cooperation between China and Japan has taken the lead.To test the above models,this article analyzes three typical cases of TMC between China and Japan,including Nghi Son Cement Factory in Vietnam,Eastern Economic Corridor in Thailand,and China-Europe Railway Express.Future research agenda might include international cooperation mechanisms,international norms,and dispute settlement mechanisms under TMC.

关 键 词：第三方市场合作 融资模式 中日合作 “一带一路” 

分 类 号：F752.7[经济管理—国际贸易]