铁路“走出去”项目投融资模式研究  

Research on the Investment and Financing Operation Mode of Railway’s“Go Global”Projects

作　　者：张凌[1] 耿庆桥 贾元华[2] 陈军团[3] ZHANG Ling;GENG Qingqiao;JIA Yuanhua;CHEN Juntuan(Capital Operation Department,China Railway First Survey and Design Institute Group Co.,Ltd.,Xi’an 710043,Shaanxi,China;School of Traffic and Transportation,Beijing Jiaotong University,Beijing 100044,China;Railway Line and Station Design Institute,China Railway First Surwey and Design Institute Group Co.,Ltd.,Xi’an 710043,Shaanxi,China)

机构地区：[1]中铁第一勘察设计院集团有限公司资本运营事业部,陕西西安710043 [2]北京交通大学交通运输学院,北京100044 [3]中铁第一勘察设计院集团有限公司线路运输设计院,陕西西安710043

出　　处：《铁道运输与经济》2023年第4期1-6,共6页Railway Transport and Economy

基　　金：国家社会科学基金项目(19BGJ001);中铁第一勘察设计院集团有限公司科研项目(院科2021KY49YB-03PT)。

摘　　要：合理的投融资模式选择对铁路“走出去”项目可持续发展具有重要意义。研究探讨铁路“走出去”项目的主要投融资特点及关键问题,通过典型项目的对比分析形成铁路“走出去”项目投融资运作经验借鉴;以战略型项目中巴铁路为例进行投融资模式研究及模式推荐。研究结果表明,进行投融资模式选择时,商业型项目以直接经济收益为目的,采用PPP模式可作为主要投融资模式;战略型项目以铁路建设质量和效益为目标导向,投融资模式可以EPC模式为主导;示范型项目可采用多模式组合;援助型项目则可采用BT模式或BOT模式进行投融资。研究成果可为铁路“走出去”项目投融资策略的制定提供思路借鉴。A reasonable investment and financing mode is of great significance for the sustainable development of railways’“Go Global”projects.This study discussed the main investment and financing characteristics and key issues of railways’“Go Global”projects and formulated the experience of investment and financing operation through the comparison and analysis of typical railways’“Go Global”projects.In addition,it took the strategic project of China–Pakistan Railways as an example to study the investment and financing mode and made the mode recommendation.The results show that commercial“Go Global”projects aim at direct economic benefits,the PPP mode can be used as the main investment and financing mode.Strategic projects take the quality and benefit of railway construction as the target orientation,the EPC mode is dominant.For demonstration projects,multi-mode combinations can be adopted.For foreign aid projects,the BT mode or the BOT mode can be adopted to obtain financing.The results can provide a reference for the formulation of investment and financing strategies for railways’“Go Global”projects.

关 键 词：铁路“走出去” “一带一路”倡议 投融资策略 运作模式 战略型项目 

分 类 号：U2-9[交通运输工程—道路与铁道工程]