中外高铁建设的投融资模式比较研究  

Comparative Study on Investment and Financing Modes of High-Speed Rail Construction in China and Abroad

作　　者：李彦[1] 陈振华 LI Yan;CHEN Zhenhua(Institute of Innovation and Development Strategy,Anhui University,Hefei 230039,China;Knowlton School of Architecture,Ohio State University,Ohio 43210,USA)

机构地区：[1]安徽大学创新发展战略研究院,合肥230039 [2]俄亥俄州立大学诺尔顿建筑学院,美国俄亥俄州43210

出　　处：《科技和产业》2024年第10期200-205,共6页Science Technology and Industry

基　　金：安徽省高校人文社会科学研究重点项目(2023AH050016)。

摘　　要：随着交通强国战略的逐步实施,有关高铁投融资的重要性日益凸显。对中外高铁建设的主要投融资模式进行归类分析,并从融资特征、适用范围、优劣势等方面,就政府融资、市场化融资和公私合营(public-private partnership,PPP)融资三种模式展开对比研究。结果表明,国外在高铁项目的市场化融资和PPP融资方面积累了较为丰富的经验,相比之下,中国大部分高铁项目是以政府融资为主;尽管日本、法国和瑞典等国在高铁投融资体制方面具有一定的差异,但合理的公共政策规划保证了项目的正常运营,其成功经验包括鼓励地方政府参与、积极引进民间资本、注重盘活存量资产和改进风险承担方式;为推动我国高铁项目投融资体制创新,应拓宽高铁项目筹资渠道,完善高铁融资支持政策,建立高铁融资保障体系。With the gradual implementation of the Transportation Power Strategy,the importance of high-speed rail investment and financing has become increasingly prominent.The main investment and financing modes of high-speed rail construction in China and abroad was analyzed,and a comparative study on three modes of government financing,market-oriented financing and PPP financing from the aspects of financing characteristics,application scope,advantages and disadvantages was conducted.The results are as follows.Foreign countries have accumulated relatively rich experience in market-oriented financing and PPP financing of high-speed rail projects,in contrast,most of China’s high-speed rail projects are mainly financed by the government.Although Japan,France,Sweden and other countries have some differences in the investment and financing systems of high-speed rail,reasonable public policy planning has ensured the normal operation of the project,and its successful experience includes encouraging local government participation,actively introducing private capital,focusing on revitalizing stock assets and improving risk bearing methods.In order to promote the innovation of China’s high-speed rail project investment and financing system,the financing channels of high-speed rail projects should be brosdened,the financing support policy of high-speed rail should be improved,and a high-speed rail financing guarantee system should be established.

关 键 词：高铁 中外高铁 投融资 PPP 市场化融资 

分 类 号：F531[经济管理—产业经济]