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A Study On The Financing Mode Of Urban Infrastructure Construction In China

Posted on:2010-02-10Degree:DoctorType:Dissertation
Country:ChinaCandidate:G Q CuiFull Text:PDF
GTID:1119360275457160Subject:Finance
Abstract/Summary:PDF Full Text Request
Since entering the 21st century, China has steped the accelerated development period of urban modernization and rural urbanization. Under the new economic situation, there is growing demand for funds to support the China's urban infrastructure construction, while the financing is becoming an increasingly prominent problem. This is a important praxis problem, which is how to colonize the bran-new financing channel and create the modern financing tools that are based on fully utilize intrinsic financial funds and the primary financing instrument that rely on the loan from bank, which aims to upgrade the proportion of the financing straightly in the whole city capital construction financing. The purpose that talked above is providing abidance and standing funds source for the cosmically city capital establishment construction and maintenance in a phase, which has become an important theoretical and practical issue.Therefore, based on the review of reform process on urban infrastructure financing since China's Reform and Opening-up and the foreign theories and experiences, the dissertation analyses the financing tools and channels in detail in order to identify the constraints and improvement methods. Then the dissertation firstly in theory puts forward to set an urban infrastructure investment and financing platform for innovative financing models under the existing institutional and legal framework. The paper indicates the platform is a state-owned investment company, an urban infrastructure providers and operators. The concept, the nature, and the functions of the platform are analyzed soon after.This paper proposed and the system analysis has depended on this throws the financing platform, to pure public goods nature city infrastructure application government procurement pattern, alignment public goods nature city infrastructure application special permission management pattern, through establishment principal-agent mechanism, thus forms the government with to throw between the financing platform the standard contractual relationship, and as well as to specially permits the financial purchase fund management the subsidy fund to integrate the public fiscal budget, establishes the standard steadily by stages the payment mechanism. To from this forms the stable cash class which may anticipate to carry on the innovation finance product the development, realizes large-scale financing in the capital market, satisfies the construction fund the demand.This innovation city infrastructure financing pattern statement, changed the past only then the management, had the direct charge mechanism city infrastructure project only then to be possible to carry on marketability financing the traditional understanding.In order to conduct the innovative financing model of urban infrastructure construction smoothly, the dissertation makes a new analysis on the pricing mechanism and model, which is the application of government procurement and franchise in the area as well as the basis of financial innovation. For the pricing mechanism of infrastructure construction can't reflect the market price dynamically and the pricing standard is too simple in the phase of project feasibility analysis, the dissertation makes an amendment of original pricing mechanism with the introduction of risk compensation variable and consideration of time value. It makes the process of government procurement more scientific and normative and contributes to the wider application of government procurement in the field of urban infrastructure as public goods.
Keywords/Search Tags:City Infrastructure, Financing Model, Investment and Financing Platform, Government Procurement, Franchise
PDF Full Text Request
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