| Since more than thirty years reform and opening-up of China, profound changes has taken place in China, particularly in the process of urbanization.Urbanization is based on the city’s construction of infrastructure. Becaus e of poor economic foundation of some Chinese cities, urban infrastructure construction financing has become the urgent affair. Because of not every ci ty has sufficient funds for the construction of urban infrastructure, while a1arge amount of liabilities or guarantees brings on inefficiency, serious waste and even corruption, and a large amount of money has concentrated on t he nongovernmental area followed by the in-depth development of the mark et economy, how private capital to combine with the city’s infrastructure, w hich is involved in the distribution of benefits, performance evaluation, the r elationship between ownership, legal relations, relationship between political and business, is becoming a problem worthy of study.In the practice experience of some countries, it produced certain kinds of ways which combined urban infrastructure construction and private financ ing, such as the BOT model, TOT mode, ABS mode, PFI financing mode, PPP financing model, FBT mode. At the same time, some theoretical model has been put forward, such as PPP (public-private partnerships) theory in t he United Kingdom in1992, which stressed that both public and private sh ould take on risks and bear social responsibilities and share benefits. Howev er, experience shows that due to the difference between the government ad ministration model, how to balance the government forces and market forces is a thorny issue. Even in the countries which dominated by market econo my such as the United States, there produced the great controversy between Keynesian theory and the Chicago School, the School of Property Rights a nd the School of Competition. Therefore, how to combine the China’s mark et economy characterized and innovative academic ideas become the nodus of similar studies.The research methods which used in this paper are:document-research method and practice-cases method and expert-interviews method. Document-r esearch method means to research the results of the previous studies and rel ated policies, understanding and application the results in previous studies. T he practice-case method is to put forward my own point of view through m y working experience of BT financing. Expert-interviews-method includes dis cussions with legal experts, management experts, public policy experts, in-de pth interviews to understand the current situation, determine the research me thod and research system.Ther are four parts in this paper:The first part is the document review, the second part is BT model and financing urban infrastructure, part III is practice cases, focusing on a BT financing project of the A City, revealing some problems and put forward the reasons which helped to settle problem s; fourth part is some thinking about the relationship of BT financing. The three relations are:the first is relationship of legal, that is how the country’ s policies and laws to protect the market economy; the second is relations between political and business, that is, how the government and the enterpri ses deal with the responsibilities and benefit in the construction of urban in frastructure; the third relationship is relation of ownership.The main innovation of the study is the three major relationship in BT financing model, the main drawback of the study is that because of my ti me and energy is limited, it is impossible to analysis all the relationships in the BT project financing, the author hopes he can study and research more deeply later. |
PDF Full Text Request