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1、上海交通大学硕士学位论文上海轨道交通投融资研究姓名：王洪刚申请学位级别：硕士专业：工商管理指导教师：吴冲锋20080113上海轨道交通投融资研究 摘 要 目前，上海正处在加快建设现代化国际大都市和国际经济、金融、贸易、航运中心的关键时期，正处在 2010 年上海世博会筹备的冲刺阶段，上海城市基础设施建设集中大规模展开。国家和上海市先后出台了优先发展城市公共交通的指导性意见， 上海市也把轨道交通作为上海未来城市公共交通的支柱。轨道交通作为投资量大、产出期长、公益性强的城市基础设施项目，如何科学、合理的解决如此大规模的资金来源，探索出一条适合上海特点的轨道交通投融资模式，成为迫切需要解决的问题。本
2、文尝试选取较高的立意，以宏观的眼光，分析轨道交通投融资特点和问题，提出优化的思路和建议。 从世界的角度看，发达国家和地区的大城市，无论巴黎、东京，还是和上海类似的香港和新加坡，普遍采取轨道交通作为城市公交的主体，尽管投融资模式各具特色，但政府公共财政均起着基础性、开发性和先导性的作用。国内随着经济发展，北京、广州等大城市的轨道交通也都迅速发展起来，都在进行政府主导、多元化投资等有益的探索和实践。 从历史的角度看， 改革开放以后， 上海的投融资改革经历了从计划经济到市场经济的三个发展阶段，投融资模式逐步过渡到市场化、社会化、全球化的阶段，这是与中国经济改革的历史进程是一致的。 上海轨道交通投融资
3、模式也从政府单一主导投入逐步过渡到二级政府投入， 吸引社会资本多元化融资的“四分开”体制的新阶段，政府投资主体起到主导性和开创性的作用。 从发展的角度看，上海已经制定了涵盖 17 条线路、总长 810 公里的轨道交通网络的计划，其中到 2010 年就要实现总投资 1600 亿元、 投入运营 400 公里的阶段性目标， 要完成如此宏大的计划，急需建立一套高效、科学、经济的投融资模式。 鉴于轨道交通具有基础性和公益性的经济特点， 又具有可经营的经济属性， 本文提出上海应该建立政府主导的网运分离模式；加大公共财政投入力度，扶持政策系统化、法制化、规范化；拓宽筹资思路，促进多元投资；把握当前资本市场的
4、有利时机，逐步实现轨道交通经营性资产整体上市，不断优化和完善上海轨道交通投融资模式，进一步推动上海轨道交通发展。 关键词：轨道交通，投融资，模式 THE RESEARCH OF THE INVESTMENT AND FINANCING MODES IN SHANGHAI MASS TRANSIT ABSTRACT At the present time, Shanghai is in the critical period, when it is speeding up the developments of the international city and the centers of
5、the international economy, finance, trading and shipping. In the sprint of the preparing for the 2010 Shanghai world expo, Shanghai is strengthening the construction of infrastructural facilities on the large scale. After the Government and Shanghai municipality issued the guidelines of giving prior
6、ity to the development of the urban public traffic. Shanghai has made the mass transit as the pillar of the urban public traffic. Because the mass transit is one of the infrastructural facilities, which are public, need high investment and long return period, it has been an important problem for imm
7、ediate solution how to get the large number of capital reasonably and scientifically and make the investment and financing channels for Shanghai mass transit. Based on the higher approach and the scale of macro, this paper tries to analyze the specialties and problems of the investment and financing
8、 modes for the mass transit through three points of view, and then give optimized concepts and suggestions. In the world aspect, the big cities in the developed countries and regions, not only Paris and Tokyo, but Hong Kong and Singapore, which are similar with Shanghai, all make the mass transit as
9、 the principal part of the urban traffic. Although the investment and financing channels all have their own features, the public finance performs the basic, exploitative and bearing functions. While the development of economy, big cities such as Beijing and Guangzhou have strengthen the mass transit
10、, pursuit and practiced how to invest with the leading role of the government and the light-handed touch of other sectors. In the historic aspect, after the reform and opening, in Shanghai the investment and financing have changed from planed economy to market economy, the modes have transited to be
11、 industrialized, socialized and globalized. They are all at the same stage with Chinese economy changed from planed to socialism, closed to opening to the world. The modes of the investment and financing have entered to a new stage which changed from the first-level government input to the second-le
12、vel government input, and then attracted the social capital. In the development aspect, Shanghai municipality has constituted a transportation network plan, which is including 17 lines and 810 km length. Its planed that Shanghai municipality will invest 160 billion to build over 400 km mass transit.
13、 To successfully carry out this plan, it is required to build a series of investment and financing modes, which are efficient, scientific and economic. In the consideration of the mass transits economic features, which are the basic functions to the development of the urban economy and strong social
14、ized publicity, this paper points out Shanghai municipality should enhance the input of the public finance to the mass transit, hold the good chances in the capital markets, gradually actualize the completed list of the profit-making assets in Shanghai mass transit, widen the channels of the investm
15、ent and financing, increase the proportion of the direct financing, optimize and consummate the modes of investment and financing in the construction of the mass transit, then push the development of the mass transit in Shanghai. KEY WORDS: mass transit, investment and financing, modes 上海交通大学上海交通大学
16、学位论文原创性声明学位论文原创性声明 本人郑重声明：所呈交的学位论文，是本人在导师的指导下，独立进行研究工作所取得的成果。除文中已经注明引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写过的作品成果。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律结果由本人承担。 学位论文作者签名：王洪刚 日期：2007 年 11 月 26 日 上海交通大学上海交通大学 学位论文版权使用授权书学位论文版权使用授权书 本学位论文作者完全了解学校有关保留、使用学位论文的规定，同意学校保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本人授权上海交通大学可以将本学位论文的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文。 本学位论文属于： 保密保密 ，在 年解密后适用本授权书。 不保密不保密 。 （请在以上方框内打“” ） 学位论文作者签名：王洪刚 指导教师签名：吴冲锋 日期：2007 年 11 月 27 日
