城市基础设施利用土地融资的机制及风险研究
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摘要
城市基础设施建设是经济建设和社会发展的重要部分,城市基础设施建设的完善程度一定程度上反应了城市化进程。目前,城市基础设施的建设资金主要还是来自于财政拨款,随着市场化水平的不断提高,城市基础设施的建设也逐渐走向市场化。而土地储备是政府工作的一大重点,土地出让收益也是财政收入的一大来源,城市基础设施与土地储备结合,将土地增值收益还原于城市基础设施建设,这种融资模式不仅提高了土地开发速度,加快了城市化进程,而且减轻了政府在基础设施建设上的财政压力,也为基础设施的建设创造了良好的环境。
城市基础设施利用土地融资的模式在香港地铁的建设、日本轨道交通的建设中得到了广泛运用,但是在操作上具有较大的差异,本文在总结这些应用经验的基础上,分析了土地打包融资模式的运行机制,包括操作流程、运行原则等,构建了多目标决策的地块选择模型,并对参与方的职能关系进行了分析和评价。接着对该融资模式进行了风险评价,提炼出了关键风险要素,并利用解释结构模型对风险要素进行了重要程度分级,建立了风险评价的解释结构模型,接着按照项目参与主体建立了风险分担模型。最后结合武汉市重大基础设施建设项目利用土地储备融资的实际案例,将武汉市国际博览项目、轨道交通项目和火车站项目的运作效果进行分析,并结合风险评价的解释结构模型进行了风险对比,提出了武汉市基础设施利用土地融资的管理建议。
Urban infrastructure is an important part of the economic construction and social development, the construction level of urban infrastructure response the degree of urbanization. At present, the financial allocation is the mainly source the construction of urban infrastructure funding, as the market-oriented level is developing day and day,the building of urban infrastructure is gradually moving toward market-oriented. Land reserves are an important job for government. Land revenue is also a major source of receipts. Applies land value-added income to urban infrastructure financing, not only increased the pace of land development and accelerated urbanization process, and take full use of the advantage of the professional organizations, not only to reduce pressure of the government in infrastructure construction ,as well as provides a good environment for the construction of infrastructure .
Urban infrastructure financing mode using land reserve has been widely used in Hong Kong and Japan, and had achieved good results. This thesis will analyze the lessons learned from the case, and analysis the patterns of this financing mode, including the operation of the process, operation principle, participants and other functions. And then run the risk assessment mechanism, using ISM to explain the classification of risk assessment indicators, and put forward a risk-sharing model and management suggestion. Finally, according to the actual cases Wuhan, analysis the operation effect of the three projects, as well as the risks faced by those three cases. This article has some reference value on the construction of urban infrastructure.
城市基础设施利用土地融资的模式在香港地铁的建设、日本轨道交通的建设中得到了广泛运用,但是在操作上具有较大的差异,本文在总结这些应用经验的基础上,分析了土地打包融资模式的运行机制,包括操作流程、运行原则等,构建了多目标决策的地块选择模型,并对参与方的职能关系进行了分析和评价。接着对该融资模式进行了风险评价,提炼出了关键风险要素,并利用解释结构模型对风险要素进行了重要程度分级,建立了风险评价的解释结构模型,接着按照项目参与主体建立了风险分担模型。最后结合武汉市重大基础设施建设项目利用土地储备融资的实际案例,将武汉市国际博览项目、轨道交通项目和火车站项目的运作效果进行分析,并结合风险评价的解释结构模型进行了风险对比,提出了武汉市基础设施利用土地融资的管理建议。
Urban infrastructure is an important part of the economic construction and social development, the construction level of urban infrastructure response the degree of urbanization. At present, the financial allocation is the mainly source the construction of urban infrastructure funding, as the market-oriented level is developing day and day,the building of urban infrastructure is gradually moving toward market-oriented. Land reserves are an important job for government. Land revenue is also a major source of receipts. Applies land value-added income to urban infrastructure financing, not only increased the pace of land development and accelerated urbanization process, and take full use of the advantage of the professional organizations, not only to reduce pressure of the government in infrastructure construction ,as well as provides a good environment for the construction of infrastructure .
Urban infrastructure financing mode using land reserve has been widely used in Hong Kong and Japan, and had achieved good results. This thesis will analyze the lessons learned from the case, and analysis the patterns of this financing mode, including the operation of the process, operation principle, participants and other functions. And then run the risk assessment mechanism, using ISM to explain the classification of risk assessment indicators, and put forward a risk-sharing model and management suggestion. Finally, according to the actual cases Wuhan, analysis the operation effect of the three projects, as well as the risks faced by those three cases. This article has some reference value on the construction of urban infrastructure.
引文
[1]罗松江.城市基础设施建设的管理模式.商业经济, 2003, 2(3): 44-46
[2]王元素.如何改革我国基础设施投资体制.中国投资, 1999, 29(5): 21-25
[3] Guikema S D. Natural disaster risk analysis for critical infrastructure systems: an approach based on statistical learning theory. Reliability Engineering & System Safety, 2009, 94(4): 841-860
[4] Kinwan R M. Finance for Urban Public Infrastructure. Urban Studies, 1989, 26(9): 21-26
[5] Michel G. Project Finance for Power Assets in China. Journal of Finance and Accounting, 2003, 15(3): 301-304
[6] Jyoti P G, Anil K S. Development and project financing in developing countries .Journal of Project Management, 2000, 16(3): 125-128
[7] Farrell L M. Financial agency issues in mortgage underwriting and real estate valuation. Journal of Financial Management of Property and Construction, 2001, 6(2): 119–137
[8]詹政,王铁山. PFI融资模式在城市公共工程中的应用.城市问题, 2008, 8(2): 61-65
[9]王雪青,喻刚,赵辉.城市基础设施建设项目融资的PPP模式.科技管理, 2008, 4(1): 46-149
[10]孟康.城市基础设施投融资模式研究[硕士学位论文].南京:东南大学, 2004.1-10
[11]唐佳林.城市土地储备风险管理[硕士学位论文].武汉:华中科技大学, 2007.6-9
[12]康萍.建立政府授权监督下的城市土地储备运行机制研究[硕士学位论文].武汉:华中科技大学, 2006.9-15
[13]钱峰.武汉市经营性土地储备项目实施机制优化研究.资源行政管理与法制建设, 2007, (8): 29-32
[14]陈伟.工程建设投融资与土地储备相结合机制的研究.中国市政, 2005, (4): 60-61
[15]陆莹,王国富.轨道交通融资思路——周边土地的捆绑式开发.铁路工程造价管理. 2004, (2): 17-20
[16]姜小文.东京轨道交通与土地综合开发模式对北京的借鉴[硕士学位论文].北京:北京交通大学, 2006.1-20
[17]丁芸.城市基础设施资金来源研究.北京:中国人民大学出版社, 2007.100-108
[18]金乱泛.亚洲“四小龙”崛起的奥秘.北京:中国财经出版社, 1990 .43-70
[19]朱学东.我国基础设施建设融资的一种新思路.经济理论与经济管理, 2001,(3): 12-13
[20]孙晓光.城市基础设施建设及其投融资研究[硕士学位论文].天津:天津大学, 2004.5-9
[21]沈芝峰.资本结构理论史.北京:经济科学出版社, 1999.10-55
[22]固定资产投资统计数据指标解释. www.realestate.cei.gov.cn/tongji/web/jsfdc.htm
[23]梁鸣.城市基础设施建设投融资管理研究[硕士学位论文].武汉:武汉理工大学, 2001.15-25
[24]国土资源部.土地储备管理办法, 2007
[25] Jean Cummiskey. The Cape Cod Land Bank: the use of a Land acquisition Strategy to preserve a Massachusetts Coastal region. Ocean Coastal Management, 2001, 44(5): 61-85
[26]李杨.我国土地储备制度研究[硕士学位论文].重庆:重庆大学, 2006.10-25
[27]欧阳安蛟.中国城市土地收购储备制度理论与实践.北京:经济管理出版社, 2002.33-45
[28]尚嘉亮.我国城市土地储备运作模式研究[硕士学位论文].北京:中国地质大学, 2008.8-23
[29]姚华军.我国国土资源管理体制的历史、现状及发展趋势.中国地质矿产经济, 2001, 3(11): 22-25
[30] Ohara T, Uno I. Observed structure of a land breeze head in the Tokyo metropolitan area. Journal of Applied Meteorology, 1989, 28(8):693-704
[31]钱林波,顾文莉,以快速轨道交通支撑和引导城市发展.现代城市研究, 2001, (6): 56-58
[32] Arai Takeshi, Akiyama Tetsuya, Empirical analysis for estimating land use transition potential functions—case in the Tokyo metropolitan region. Computers, Environment and Urban Systems. 2004, 28(2): 67-81
[33]陈燕萍.城市交通的治本之路——公共交通社区与公共交通导向的城市土地利用形态.城市规划, 2000, 8(3): 1-8
[34]赵民,杨晓光.日本轨道交通研究及对上海的借鉴.上海综合经济, 1998, (8): 44-45
[35]范文田.东京营团地铁公司的经营管理.土木工程学报, 1998, (1): 35-43
[36] Bernhard H. New light rail transit system in Hong Kong .Schweitzer ingenious und Architect, 1988, 106(33): 940-947
[37]香港地铁有限公司.香港地铁有限公司年报, 2001
[38] Holl. Manufacturing location and impacts of road transport infrastructure. Regional Science and Urban Economics, 2004, 34 (2): 341–363
[39]夏朝阳.城市轨道交通与土地资源综合开发研究[硕士学位论文].上海:同济大学, 2006.25-35
[40]陈伟.重大工程投融资与土地储备机制相结合的研究.城市道桥与防洪, 2005, 11: 115-118
[41]武汉市人民政府.关于推进轨道交通等九个重大项目筹融资工作的会议既要, 2007
[42]毕宝德.土地经济学.北京:中国人民大学出版社, 1991.130-166
[43]杜葵,李伟.城镇土地增值收益计算模式研究.昆明理工大学学报, 2002,(27): 106-109
[44] Unsalan C. Statistical, structural, hybrid, and graph theoretical features to measure land development. IEEE Geosciences and Remote Sensing Letters, 2009, 6(1):71-76
[45]丁建.组群式高层建筑综合体设计初探.工厂建设与设计, 1998, (2): 22-24
[46]张晟伟.土地储备中的金融风险分析及其防范[硕士学位论文].浙江:浙江大学, 2008.2-22
[47]康春.中国城市土地储备制度运行机制研究[博士学位论文].武汉:华中科技大学, 2006.10-45
[48] Barry Shore, Beanie J. Management of large-scale international science projects politics and national culture. Engineering management, 2003, 15(2): 25-34
[49] De Bok M . Estimation and validation of a microscopic model for spatial economic effects of transport infrastructure. Transportation Research, 2009, 43(1): 47-49
[50]王钢.定量分析与评价方法.上海:华东师范大学出版社, 2003.57-140
[51]张桂芹.蒙特卡罗法在工程项目经济评价中的应用.北京动力经济学院学报, 1994, (4): 52-55
[52]秦寿康.综合评价原理与应用.北京:电子工业出版社, 2003.33-56
[53] Ding Liping. Construction of product module based on interpretive structure modeling and its optimization. Computer Integrated Manufacturing Systems, 2008, 14(6): 1070-1077
[54]李惠强.大型建设工程综合管理(讲义).华中科技大学土木学院, 2005.10-25
[55] Feifei Wu, Lucheng Huang. Approaches on evaluating industrialization potentiality of Olympic technology projects based on interpretive structural modeling. Management of Innovation and Technology, 2008, 4(2): 87-91
[2]王元素.如何改革我国基础设施投资体制.中国投资, 1999, 29(5): 21-25
[3] Guikema S D. Natural disaster risk analysis for critical infrastructure systems: an approach based on statistical learning theory. Reliability Engineering & System Safety, 2009, 94(4): 841-860
[4] Kinwan R M. Finance for Urban Public Infrastructure. Urban Studies, 1989, 26(9): 21-26
[5] Michel G. Project Finance for Power Assets in China. Journal of Finance and Accounting, 2003, 15(3): 301-304
[6] Jyoti P G, Anil K S. Development and project financing in developing countries .Journal of Project Management, 2000, 16(3): 125-128
[7] Farrell L M. Financial agency issues in mortgage underwriting and real estate valuation. Journal of Financial Management of Property and Construction, 2001, 6(2): 119–137
[8]詹政,王铁山. PFI融资模式在城市公共工程中的应用.城市问题, 2008, 8(2): 61-65
[9]王雪青,喻刚,赵辉.城市基础设施建设项目融资的PPP模式.科技管理, 2008, 4(1): 46-149
[10]孟康.城市基础设施投融资模式研究[硕士学位论文].南京:东南大学, 2004.1-10
[11]唐佳林.城市土地储备风险管理[硕士学位论文].武汉:华中科技大学, 2007.6-9
[12]康萍.建立政府授权监督下的城市土地储备运行机制研究[硕士学位论文].武汉:华中科技大学, 2006.9-15
[13]钱峰.武汉市经营性土地储备项目实施机制优化研究.资源行政管理与法制建设, 2007, (8): 29-32
[14]陈伟.工程建设投融资与土地储备相结合机制的研究.中国市政, 2005, (4): 60-61
[15]陆莹,王国富.轨道交通融资思路——周边土地的捆绑式开发.铁路工程造价管理. 2004, (2): 17-20
[16]姜小文.东京轨道交通与土地综合开发模式对北京的借鉴[硕士学位论文].北京:北京交通大学, 2006.1-20
[17]丁芸.城市基础设施资金来源研究.北京:中国人民大学出版社, 2007.100-108
[18]金乱泛.亚洲“四小龙”崛起的奥秘.北京:中国财经出版社, 1990 .43-70
[19]朱学东.我国基础设施建设融资的一种新思路.经济理论与经济管理, 2001,(3): 12-13
[20]孙晓光.城市基础设施建设及其投融资研究[硕士学位论文].天津:天津大学, 2004.5-9
[21]沈芝峰.资本结构理论史.北京:经济科学出版社, 1999.10-55
[22]固定资产投资统计数据指标解释. www.realestate.cei.gov.cn/tongji/web/jsfdc.htm
[23]梁鸣.城市基础设施建设投融资管理研究[硕士学位论文].武汉:武汉理工大学, 2001.15-25
[24]国土资源部.土地储备管理办法, 2007
[25] Jean Cummiskey. The Cape Cod Land Bank: the use of a Land acquisition Strategy to preserve a Massachusetts Coastal region. Ocean Coastal Management, 2001, 44(5): 61-85
[26]李杨.我国土地储备制度研究[硕士学位论文].重庆:重庆大学, 2006.10-25
[27]欧阳安蛟.中国城市土地收购储备制度理论与实践.北京:经济管理出版社, 2002.33-45
[28]尚嘉亮.我国城市土地储备运作模式研究[硕士学位论文].北京:中国地质大学, 2008.8-23
[29]姚华军.我国国土资源管理体制的历史、现状及发展趋势.中国地质矿产经济, 2001, 3(11): 22-25
[30] Ohara T, Uno I. Observed structure of a land breeze head in the Tokyo metropolitan area. Journal of Applied Meteorology, 1989, 28(8):693-704
[31]钱林波,顾文莉,以快速轨道交通支撑和引导城市发展.现代城市研究, 2001, (6): 56-58
[32] Arai Takeshi, Akiyama Tetsuya, Empirical analysis for estimating land use transition potential functions—case in the Tokyo metropolitan region. Computers, Environment and Urban Systems. 2004, 28(2): 67-81
[33]陈燕萍.城市交通的治本之路——公共交通社区与公共交通导向的城市土地利用形态.城市规划, 2000, 8(3): 1-8
[34]赵民,杨晓光.日本轨道交通研究及对上海的借鉴.上海综合经济, 1998, (8): 44-45
[35]范文田.东京营团地铁公司的经营管理.土木工程学报, 1998, (1): 35-43
[36] Bernhard H. New light rail transit system in Hong Kong .Schweitzer ingenious und Architect, 1988, 106(33): 940-947
[37]香港地铁有限公司.香港地铁有限公司年报, 2001
[38] Holl. Manufacturing location and impacts of road transport infrastructure. Regional Science and Urban Economics, 2004, 34 (2): 341–363
[39]夏朝阳.城市轨道交通与土地资源综合开发研究[硕士学位论文].上海:同济大学, 2006.25-35
[40]陈伟.重大工程投融资与土地储备机制相结合的研究.城市道桥与防洪, 2005, 11: 115-118
[41]武汉市人民政府.关于推进轨道交通等九个重大项目筹融资工作的会议既要, 2007
[42]毕宝德.土地经济学.北京:中国人民大学出版社, 1991.130-166
[43]杜葵,李伟.城镇土地增值收益计算模式研究.昆明理工大学学报, 2002,(27): 106-109
[44] Unsalan C. Statistical, structural, hybrid, and graph theoretical features to measure land development. IEEE Geosciences and Remote Sensing Letters, 2009, 6(1):71-76
[45]丁建.组群式高层建筑综合体设计初探.工厂建设与设计, 1998, (2): 22-24
[46]张晟伟.土地储备中的金融风险分析及其防范[硕士学位论文].浙江:浙江大学, 2008.2-22
[47]康春.中国城市土地储备制度运行机制研究[博士学位论文].武汉:华中科技大学, 2006.10-45
[48] Barry Shore, Beanie J. Management of large-scale international science projects politics and national culture. Engineering management, 2003, 15(2): 25-34
[49] De Bok M . Estimation and validation of a microscopic model for spatial economic effects of transport infrastructure. Transportation Research, 2009, 43(1): 47-49
[50]王钢.定量分析与评价方法.上海:华东师范大学出版社, 2003.57-140
[51]张桂芹.蒙特卡罗法在工程项目经济评价中的应用.北京动力经济学院学报, 1994, (4): 52-55
[52]秦寿康.综合评价原理与应用.北京:电子工业出版社, 2003.33-56
[53] Ding Liping. Construction of product module based on interpretive structure modeling and its optimization. Computer Integrated Manufacturing Systems, 2008, 14(6): 1070-1077
[54]李惠强.大型建设工程综合管理(讲义).华中科技大学土木学院, 2005.10-25
[55] Feifei Wu, Lucheng Huang. Approaches on evaluating industrialization potentiality of Olympic technology projects based on interpretive structural modeling. Management of Innovation and Technology, 2008, 4(2): 87-91
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