摘要
研究目的:随着我国工程建设领域投融资体制改革及国家宏观调控政策的实施,越来越多的工程项目,尤其是国内基础设施和公用事业项目开始广泛采用工程投融资建设模式,但由于我国城市化进程发展过快以及政府融资渠道和回购能力的局限性,导致工程项目的回购风险在一定时期内持续存在。本文从工程投融资建设模式回购风险防范的角度出发,提出可以采取的控制策略和措施,为工程投融资建设模式在基础设施建设中降低回购风险提供有效参考。研究结论:(1)工程投融资建设模式的回购资金来源于政府未来预期的财政资金,由于其特殊性和不确定性,导致回购风险是投资人面临的最大风险;(2)回购风险主要表现在政府回购意识淡薄、故意拖延、担保不能兑现及回购价款面临最终审计等四个方面;(3)加强对项目法律论证、积极向地方政府争取有效回购担保、完善项目商务条件、寻求救济途径是防范项目回购风险的重要控制策略;(4)本研究成果可应用在工程建设投融资管理模式与回购领域。
Research purposes： With investment and financing system reform of our engineering construction and the implementation of national macro - control policies, more and more projects, especially domestic infrastructure and public utilities projects have widely adopted project investment and financing construction mode, but because of the rapid development of China＇s urbanization process, government financing and repurchase capacity has certain limitations, resulting that in a period of time the project repurchase risk will continue to exist. From the perspective of the repurchase risk prevention, this paper proposes strategies and measures can be taken, provides a valid reference for the construction of the project investment and financing mode to reduce the risk of repo infrastructure. Research conclusions：（ 1 ）The anticipated governmental financial fund in future is the source of BT Mode repurchase payment, due to the financial fund is different from other financing resources and its actual sum is uncertain, that the repurchase risk is the most important problem in front of investors. （2） The risks are mainly reflected in four aspects that the repurchase conciousness of the government party is still undeveloped, the government party may deliberately postpone the repurchase action, the repurchase guarantee can＇ t be honoured and the repurchase price is subject to final audit. （3） It should enhance legal arugmentation, endeavour to obtain repurchase guarantee from government party, include sophisticated business clauses in contract and seek remedial measures which are the significant legal control means to fight against governmental repurchase risks. （4）The research conclusions can be applied in the management fields and repurchase of project investment and financing construction mode.
出处
《铁道工程学报》
EI
北大核心
2014年第5期106-109,共4页
Journal of Railway Engineering Society
关键词
工程投融资建设模式
回购风险
控制策略
project investment and financing construction mode
repurchase risk
control strategies
