经济技术开发区融资模式研究以A经济技术开发区为例.docx

1、经济技术开发区融资模式研究以A经济技术开发区为例经济技术开发区融资模式研究以A经济技术开发区为例经济技术开发区融资模式研究以A经济技术开发区为例 经济技术开发区融资模式研究?以 A 经济技术开发区为例 摘要 经济技术开发区是中国对外开放地区的组成部分,其既是一个实体性区域, 也是一个政策区域。国家级经济技术开发区经过 20多年的发展,数量不断增多, 规模不断扩大,对国家的经济贡献率也越来越大。但是对这个特殊的区域,国家 除了给予政策上的支持外,资金方面一直没有直接的投入,因此对于经济技术开 发区讲,无论是建区之初还是“二次创业”的现在,融资问题一直是经济技术开 发建设的重要问题。特别是近年来随

2、着十多年的负债开发而孳生的贷款利息不断 增多、外商直接投资FDI总量的不断增加及对生产环境要求的提高、国家对外 资的政策调整、财政优惠政策到期等诸多因素促使经济技术开发区资金需求量越 来越大,迫切需要国家级经济技术开发区有一个良好的融资平台,解决开发建设 资金的瓶颈问题。 本文首先对经济技术开发区的概念进行了界定,对中外学者就经济技术开发 区的理论研究情况进行了概括。 理论分析部分重点在于对经济技术开发区融资的现实理论基础进行分析,并 就存在的问题寻找实际的解决方案。 理论分析首先对经济技术开发区历史和现阶段的融资模式进行抽象和概括。 分析从融资主体?管委会和投资开发总公司的关系入手,解析了这

3、个特殊经济 区域两个不同的服务主体在区域开发和建设中的唇齿相依的作用,以及在这个特 殊的体制下形成的资金大循环开发模式。这种融资模式有其存在的历史必然性和 特殊的可行性,这是受管委会与投资开发总公司的特殊关系决定,使土地的使用 定级估价纳入为招商服务的整体统筹,土地的价格与开发的企业不再发生直接联 系,商品的价格与价值脱离市场决定,最终的目的是希望土地未来的税收收入能 弥补土地开发和出让的亏损。经济技术开发区建设中特有的概念,所谓“负债开 发”、 “滚动开发”揭示了该开发模式融资的实质是通过银行贷款来获取资金。从 融资的角度讲,通过投资开发总公司向银行贷款扩大了经济技术开发区初期的建 设资金,

4、但长远看,仅靠总公司的中长期组合贷款融资,存在着融资模式技术上 的局限,并且受经济环境和政策环境的影响。因此有必要调整经济技术开发区的 融资结构。 通过理论研究和对问题的实证分析,现在应该明确了解决问题的着眼点应该 是减少资金大循环模式带来的利息负担、自有资金及资金总量有限;落实到融资 模式的选择上,应该是选择能进行规模性融资、融资成本低、有可行性的模式。 基于这个思路,结合经济技术开发区融资的实践和国内外基础设施建设融资的经 验,有必要对市政债券融资、企业债券融资、上市融资、信托计划和 BOT 项目 1 经济技术开发区融资模式研究?以 A 经济技术开发区为例 融资进行分析,找出不同的融资方式

5、的实质和联系,对这几种融资方式的成本、 可行性、约束条件进行了对比分析。最终笔者认为,对于经济技术开发区这样的 特殊区域,完全可以充分利用政府和市场两类资源。一方面,可以通过管委会的 政府信誉,发行市政债券;在中国现有法律体制不允许的情况下,可以采取企业 债券或贷款型信托计划等变通方式;在发行债券的设计方案中,要考虑要资金需 求总量和偿还能力等因素;市政债券的实际利率应高于同期银行存款利率,但必 须低于同期银行贷款利率。另一方面,可考虑利用投资开发总公司及下属子公司 这些企业主体,实现上市融资。考虑到投资开发总公司较高的负债率、下属子公 司规模一般不大这些现实情况,可以通过买壳上市、合并上市等

6、捷径达到融资的 目的;另外,对于一些可经营性项目,可以采取 BOT 项目融资的方式。最终建 立起以市政债券融资和上市融资为主、BOT项目融资等方式相结合的融资模式。 最后,本文还结合 A经济技术开发区的实际情况,设计了一个可行的融资方案, 尤其是对如何变通地发行市政债券及所要考虑的各个方面的进行了分析。 本研究是采取理论分析与实地研究相结合的方法,用实践分析理论、由理论 指导实践。对于剖析资金大循环模式存在问题的根源和实质时,采用数理逻辑的 方法进行抽象、概括、推理;对于实践中问题的解决即融资模式的选择上,则通 过对比现实成功案例进行实证研究。 本文的创新之处在于以下三点:第一,系统性地思考经

7、济技术开发区的融资 问题,超前地预见了传统融资模式对经济技术开发区持续发展的影响;第二,独 特的研究视角,从资本市场参与者的角度研究管委会与总公司的关系,提出经济 技术开发区整体性的融资概念;第三,创新性地利用金融工具,结合实际系统性 地改进经济技术开发区的融资模式,尤其是对地方政府债券的发行有其独到的见 解。因此本文的实践指导意义大于理论创新意义。 受研究角度的影响,本文的侧重于实证研究,注意实际融资方案的设计,以 求对实际问题的解决有可行的指导意义。不足之处在于受篇幅及研究角度所限, 未对如何完善资本市场宏观环境进行的理论探讨,特别是作为政府融资的重要手 段?市政债券的法律规范未作探讨。本

8、文在文章结尾处提出了相关的建议,作 为进一步研究的课题。关键词:经济技术开发区 融资结构 股权融资 债务融资 市政债券2 经济技术开发区融资模式研究?以 A 经济技术开发区为例 Abstract Economic-Technological Development Areas ETDA is an integral part of Chinas opening regions. Not only are they regions of entity characteristics, but also regions of preferential policies. After more th

9、an 20 years development, ETDA is proliferating in terms of number and scale, which contributes increasingly to Chinas economy. As special economic zones, ETDA receives no direct investment from the central government except preferential policy. Financing remains to be a crucial problem to EDTA from

10、its very beginning until nowadays “reprospering period”Accompanied with over 10 years in-debt-development, multiple factors make the financing requirement greater and greater, such as the increase of debt interest, increase of foreign direct investmentFDI, adjustment of foreign investment policy, ex

11、piration of the period of preferential policy made ETDA financing requirement greater and greater. Its necessary and urgent for EDTA to establish an effective financing platform in order to solve the financing bottleneck problem Firstly, my thesis defines the concept of ETDA and reviews the previous

12、 theoretical researches on ETDA The theoretical analysis part reflects on the theoretical basis of ETDA financing in the hope of providing possible solution to the existing problemsIn this part, I have summarized ETDAs historical and current financing modelsStarting with analyzing the relationship b

13、etween Administrative Committee AC and Investment Development Company IDC of A-ETDA, the thesis investigates the two service entities interdependency on each other in regional development and construction, as well as capital circulation development pattern formed in generalSuch a financing model was

14、 derived from a particular historical background and is an optimal choice based on the special relationship between AC and IDC. It aims to incorporate land ranking and evaluation into the whole process of investment promotion. The price of land is not up to the enterprises, i.e. the product price an

15、d value is de-linked from market. Therefore, the tax revenue from enterprises would make up of the deficit generated by the lower-price land transfer and developmentThe idea of “in debt development” and “rolling development pattern” has also shown the defining feature of this development and financi

16、ng model is relying on the loans from national bank. Financially speaking, in the initial stage, loans provided to IDC has enlarged the construction fund; however, in the long run, this financial model?precisely, the package of modelrate and long term loans via IDC?has it technical limits, and it is

17、 more conditioned by the external economic and policy environment. Therefore, I would argue, its the time to adjust ETDAs financing structure 3 经济技术开发区融资模式研究?以 A 经济技术开发区为例 On the basis of theoretical analysis and field research, the possible solution resides on reducing the interest burden produced

18、by the large-scale capital circulation model and awareness of the limitation of gross capital; in terms of the question of selecting financing model, the model with both large scale and possible low cost is a better choice. In this light, by examining ETDAs financing practice and other financial exp

19、erience on infrastructure constructions domestically and internationally, this paper focuses on the issues of municipal bond financing, enterprise bond financing, stock market financing, trust financing and BOT financing, and provides a comparative studies on their costs, feasibilities, and limitati

20、ons respectivelyAs a conclusion, special economic zones like ETDA should make the best of both governmental resources and market resources. On the one hand, ETDA-AC, taking the governmental credit as deposit, can issue municipal bonds, or other alternative forms like enterprise bonds and loan type t

21、rust program, if it is not permit under current Chinese legal systemAll the municipal bond programs should take the gross financing requirement and the capability of refunding into consideration, and the interest rates of the municipal bonds should be higher than that of bank savings and lower than

22、that of bank loans On the other hand, ETDA may make good use of IDC and its subsidiary companies to go public. Considering the situation of IDCs high capital-liability ratio and subsidiary companies limit size, title-purchasing and merger shortcuts are recommended here. Furthermore, BOT financing mo

23、del may be taken in some projects. Thereafter a comprehensive financing model with stock market financing and municipal bonds financing as its main body, other financing models like BOT financing as correspondences may be finally established. The last but not least, the paper designs a feasible plan

24、 for A-ETDA, in which the author analyzes various ways of issuing municipal bonds and other considerationsThe methodology of this paper is to combine theory and practice, and the practice under the guidance of theory. Symbolic logic methods of abstracting, summarizing and ratiocinating are used to a

25、nalyze the origin and the crux of existing problems in general capital circulation. Empirical study methods on comparing successful cases is also applied to solve the practical problems, i.e. selection of financing modelsThis paper contributes on three respects: firstly, it systematically considers

26、ETDAs financing problems and predicts the traditional financing models influence on ETDAs development; Secondly, it examines the relationship between ETDA-AC and IDC from a capital market investor perspective, which helped to put up the concept of “whole ETDA financing”; Thirdly, it applies the upda

27、ted financing to build an ETDA financing structure with unique insight of municipal bonds according to the practical needs. The practical significance of this thesis is greater than its theoretical innovation. This thesis emphasizes more on empirical study, on the4 经济技术开发区融资模式研究?以 A 经济技术开发区为例 design

28、ing of practical financing models, and aims to solve practical problems Owing to the length and researching perspective, the thesis doesnt work on the aspects of municipal bonds legal criterion and macro-environment of capital marketFurther research directions have been proposed in the concluding pa

29、rt Key Words: ETDA Financing Structure Share Financing Indebted Financing Municipal Bonds5 经济技术开发区融资模式研究?以 A 经济技术开发区为例 目录第 1 章 绪 论.1 1.1研究背景.1 1.2研究目的和意义.2 1.3研究内容和方法.3 1.4本文的创新与不足.3 第 2 章 经济技术开发区的概念和研究综述.5 2.1经济技术开发区的概念.5 2.1.1开发区的概念.5 2.1.2开发区发展的国际历程、特点.5 2.1.3经济技术开发区的概念.6 2.1.4中国国家级经济技术开发区的发展概况6

30、2.2国内外理论研究综述8 第 3 章 经济技术开发区融资模式现状分析.11 3.1经济技术开发区融资模式.11 3.1.1总公司在经济技术开发区中的特殊地位.11 3.1.2资金大循环模式的实质?银行借贷融资12 3.1.3资金大循环模式的理论价值分析.14 3.2经济技术开发区现有融资模式的局限性.17 3.3小结.18 第 4 章 经济技术开发区融资模式分析.20 4.1发达国家市政建设融资模式选择.20 4.1.1美国市政建设融资模式的特点.20 4.1.2英国市政建设融资模式的特点.21 4.1.3德国市政建设融资模式的特点.22 4.1.4发达国家市政建设融资模式的启发22 4.2

31、融资方式分析.23 4.2.1市政债券融资23 4.2.2企业债券融资25 4.2.3上市融资.27 4.2.4信托计划.29 4.2.5 BOT项目融资31 4.3融资方式对比.32 4.3.1融资方式的实质和联系.32 4.3.2融资方式评价的原则33 4.3.3融资成本分析33 4.3.4融资组合方案35 第 5 章 改进融资方式:以 A经济技术开发区为例.37 5.1改进融资方式的原则和思路.37 5.2A经济技术开发区融资现状分析.37 5.2.1A经济技术开发区概况.376 经济技术开发区融资模式研究?以 A 经济技术开发区为例 5.2.2融资现状.38 5.3A经济技术开发区融资方式设计.39 5.3.1融资必要性和可行性39 5.3.2融资规模.41 5.3.3融资组合.42 5.3.4“市政债券”融资方式.43 5.3.5上市融资方式44 第 6 章 结 论46 主要参考文献.48 致 谢.517 经济技术开发区融资模式研究?以 A 经济技术开发区为例图 表 索 引图表1 国家级经济技术开发区分布图.7 图表2 资金大循环模式示意图14 图表3 部分市政建设企业债券发行情况.26 图表4部分经济技术开发区上市融资情况.28 图表5 主要融资方式成本对比图.35 图表6 A经济技术开发区收入和负债情况一览表.