新时代背景下成渝中线高速铁路项目投融资策略研究-《高速铁路技术》

文章信息/Info

Title:: Study on Investment and Financing Strategy of Second Chengdu-Chongqing High-speed Railway in the New Era

作者:: 柏飞彪; 周奕; 1. 中铁二院工程集团有限责任公司, 成都 610031;
2. 中国中铁“一带一路”互联互通研究中心, 成都 610031

Author(s):: BAI Feibiao; ZHOU Yi; 1. China Railway Eryuan Engineering Group Co., Ltd., Chengdu 610031, China;
2. Belt and Road Connectivity Research Center of China Railway Engineering Corporation, Chengdu 610031, China

Keywords:: New Era|Second Chengdu-Chongqing High-speed Railway|investment and financing|tactics

摘要:: 在我国社会主义现代化建设转向高质量发展、党中央做出推动成渝双城经济圈建设重大战略部署的时代背景下，作为支撑区域协调发展的关键基础设施，成渝中线高速铁路项目如何筹集资金是迫切的现实问题。本文在提出"政府引领、企业实施、资本运作、多元共赢"投融资总体思路的基础上，着重分析了成渝中线高速铁路项目的资本结构合理性、利益主体协作度、现金流弹性和资本进出时序。立足铁路与金融领域改革，从激发资本内生动力、加强政企金合作、完善铁路可持续投融资生态等角度出发，提出"本债有机、竞合有度、责任有力、进出有序"的投融资策略，以期为成渝中线高速铁路项目的投融资提供借鉴参考。

Abstract:: Under the background of China’s socialist modernization turning to high-quality development and the CPC Central Committee making major strategic arrangements to promote the construction of Chengdu-Chongqing Economic Circle, as the key infrastructure to support regional coordinated development, how to raise funds for Second Chengdu-Chongqing High-speed Railway Project is an urgent practical problem. On the basis of putting forward the general idea of "led by government, implemented by enterprise, operated by capital to gain win-win", this paper emphatically analyzes the rationality of capital structure, the cooperation degree of stakeholders, the flexibility of cash flow, and the timing of capital in and out of the Second Chengdu-Chongqing High-speed Railway. Based on the reform in the railway and financial fields, from the perspectives of stimulating the endogenous power of capital, strengthening the financial cooperation between government and enterprises, and improving the ecology of railway sustainable investment and financing, this paper puts forward the investment and financing strategy of "combination of capital and loan, reasonable competition and cooperation, strong responsibility and orderly entry and exit", with a view to providing a reference for the investment and financing of Second Chengdu-Chongqing High-speed Railway.