摘要
铁路项目现有融资模式中,债务融资、权益融资、基金投资及其他融资方式都在一定时期内发挥了重要作用,但随着“高资产、高负债”投融资局面形成,这些模式面临诸多挑战。基础设施REITs作为一种创新的融资工具,为铁路项目提供了新的融资路径。在铁路REITs行业政策基础不断完善、融资困境急需破解、融资质效优势显著、底层资产逻辑高度契合的基础支撑下,基础设施REITs在部分铁路项目融资中具有较强的可行性、适用性。应根据收益来源特点,针对性地选择综合开发模式、运营补贴模式与混合模式的创新设计,有效解决铁路项目融资难题。
Among the existing financing models for railway projects,debt financing,equity financing,fund investment,and other methods have played significant roles over time.However,as the investment and financing landscape of“high-asset,high-liability”has taken shape,these models now face some challenges.Infrastructure REITs,as an innovative financing tool,provide a new pathway for railway project financing.The infrastructure REITs demonstrate high feasibility and applicability for certain railway projects because of the following aspects:the policies concerning railway REITs has been improved continuously,the financing difficulty needs to be overcome urgently,this financing model has obvious advantages in its quality and efficiency,and it is highly aligned with the underlying asset logic.It is necessary to select the innovative designs with pertinence such as integrated development model,the operational subsidy model,and hybrid model according to the characteristic of revenue sources so as to effectively address the challenge of railway project financing.
作者
郭帅新
Guo Shuaixin(Henan Railway Construction&Investment Group Co.,Ltd.,Zhengzhou City,Henan Province,450046)
出处
《黄河科技学院学报》
2025年第6期55-61,共7页
Journal of Huanghe S&T College
作者简介
郭帅新,经济学硕士,河南省铁路建设投资集团有限公司副研究员,主要研究方向为区域经济、枢纽经济。
