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本文基于基础设施投融资相关理论作为理论基础，以 A 高速项目四川段的现有
的融资问题作为研究对象，通过对项目基本建设情况、项目公司的股权安排等资料
进行收集与分析，测算了大股东的融资需求，以层层推进的方式为 A 高速项目公司
设计了融资方案。本文的任务及主要结论如下：首先，设计传统的基础设施融资模
式的以及 PPP 项目融资模式的备选方案，分析两种模式下每个方案的可行性，结论
是传统融资模式不可行，A 高速项目公司应选取基于 BOT 的新型 PPP 项目融资模
式。其次，为 A 高速项目公司选择合适的融资渠道，在对银行、信托和私募股权基
金这三种渠道进行对比后，基于可行性和成本费率考虑，选取信托作为融资渠道。第
三，在比较了贷款信托、股权信托、受益权信托三种信托融资运作模式后，基于与
高速公路项目的匹配度考虑，本文选择受益权信托作为运作模式。第四，基于以上分
析，本文为 A 高速项目公司设计了合适的信托融资方案，确定了融资金额、期限、
收益、信托对象
本文的研究保障了 A 高速公路项目四川段建设中的资金需求，具有较强的应用
价值和实践意义。在公司层面，为 A 高速项目公司提供了稳定、低成本的融资渠
道，保障了项目公司的正常运作。在行业层面，本文的方案选择和设计在对比中凸
显了基础设施采取新型 PPP 项目融资模式和信托融资的优势，研究结论对其他信托
公司开发设计基础设施项目为标的的信托计划提供了参考意义；在社会层面上，本
文的研究有助于 A 高速公路项目四川段以较低的成本获得融资，保障项目的如期完
工，对地方政府及川渝两地间的交通连接有一定的实践意义
关键词：项目融资模式；PPP 模式；信托融资；受益权信托III
Abstract
Now Chongqing and Chengdu have become the two national central cities of the west,
to the development of Chengdu-Chongqing urban agglomeration planning under the state
council put forward higher request, the existing two connecting the Chengdu-Chongqing
expressway has appeared under the condition of traffic flow tends to saturation, A highway
project (shing Chongqing highway) arises at the historic moment. The research object of
this article is Sichuan segment of A highway project, the total length of 175 km. Total
investment of 24.099 billion yuan. The construction of A highway project in Sichuan
section of high cost and related counties there has been A major contradiction between
local government financial resources, project financing problems. Therefore, this article is
based on the existing of A highway project in Sichuan public information, standing in the
perspective of A highway project company for the project to choose the financing mode,
financing channels and trust financing operation mode, and the final design of project
financing.
Based on the theory of infrastructure investment and financing related theory as the
foundation, with Ahigh speed project in Sichuan section of the existing financing problems
as the research object, through to the basic construction project, the project company
equity arrangement of data collection and analysis, estimates the financing needs of large
shareholders, for A high speed in the form of layers of propulsion project company
financing scheme is designed. Task of this paper and the main conclusions are as follows:
first of all, the design of the traditional infrastructure financing model and the PPP project
financing model of alternatives, analysis the feasibility of each scheme, two modes is not
possible conclusion is that the traditional financing model, A high-speed project company
should be selected based on A new type of PPP project financing of BOT mode. Second,
select the appropriate financing channels for A highway project company, on the Banks,
trust, and private equity funds, after comparing the three channels based on the feasibility
and cost rate consideration, choose the trust as the financing channels. Third, in the
comparison of the loans the beneficial right of the trust, equity trust, trust after three trust
financing operation model, based on and the matching of the highway project into account,
this paper choose the beneficial right of the trust as a mode of operation. Fourth, based on
the above analysis, this paper designed for A highway project company right trust
financing scheme, determine the financing amount, time limit, yield, trust.IV
In this paper, the research to ensure the capital requirements of the construction of A
highway project in Sichuan section, has strong application value and practical significance.
At the company level, for A high speed project company provides A stable, low-cost
financing channels, to ensure the project of the company&39;s normal operation. At the
industry level, in contrast to selection and design scheme of this paper highlights the
infrastructure to take new PPP project financing mode and the trust financing advantages,
studies on other trust company to develop infrastructure projects for the subject matter of
the trust plan provides the reference; At the social level, this paper studies help A highway
project in Sichuan section at A relatively low cost to obtain financing, ensure project
completed on schedule, the local government and the traffic connection between Sichuan
and Chongqing has certain practical significance.
Keywords: Project Financing Mode; PPP Mode; Trust Financing; Beneficial Right TrustV
目录
摘要......I
Abstract ......... III
1 绪论 ... 1
1.1 研究背景 ..... 1
1.2 研究目的与意义 ..... 3
1.2.1 研究目的..3
1.2.2 研究意义..3
1.3 国内外研究现状 ...... 4
1.3.1 国外研究现状......4
1.3.2 国内研究现状......4
1.3.3 研究述评..5
1.4 研究内容与技术路线图 ..... 5
1.4.1 研究内容..5
1.4.2 技术路线图.......
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