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题目：杭州湾跨海大桥项目融资分析杭州湾跨海大桥项目融资分析I内容摘要本文研究旨在改善公共部门绩效、提高公共物品供给质量的民营化运动在全球迅速发展成为公共事业领域改革的重要取向。在我国，随着政府逐渐放宽民间资本进入公共事业领域的门槛，BOT、TOT与PFI等模式被广泛运用于公共事业民营化改革中。杭州湾跨海大桥作为国家重点基础设施建设项目，开启了民营化模式运作的又一扇大门。对此，本文以杭州湾跨海大桥的实际运作作为分析对象，力图寻求推进公共事业领域内大型项目民营化运作的可行之策。关键词：杭州湾跨海大桥，BOT模式，案例分析杭州湾跨海大桥项目融资分析II目录内容摘要········································································································································I引言·········································································································································11.1项目融资的基本内涵···································································································11.1.1项目融资的概念········································································································11.1.2BOT项目融资模式概念························································································11.1.3BOT项目融资的特征及结构············································································21.2BOT项目融资的实际意义······················································································22.1项目背景························································································································22.2项目股权结构·············································································································32.3项目融资结构···············································································································42.3.1贷款银团····················································································································42.3.2承包商·························································································································42.3.3项目的可行性分析······································································································42.4杭州湾跨海大桥项目的评价················································································63完善我国项目融资的建议·····································································································73.1我国当前项目融资存在问题·····················································································73.2提升我国项目融资水平建议·····················································································7参考文献·······································································································································9杭州湾跨海大桥项目融资分析III杭州湾跨海大桥项目融资分析1引言20世纪下半叶以来，随着世界范围内行政改革的风起云涌，旨在改善公共部门绩效、提高公共物品供给质量的民营化运动在各国崭露头角，并迅速发展成为公共事业领域改革的重要取向。在我国，随着政府逐渐放宽民间资本进入公事业领域的门槛，BOT、TOT与PFI等模式被广泛运用于公共事业民营化改革中。这些民营化模式在引入民间资本、提高管理效率方面起了十分重要的作用，然而其具体运作中也逐渐暴露许多问题。本文通过研究杭州湾跨海大桥项目的融资方式，通过计算WCC和IRR来分析该项目的可行性，以及该项目的不足之处。杭州湾跨海大桥作为国内首次在重点基础设施建设中引入BOT模式的先例，通过研究杭州湾跨海大桥这个案例来分析其民营化模式运作实践，及时总结经验教训，显然十分必要。1项目融资概述1.1项目融资的基本内涵1.1.1项目融资的概念项目融资是指项目发起人为项目的筹资和经营而专门成立项目公司，由项目公司承担贷款，并以项目的未来现金流量为首要还款来源的一种融资方式。1.1.2BOT项目融资模式概念BOT是Build一Operate一Transfer的缩写,为“基础设施特许权”。它实质上是基础设施投资、建设和经营的一种方式。以政府和私人机构之间达成协议为前提,由政府向私人机构颁布特许,允许其在一定时期内筹集资金建设某一基础设施并管理和经营该设施及其相应的产品与服务。政府对该机构提供的公共产品或服务的数量和价格可以有所限制,但保证私人资本具有获取利润的机会�整个过程中的风险由政府和私人机构分担。当特许期限结束时,私人机构按约定将该设施移交给政府部门,转由政府指定部门经营和管理。杭州湾跨海大桥项目融资分析21.1.3BOT项目融资的特征及结构BOT模式融资的基本结构通常是一种“有限追索权”(limitedrecourse)式的项目融资结构,贷款依靠项目现金流量来还款,各种项目风险由项目公司承担,项目发起人只承担类似“供货或付款”(put2or2pay)或“提货或付款”(take2or2pay)性质的承诺和一定数额的从属性贷款或贷款担保责任。BOT模式融资结构以特许权协议为基础,在融资安排过程中,一般要求项目公司将该协议权益转让给贷款银团作抵押,并设计专门机构控制的项目现金流量,以减少贷款的风险。在项目建设阶段,通常要求设备供应及工程承包公司提供一个“交钥匙合同”(turnkeycontract),以进一步降低贷款的风险。在项目运营阶段,要求经营公司根据经营协议负责好项目的运行、保养和维修,支付项目贷款本息,并为投资财团获得投资利润。最后,保证在BOT模式结束时,将一个运转良好的项目交给所在国政府或其他所属机构。1.2BOT项目融资的实际意义（1）拓宽资金渠道，有利于引进外资和国内民间资本，减少政府的财政支出和债务负担；（2）加快发展基础设施，更好地满足社会公众的需要；（3）降低政府的风险；（4）发挥外资和私营机构的能动性和创造性，引进先进的技术和管理经验，带动国内企业管理水平的提高；(5)合理利用资源，在一定程度上避免了无效益项目开工或重复建设；（6）有利于发展本国的资源市场。2.杭州湾大桥项目的项目融资分析2.1项目背景为了更好地促进长三角区域经济的发展，解决原有交通状况对该区域经济发展的制约，浙江省的宁波、嘉兴两地拟定共同出资兴建杭州湾大桥。杭州湾跨海大桥是国道主干线－同三线跨越杭州湾的便捷通道。大桥北起嘉兴市海盐郑家埭，跨越宽阔的杭州湾海域后止于宁波市慈溪水路湾，全长36Km。杭州湾跨海大桥项目融资分析32.2项目股权结构杭州湾大桥投资额约为107亿元，由宁波、嘉兴两地9:1的比例出资兴建。大桥投资额中的35%为注册资本，由股东按持股比例分担，其余通过贷款方式获得。杭州湾跨海大桥主要投资来自浙江省地方政府和浙江民营企业，没有依靠国家投资。来自民间的资本占了总资本的一半，包括雅戈尔、方太厨具、海通集团等民营企业都参与了对大桥的投资。宁波杭州湾跨海大桥需要的投资金额，最早的为64亿，2002年初升为87亿，2002年10月达到107亿，而到开工奠基时为118亿。投资118亿元。这是民间资本第一次大规模地参与到一个由国务院批准立项的国家特大型基础建设项目之中，此前，基础设施行业一直是民间资本市场准入的禁区。杭州湾跨海大桥项目融资分析42.3项目融资结构2.3.1贷款银团中国家开发银行承诺贷款40亿元，工商银行20亿元，中国银行5亿元，浦发银行5亿元，由于该项目的融资规模比较大，采取银团贷款的方式。有关银行在进行全面综合评估后，先后出具了由各总行签发的贷款承诺书。2003年6月2日，杭州湾大桥发展有限公司与各家银行正式签约。2.3.2承包商针对杭州湾跨海大桥的工程特点，结合国内外大型桥梁工程的建设经验，对杭州湾跨海大桥工程的施工承包方式，即施工总包与施工分包模式进行了分析比较，最终选择了施工分包的建设模式。主要的建筑承包商有：中铁大桥局集团有限公司、中国路桥集团、中国港湾建筑集团总公司第二航务工程局（中港二航局）等。大桥通信网络系统承包商是中国联通宁波分公司。2.3.3项目的可行性分析杭州湾跨海大桥的收费标准杭州湾跨海大桥项目融资分析5车类车辆类型收费标准（单位：元/每辆）一20座以下小客车80二20座以上40座以下小客车，2吨至5吨货车160三40座以上客车，5吨以上至10吨货车240四10吨以上至15吨货车280五15吨以上货车320大桥车流量预测单位：标准小客车(量/日)年份200820102015201620202027大桥通车量448895939379909605617741096490注：假设通车量每年增长15%已知贷款年利率为5.76%,投资回报率为12.50%,大桥项目建设期,银行贷款总额为924070万元,权益资金总额为331750万元。WACC=权益资金成本*权益资金占总资金的比例+负债资金成本*负债资金占总资金的比例=12.50%*331750/(331750+924070)+5.76%*924070/(924070+331750)=7.54%将每年的净现金流量折现，得NPV=1231202万元NPV0该项目可行内部报酬率——IRR是使投资项目的净现值等于零的贴现率，他实际上反映了投资项目的真