开发性金融与基础设施投融资发展100622

开发性金融对基础设施做出重大贡献,有很多理论问题值得深入研究。

开发性金融与基础设施投融资发展　

倪经纬１　

（国家开发银行研究院，上海，２００１２０）　

一、我国基础设施建设是长期艰巨的任务...................................................................................2

（一）科学认识基础设施特点...............................................................................................2

（二）任务艰巨性：新建需求大、维护成本高，融资难度大...........................................3

（三）关键是中长期信用基础建设：期限结构和系统性风险...........................................7

二、基础设施建设的融资信用问题...............................................................................................9

（一）投入产出的结构性不平衡问题...................................................................................9

（二）投融资主体的信用体系建设问题...............................................................................9

（三）经济周期的系统性风险问题.....................................................................................10

三、基础设施建设的融资运行原理.............................................................................................11

（一）融资信用规律：构建良性循环的信用链.................................................................11

（二）融资机制体系：形成整体运行的机制链.................................................................13

（三）融资产品设计：开发适合国情的产品链.................................................................15

四、建立有中国特色的基础设施建设投融资体系.....................................................................16

（一）国际比较....................................................................................................................16

（二）中国特色的基础设施建设投融资体系.....................................................................18 　

【摘要】　纵观国内外形势，我国正处于重要战略选择期，基础设施内生性需求巨大，是转变经济发展方式的基础。本文从基础设施投融资入手，分析当前我国基础设施建设面临的艰巨任务和挑战，指出基础设施建设存在的融资信用问题，基于实践经验研究开发性金融在推动基础设施融资信用建设和投融资运行体系构建方面的原理和方法，通过国际比较提出构建符合中国国情的基础设施投融资体系设想。　

关键词：基础设施　开发性金融　投融资　

【Abstract】China is facing an important term for strategic choice according to internal and international situation. There are huge endogenetic demands for infrastructure, which is the foundation for transformation of economic growth pattern. This paper analyzes the arduous tasks and challenges infrastructure construction of China is being faced with. It indicates the financial credit problems of infrastructure construction and researches the principles and methods of development finance on the aspects of promotion on financial credit construction and building on operation systems of investment and finance of infrastructure. All the research is based on practical experiences. The thesis also gives some suggestions on construction of investment and financial systems of infrastructure which are accorded with Chinese situation by international comparison.

Key Words: Infrastructure; Development Finance; Investment & Finance 1 倪经纬（1977 —），男，江苏丹徒人，中国人民银行研究生部在职博士生，供职于国家开发银行研究院。

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