地方政府合规筹资的33条路径
发布日期:2022-05-26
阅读量:2371

近期,中共中央办公厅、国务院办公厅印发了《关于推进以县城为重要载体的城镇化建设的意见》,并发出通知,要求各地区各部门结合实际认真贯彻落实。《意见》的横空出世,为我国2800多个区县的命运指明了新的方向。


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县域经济是中国经济的重要组成部分


针对基础设施建设的资金来源问题,本文结合对《意见》的解读,为地方政府合规筹资提供了33条路径,供各位思考、参考。

01<<<<

以资本金注入、经营性资产注入,资源整合、归纳合并等方式,做大做强城投,城投以国企身份投资和服务于当地建设,完成政府施政目标。

02<<<<

城投转型、提高经营能力和市场化融资能力,多方筹集资金,投资于地方经济建设和公共服务项目。

03<<<<

合理布局城投资产和业务结构,发挥城投互相引流的作用,做大经营规模。

04<<<<

规划有经营收入的基础设施项目,以转型后实行企业化经营管理的城投为主体,以项目的经营性收入开展市场化融资。

05<<<<

以规范的ABO模式,用于有一定收益的基础设施项目,结合政府有限支持,实现企业市场化融资。

06 <<<<

其他符合以财政性资金支持《国有资本加大对公益性行业投入的指导意见》的模式。政府可合规给予企业资金支持。

07 <<<<

变政府投资、涉嫌垫资的“F+EPC模式为企业投资的“投资人+EPC”模式,变垫资为投资,以项目的经营性和政府的合规支持回收项目投资和融资。

08 <<<<

结合两类国资改革,优化产业、企业、资源、资产组合,城投归并、整合、上收,提高城投信用评级、增大城投经营收入,扩大其市场化融资能力。运用好交易所融资工具和交易商协会融资工具,发行公司债和融资券。

09 <<<<

发行企业债和项目收益债,运用好发改系统各类债券和融资工具。

10 <<<<

争取额度,发行地方政府一般债券、专项债券、项目自求平衡债券。合规要求参见我们此前发布的《债券大年,我们梳理了以下地方政府债券管理政策》

11 <<<<

合理规划专项债项目,充分挖掘项目经营性,合理确定项目主体和立项主体,合理利用“专项债+市场化融资”模式。

12 <<<<

合规运用PPP模式。不适合PPP模式的项目主动退库,腾出额度用于合适的项目。2015年我们就是这个意见。2022年,在其他“创新”模式受挫的情况下,随着PPP规范文件的出台,PPP模式有望迎来一定程度上的复苏。

13 <<<<

根据项目的收入特征,组合运用不同的融资工具。对于项目的基础设施和运营服务,可采用“专项债+市场化融资”、“专项债+PPP”等模式分别满足资金需求。

14 <<<<

运用好特许经营模式。几年的实践下来,我们认为应全面理解投融资改革,实事求是运用狭义PPP及特许经营等多种模式。

15 <<<<

有限、合适的范围内运用政府购买服务和采购工程模式。2016年初,我们首先发现了政府购买服务模式,提出了9大风险及12项风控措施。87号文之后,政府购买服务基本叫停;棚改也在住建55号文后叫停。但部分真实的购买服务以及土地征迁安置补偿以及3年期内的政府采购工程仍有操作空间。

16 <<<<

合理确定公共服务和基础设施项目的价格,适当延长运营期限,增加项目的可融资性,以及对于社会投资者的吸引力。

17 <<<<

政府与社会投资者采用股权合作方式,政府少分红或不分红,提高对社会投资者的吸引力,从而为本地建设和发展引入资金。注意:引入社会投资者,不是只能采用狭义PPP模式。

18 <<<<

合理合规配置各类资源,提供土地使用,赋予专营地位等,使项目具有可融资性。做好区域跨行业跨平台跨所有制的投融资规划。

19 <<<<

挖掘、增加基础设施项目的商业价值。基础设施的建设要考虑市场需求,增加商业用途。即使是欠发达地区,只要当地有人民,哪怕人民社保也靠转移支付,只要能把人民的消费留下来,就是很大的功绩。

20 <<<<

设立按出资额承担有限责任的担保公司,利用好市场化的担保、增信工具。

21 <<<<

盘活存量资产的融资:TOT、ROT、TOO,转让股权、转让经营权、引入投资者等。

22 <<<<

以未来收益为支持的融资:资产证券化,基础设施REITs、ABS、ABN、REITs等。

23 <<<<

深刻分析区位优势、资源禀赋和市场潜力,规划具有市场吸引力的项目,做好招商引资和产业导入。金融机构可利用全系统的产业分析和客户资源予以协助。

24 <<<<

以土地开发的终端产出(房屋销售、租赁收入或以上盖物开展的经营收入)为还款来源,而开发的符合商业逻辑的、注意全产业链各个环节合规的融资模式。此模式应关注终端产出的市场需求。

25 <<<<

根据地块现状和产权情况,灵活运用国家低效用地再开发政策,规划旧改、城市更新、TOD、EOD、矿山生态修复、新型产业用地、工改工、工改商、退二进三等项目,增加项目的自平衡,以项目的自平衡开展融资,扩大片区开发资金来源。

26 <<<<

通过区域内综合平衡乃至跨片区、异地平衡的方式,配合政府的支持资金、专项债等,结合项目经营收入和居民的投入,筹集老旧小区改造资金。

27 <<<<

以未来社区理念,增加片区的智能化、生态化、舒适度及和谐性,合理变更容积率、绿化率计算方式,增加项目可开发面积,结合居民为美好生活愿意承担的经济支出,实现项目自平衡,筹集资金,开展更高层次的老旧小区改造。

28 <<<<

运用好上市和非上市两种资源,投贷结合,招商引资,放大融资价值,实现套现。

29 <<<<

分析中央补短板、扶贫开发、促进区域协调发展各项政策,了解投资重点,争取资金和项目支持;

30 <<<<

利用建设用地指标增减挂钩平衡政策,做好土地资源保护,并获取资金。通过一定的政策,将指标转让收入作为公益性项目的收入来源。

31 <<<<

利用好乡村振兴政策和农村土地流转、三权改革等政策,通过打通农村居民融资,返哺公共项目。

32 <<<<

通过城乡一体化运营、厂网一体化运营、产城融合、公共服务与商业运营结合等肥瘦搭配的方式,以及以上带下,高评级主体统一授信等方式,配合政府以资本金注入、资源注入、财政补贴等方式,探索解决农村公路、供水、污水和垃圾处理,文化公园、体育公园等准公益性项目的建设资金问题。

33 <<<<

规划好本地的资源条件、招商能力、融资方式,深刻理解国家政策,合理配置项目的公益性、准公益性、商业属性,综合运用政府投资、商业开发、广义政企合作等方式,并考虑资金的滚动可接续性,系统筹划区域投融资活动,获得可持续的健康的发展。

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FreeMarker template error (HTML_DEBUG mode; use RETHROW in production!)

The following has evaluated to null or missing:
==> langConfig  [in template "public_include/wap/module/version_1/language.html" at line 49, column 14]

----
Tip: If the failing expression is known to be legally refer to something that's sometimes null or missing, either specify a default value like myOptionalVar!myDefault, or use <#if myOptionalVar??>when-present<#else>when-missing</#if>. (These only cover the last step of the expression; to cover the whole expression, use parenthesis: (myOptionalVar.foo)!myDefault, (myOptionalVar.foo)??
----

----
FTL stack trace ("~" means nesting-related):
	- Failed at: #if langConfig.status?string = "false"  [in template "public_include/wap/module/version_1/language.html" at line 49, column 9]
	- Reached through: #include "/public_include/wap/module/...  [in template "tpl/2018/03/22/2620611732914496//wap/com_5.html" at line 5, column 1]
	- Reached through: #include "com_5.html"  [in template "tpl/2018/03/22/2620611732914496//wap/displaynews.html" at line 69, column 6]
----

Java stack trace (for programmers):
----
freemarker.core.InvalidReferenceException: [... Exception message was already printed; see it above ...]
	at freemarker.core.InvalidReferenceException.getInstance(InvalidReferenceException.java:134)
	at freemarker.core.UnexpectedTypeException.newDesciptionBuilder(UnexpectedTypeException.java:80)
	at freemarker.core.UnexpectedTypeException.<init>(UnexpectedTypeException.java:43)
	at freemarker.core.NonHashException.<init>(NonHashException.java:49)
	at freemarker.core.Dot._eval(Dot.java:48)
	at freemarker.core.Expression.eval(Expression.java:81)
	at freemarker.core.BuiltInsForMultipleTypes$stringBI._eval(BuiltInsForMultipleTypes.java:692)
	at freemarker.core.Expression.eval(Expression.java:81)
	at freemarker.core.EvalUtil.compare(EvalUtil.java:111)
	at freemarker.core.ComparisonExpression.evalToBoolean(ComparisonExpression.java:62)
	at freemarker.core.ConditionalBlock.accept(ConditionalBlock.java:48)
	at freemarker.core.Environment.visit(Environment.java:327)
	at freemarker.core.Environment.visit(Environment.java:333)
	at freemarker.core.Environment.include(Environment.java:2509)
	at freemarker.core.Include.accept(Include.java:171)
	at freemarker.core.Environment.visit(Environment.java:327)
	at freemarker.core.Environment.visit(Environment.java:333)
	at freemarker.core.Environment.include(Environment.java:2509)
	at freemarker.core.Include.accept(Include.java:171)
	at freemarker.core.Environment.visit(Environment.java:327)
	at freemarker.core.Environment.visit(Environment.java:333)
	at freemarker.core.Environment.process(Environment.java:306)
	at freemarker.ext.servlet.FreemarkerServlet.processEnvironment(FreemarkerServlet.java:946)
	at freemarker.ext.servlet.FreemarkerServlet.process(FreemarkerServlet.java:910)
	at freemarker.ext.servlet.FreemarkerServlet.doGet(FreemarkerServlet.java:769)
	at javax.servlet.http.HttpServlet.service(HttpServlet.java:622)
	at javax.servlet.http.HttpServlet.service(HttpServlet.java:729)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:292)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207)
	at org.apache.tomcat.websocket.server.WsFilter.doFilter(WsFilter.java:52)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207)
	at com.kenfor.iyong.web.util.filter.NotAllowedToTunFilesFilter.doFilter(NotAllowedToTunFilesFilter.java:154)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207)
	at com.kenfor.iyong.web.util.filter.InvalidXSSFilter.doFilter(InvalidXSSFilter.java:40)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207)
	at org.springframework.web.filter.CharacterEncodingFilter.doFilterInternal(CharacterEncodingFilter.java:121)
	at org.springframework.web.filter.OncePerRequestFilter.doFilter(OncePerRequestFilter.java:107)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207)
	at org.apache.catalina.core.StandardWrapperValve.invoke(StandardWrapperValve.java:212)
	at org.apache.catalina.core.StandardContextValve.invoke(StandardContextValve.java:106)
	at org.apache.catalina.authenticator.AuthenticatorBase.invoke(AuthenticatorBase.java:502)
	at com.orangefunction.tomcat.redissessions.RedisSessionHandlerValve.invoke(RedisSessionHandlerValve.java:26)
	at org.apache.catalina.core.StandardHostValve.invoke(StandardHostValve.java:141)
	at org.apache.catalina.valves.ErrorReportValve.invoke(ErrorReportValve.java:79)
	at org.apache.catalina.valves.AbstractAccessLogValve.invoke(AbstractAccessLogValve.java:616)
	at org.apache.catalina.core.StandardEngineValve.invoke(StandardEngineValve.java:88)
	at org.apache.catalina.connector.CoyoteAdapter.service(CoyoteAdapter.java:528)
	at org.apache.coyote.ajp.AbstractAjpProcessor.process(AbstractAjpProcessor.java:873)
	at org.apache.coyote.AbstractProtocol$AbstractConnectionHandler.process(AbstractProtocol.java:687)
	at org.apache.tomcat.util.net.NioEndpoint$SocketProcessor.doRun(NioEndpoint.java:1520)
	at org.apache.tomcat.util.net.NioEndpoint$SocketProcessor.run(NioEndpoint.java:1476)
	at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1142)
	at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:617)
	at org.apache.tomcat.util.threads.TaskThread$WrappingRunnable.run(TaskThread.java:61)
	at java.lang.Thread.run(Thread.java:745)

FreeMarker template error: The following has evaluated to null or missing: ==> langConfig [in template "public_include/wap/module/version_1/language.html" at line 49, column 14] ---- Tip: If the failing expression is known to be legally refer to something that's sometimes null or missing, either specify a default value like myOptionalVar!myDefault, or use <#if myOptionalVar??>when-present<#else>when-missing. (These only cover the last step of the expression; to cover the whole expression, use parenthesis: (myOptionalVar.foo)!myDefault, (myOptionalVar.foo)?? ---- ---- FTL stack trace ("~" means nesting-related): - Failed at: #if langConfig.status?string = "false" [in template "public_include/wap/module/version_1/language.html" at line 49, column 9] - Reached through: #include "/public_include/wap/module/... [in template "tpl/2018/03/22/2620611732914496//wap/com_5.html" at line 5, column 1] - Reached through: #include "com_5.html" [in template "tpl/2018/03/22/2620611732914496//wap/displaynews.html" at line 69, column 6] ---- Java stack trace (for programmers): ---- freemarker.core.InvalidReferenceException: [... Exception message was already printed; see it above ...] at freemarker.core.InvalidReferenceException.getInstance(InvalidReferenceException.java:134) at freemarker.core.UnexpectedTypeException.newDesciptionBuilder(UnexpectedTypeException.java:80) at freemarker.core.UnexpectedTypeException.(UnexpectedTypeException.java:43) at freemarker.core.NonHashException.(NonHashException.java:49) at freemarker.core.Dot._eval(Dot.java:48) at freemarker.core.Expression.eval(Expression.java:81) at freemarker.core.BuiltInsForMultipleTypes$stringBI._eval(BuiltInsForMultipleTypes.java:692) at freemarker.core.Expression.eval(Expression.java:81) at freemarker.core.EvalUtil.compare(EvalUtil.java:111) at freemarker.core.ComparisonExpression.evalToBoolean(ComparisonExpression.java:62) at freemarker.core.ConditionalBlock.accept(ConditionalBlock.java:48) at freemarker.core.Environment.visit(Environment.java:327) at freemarker.core.Environment.visit(Environment.java:333) at freemarker.core.Environment.include(Environment.java:2509) at freemarker.core.Include.accept(Include.java:171) at freemarker.core.Environment.visit(Environment.java:327) at freemarker.core.Environment.visit(Environment.java:333) at freemarker.core.Environment.include(Environment.java:2509) at freemarker.core.Include.accept(Include.java:171) at freemarker.core.Environment.visit(Environment.java:327) at freemarker.core.Environment.visit(Environment.java:333) at freemarker.core.Environment.process(Environment.java:306) at freemarker.ext.servlet.FreemarkerServlet.processEnvironment(FreemarkerServlet.java:946) at freemarker.ext.servlet.FreemarkerServlet.process(FreemarkerServlet.java:910) at freemarker.ext.servlet.FreemarkerServlet.doGet(FreemarkerServlet.java:769) at javax.servlet.http.HttpServlet.service(HttpServlet.java:622) at javax.servlet.http.HttpServlet.service(HttpServlet.java:729) at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:292) at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207) at org.apache.tomcat.websocket.server.WsFilter.doFilter(WsFilter.java:52) at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240) at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207) at com.kenfor.iyong.web.util.filter.NotAllowedToTunFilesFilter.doFilter(NotAllowedToTunFilesFilter.java:154) at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240) at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207) at com.kenfor.iyong.web.util.filter.InvalidXSSFilter.doFilter(InvalidXSSFilter.java:40) at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240) at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207) at org.springframework.web.filter.CharacterEncodingFilter.doFilterInternal(CharacterEncodingFilter.java:121) at org.springframework.web.filter.OncePerRequestFilter.doFilter(OncePerRequestFilter.java:107) at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:240) at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:207) at org.apache.catalina.core.StandardWrapperValve.invoke(StandardWrapperValve.java:212) at org.apache.catalina.core.StandardContextValve.invoke(StandardContextValve.java:106) at org.apache.catalina.authenticator.AuthenticatorBase.invoke(AuthenticatorBase.java:502) at com.orangefunction.tomcat.redissessions.RedisSessionHandlerValve.invoke(RedisSessionHandlerValve.java:26) at org.apache.catalina.core.StandardHostValve.invoke(StandardHostValve.java:141) at org.apache.catalina.valves.ErrorReportValve.invoke(ErrorReportValve.java:79) at org.apache.catalina.valves.AbstractAccessLogValve.invoke(AbstractAccessLogValve.java:616) at org.apache.catalina.core.StandardEngineValve.invoke(StandardEngineValve.java:88) at org.apache.catalina.connector.CoyoteAdapter.service(CoyoteAdapter.java:528) at org.apache.coyote.ajp.AbstractAjpProcessor.process(AbstractAjpProcessor.java:873) at org.apache.coyote.AbstractProtocol$AbstractConnectionHandler.process(AbstractProtocol.java:687) at org.apache.tomcat.util.net.NioEndpoint$SocketProcessor.doRun(NioEndpoint.java:1520) at org.apache.tomcat.util.net.NioEndpoint$SocketProcessor.run(NioEndpoint.java:1476) at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1142) at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:617) at org.apache.tomcat.util.threads.TaskThread$WrappingRunnable.run(TaskThread.java:61) at java.lang.Thread.run(Thread.java:745)