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專刊四 | “新基建”大時代的到來及對債市影響

編者按:

3月4日,中共中央政治局常務委員會召開會議,會議指出要加快5G網絡、數據中心等新型基礎設施建設進度。一時間,“新基建”成為經濟大熱詞。

本期,火狐體育官方網站將以“新基建”作為時代背景,闡述“新”“舊”基建兩者區別,并著重對債券市場影響及城投類企業融資渠道拓展做出火狐体育的分析判斷。


按照中共中央政治局常務委員會會議內容,“新基建”主要涉及七大領域:5G基建、特高壓、城際高速鐵路和城市軌道交通、新能源汽車充電樁、大數據中心、人工智能、工業互聯網。

zhongsuozhouzhi,touzi、xiaofei、chukoukeweijingjide“sanjiamache”。xiaofeiduiyingdeshineixu,chukouduiyingdeshiwaixu,dangyiqingkuosandaoquanqiu,wulunneixuhuanshiwaixujunshoudaoyingxiang,touzijiuchengweiwenjingjidezhongzhongzhizhong。

“新”“舊”基建時代的區別

(四)政府信用代替資本信用


xiangbiyu2008nian“siwanyi”jingjicijizhuyaoyikao“zibenxinyong”kuozhangdefangfa,“xinjijian”gengqingxiangyuyong“zhengfuxinyong”dekuozhang,bingtongguozhongyangzhengfudexinyongkuozhanglishundifangzhengfudexinyongkuozhang。cilun“xinjijian”yongdaguimofaxingguojiazhaiquan、difangzhengfuzhuanxiangzhaidefangshi,congquanqiuzibenheshehuizibenchoujizijin,wanchengzuichudexiangmuqidong,shixianduiziyuandeyouxiaodiaopei。

二、1:地方專項債相關規范文件列表


1、zhuanxiangzhaibenzhisuishicaizhengxingwei,danqizaikuorongdeguochengzhongyijingchengweiqudongjijiandehexinyinsu,keyijiangqikanchengyizhongleijijianmoshi。zhuanxiangzhaidefaxingyushiyongzhuticuopei,youshengjizhengfufaxing,shixianshiyong,genjujutidifangdecaizhengnenglifanxiangguagou,anxuxiafaedu。

2、zhuanxiangzhaizunxun“zhujishangbao,shenhexiafa”yuanze,liuchengxiangduijiandan,shenqingzhouqijiaoduan。

3、zhuanxiangzhaixiangmuzishenshouyixiangduijianshechengbendequekounaruzhengfuxingjijinguanli,jitongguotudichurangchangfu,yitudicaizhengweihexindezhuanxiangzhaifaxingyudifangjichusheshijianshedexuqiushixianlelinghuopipei。

4、zhuanxiangzhaipingjunfaxingqixianyue9nian,peitaoxiangduijiaoduandexiangmushijian,canyuzhutidebuquedingxingdedaogaishan,yedafujiangdilepeitaorongzidenandu。

muqianjijianxiangmutouziqueshiyouhuinuanqushi,yixiechengtoudejijianjihuayousuodiaosheng,qiejindujiakuai。zaizijinlaiyuanshang,zhuanxiangzhaibeishiweizhongyaoqudao,yifangmianqizuoweizibenjinkeqiaodongganggan,lingyifangmiankeyitongguo“zhuanxiangzhai+shichanghuarongzi”defangshiyinrujinrongjigouzijin,zhuanxiangzhaiquanhenkenengyechengweizhinengjijiandezhongyaorongzilaiyuan。


“新基建”時代下的城投類企業業務模式及融資渠道探討

2:各地區2020年重大項目投資清單一覽表



chengtougongsizuoweigedizhengfuxiaquneizuizhuyaodexiangmujiansheguanlifang,jinniangedifangxinjiandapixiangmu,suoxuzijinquekouyeshijudade,genjushangbiaozhongyilieshidexiangmutouzigailan,zhaiquanquandepengyoumenkezhongdianguanzhuyunnan、fujian、sichuan、henan、shanxidengdidezijinquekou。

(二)城投企業參加基建的模式



xinjijianqidalingyuzhong,chengtouqiyezuiyoukenengchengjiedejiushi“5gwangluo”、“chengjigaosutieluhechengjiguidaojiaotong”、“xinnengyuanqichechongdianzhuang”。

1、zaizhengfuyijiejuexiangmuzijindeqingkuangxia,chengtougongsijinchengdangongchengxiangmudeqianqigongzuo、zhaotoubiaoguanli、xiangmuguanlideng,buchengdanxiangguanrongzizhineng,zhengfucaizhengangongchengjindufenjieduanzhifushigongfanggongchengkuan,chengtougongsianzhaohetongyuedingbiaozhunshouquxiangmudaijianguanlifei。

2、zaizhengfuweijiejuexiangmuzijindeqingkuangxia,chengtougongsizuoweirongzizhutibingchengdanjiansheguanlizhineng,weilejiejuechengtougongsidezijinwenti,zhengfuhuizhenduijijianxiangmujianlixiangyingdeliyibuchangjizhi,shuangfangqiandingweituodaijianxieyi,youchengtougongsixianxingdianfujianshezhichu,zhengfufenjieduanfanhuangongsichengben,chengtougongsishouqudaijianguanlifeizuoweilirun。zaizhezhongqingkuangxia,chengtougongsidezijinxuqiuhuichixuzengjia,rongziyalijianghuijiada。


(三)城投公司融資渠道的拓展探討


chengtougongsizuoweiquyuchanyefazhandecanyuzhe,tongguoshelifaxingzhaiquan、chanyejijin、yinruzhanlvetouziren、shougoushangshigongsikongzhiquandengduozhongfangshi,jijironghedaoxinjijiandefazhandachaozhong,yichanxingcheng,yichanyefazhancujinchengtourongzi。

1、jijiyinruwaizi,faxinghaiwaizhai

zaiquanqiujinrongshichangdizhenhou,jichusheshitouzijuyouchangqi、wendingdetexing,qiewoguodezonghejingzhengliriyitisheng,shoudaoguojishichangderenkeduzhengzaiwenbutigao,yiranchengweiquanqiuzijinbixiandeyigexinxuanze。

xiangbiwoguoqitachanyedetouzishouyilv,jijiantouzideshouyilvshixiangduijiaodide。danduibirujingeguodetouzishouyilv,rengranyouhenqiangdejingzhengli,jiashangrenminbidewendingxingwenbutigao,touzizhongguoyiranchengweiquanqiutouzizhedegongshi。

zheyici,womendejijianxinshidaikeyirangchengtouhaiwaifazhai,youqishizhijiezaijingwaifaxingzhaiquan,duijingwaidetouzirenlaishuojihumeiyoucanyudemenjian,yeshiyongyufaxingzhaiquansuozaiguodefalvfagui,zonghefengxianzhishujiaodi,tongshichengtouzhaide“teshuxing”yekaishizhujianbeiquanqiutouzirensuorenke。zairujindequshixia,chengtouzaicichuhaifazhaiyichengdashisuoqu,jiangchengweishouquanqiutouzirenhuanyingdezhaiquan,rangquanqiuzijincanyudaowoguojijianzhonglai。

2、jijianabsdefazhanjihui

jijiantouzixingyechangqibeizijinhuishouzhouqiguochangdewentisuokunrao,tongguoabslaitiqianhuishouzijin、jinxinggundongtouziyoufeichangjijideyiyi。changqiyilai,shouzhiyuzhengce、jijianyunzuojizhidengduozhongyinsudexianzhi,touzijijiandezijindabufenjunweizhaiquantouzi,xiaobufendeguquantouzitongyangyiminggushizhaiweizhu,jidadexianzhilejijiantouzidelaiyuan。zhejixianzhilezijindetouxiang,yebuliyujijianxingyedefazhan。

zi2015nianzhengfugaigehou,guojiatichulejijianlingyudeshichanghuagaige,kaishirangyipifuhetiaojiandejijianxiangmutongguoshichanghuamoshishishi,duoqudaojiejuetouzijijiandezijinwenti,youqishizibenjinwenti。cihouyipijinrongjigoukaishishishuijijiandeguquantouzi,danyoujigezhuyaomaodunhennanjiejue:

yishijijianxiangmudezhouqiguochang,touziqixianwufayouxiaopipei;

ershiguquantouzidetuichufangshiweinengyouxiaomingque,cunzaijiaodadezhangai;

sanshiyouyushichangjizhidebuwanshan,jijiantouzilingyudechanchuyufengxianshangbupipei。

suizhujijianlingyujixutuijinshichanghuagaige,daole2019nianmo,guowuyuanfabule《guanyujiaqianggudingzichantouzixiangmuzibenjinguanlidetongzhi》,jiangdilebufenjijianxiangmudezibenjinyaoqiu,bingyunxutongguofaxingquanyileichanpindengfangshichoucuodegeleizijinzuoweixiangmudeguquantouzi。zailishunlejijianxiangmudeguquantouzilujinghemoshihou,jijianleiabsdeyiyikaishixianxian。

jinrongjigoukeyitongguoquanyileichanpinchoucuozijin、yongyujijianxiangmudeguquantouzi,bingzaixiangmujinruyunyingqi、fuheabsdefaxingtiaojianhoutiqianhuishouxiangmutouzi,xingchengzijinbihuan。zaizheyimoshixia,jijianxiangmuderongzichengbenjiangyouxiaojiangdi,qiejiasulezijinhuishoudesudu,tigaolezhengtidetouzixiaolv。ciwai,jijianleiabsdepengbofazhanyoujiasulejijianshichanghuagaigedejincheng。zaijijianxiangmufaxingabshou,youxiaocushijijiandechanquanyuyunyingquanxiangfenli,shijijianyunyingshichangtongyangjiasufazhan;zaiyunyingshichanghuahou,youcushijijianxiangmudeyunyingfengxianyouxiaojiangdi,xingchenglebicicujindezhengxunhuan。

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