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西部开发与“一带一路”建设的重点如社会公共基础设施、资源开发、环境保护等相关项目具有投资规模大、建设周期长、投资利润率较低等特点,而且西部经济存在着较为严重的结构型缺陷,对历史上形成的庞大资产尤其是国有资产存量进行结构性调整也需要巨额资金的投入。西部开发融资中面临融资规模庞大、项目投资额往往超过政府或其他投资者筹资能力,且融资项目本身经济强度往往不足以支持和满足其融资要求等现实。这一难题只有通过建立良性的资本形成机制加以解决,而良性资本形成机制的基础在于投融资结构的优化。依赖于政府投资和传统的银行信贷既不能从数量上满足开发的需要,更不能消除体制性、结构性和市场性三大制约因素。所谓投融资结构的优化是一个动态的过程,其内涵包括两方面:首先是投融资结构的多元化,唯有多种投资与融资方式并存和彼此竞争,才能创造出有效率的市场;其次就单一项目而言,在法律许可的范围内,通过多种投融资方式的组合、取舍和拼装,可以在最大程度上利用项目本身的经济强度,满足项目参与方不同的目的及要求。以下分别对多元化的投资和融资结构作简单论述。
The western development and “Belt and Road” key projects such as social public infrastructures, resource development and environmental protection have the characteristics of large investment scale, long construction period, low investment profit rate, etc., and the western economy is more serious Structural defects, the structural adjustment of the huge assets formed in history, especially the stock of state-owned assets also requires a huge investment of funds. Financing development in the western region is facing a large scale of financing, project investment often exceeds the ability of government or other investors to raise funds, and the financial strength of the financing itself is often not enough to support and meet its financing requirements. This problem can only be solved through the establishment of a benign mechanism of capital formation, which is based on the optimization of the structure of investment and financing. Relying on government investment and traditional bank credit can not meet the needs of development quantitatively, but can not eliminate the three major institutional, structural and market constraints. The so-called optimization of investment and financing structure is a dynamic process. Its connotation includes two aspects. First, the diversification of investment and financing structure can only create an efficient market if a variety of investment and financing modes coexist and compete with each other. In the case of a single project, the combination, choice and assembly of various modes of investment and financing can maximize the economic strength of the project and meet the different purposes and requirements of the project participants within the scope permitted by law. The following are a brief discussion of diversified investment and financing structures.