基础设施项目融资的国际经验

O. Bodnar
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摘要

摘要介绍。这篇文章专门讨论基础设施项目融资的国际经验问题。按照目前的发展速度,未来十年,世界上大多数国家的基础设施负荷将增加许多倍,及时发展基础设施将成为世界经济和贸易可持续增长的主要保证。大型基础设施的设计、建造和扩建需要数年时间,有关其融资机制的决定必须迅速做出,这就需要对这个问题进行进一步的研究。目的。在已进行的研究的基础上,发现经济增长的主要因素将是人口增加(到2030年将增加19%)至83亿人,城市化(到2030年城市人口将增加40%;其份额将从52%增长到58%,超过人口收入的增长,国际贸易和旅游业的进一步发展。作者形成了2020年全球投资结构,并发现根据分析师的估计,国家预算和国家基金的份额占基础设施投资的主要份额-超过65%。研究了基础设施项目总体负债结构中债务融资占主导地位的趋势。OECD以最大的机构投资者为对象进行了调查,并对调查结果进行了分析。结果。该研究考察了现代国家关于新融资机制的建议,特别是外国在实施国际项目债务和股权融资前景方面的经验,以及中国、印度和巴西等个别国家的经验。事实证明,过去该领域的投资风险过高,盈利能力不显著,限制了投资者的投资范围。结论。投资者对基础设施项目的兴趣每年都在增长,为基础设施项目融资需要新的来源,特别是增加该行业的私人投资。会议指出,乌克兰必须考虑并利用成功的世界经验为本国基础设施项目提供资金。
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International Experience of Financing Infrastructure Projects
Abstract. Introduction. The article is devoted to issues of international experience in financing infrastructure projects. At the current pace of development, the load on infrastructure in most countries of the world will increase many times over the next decade, and its timely development will become the main guarantee of sustainable growth of the world economy and trade. The design, construction, and expansion of large infrastructure facilities will take years, and decisions regarding their financing mechanisms must be made quickly, which necessitates additional research into this issue. Purpose. On the basis of the conducted research, it was found that the main factors of economic growth will be the increase of humanity (+19% by 2030) to 8.3 billion people, urbanization (the urban population will increase by 40% by 2030; and its share will grow from 52% to 58%), outpacing the growth of population incomes, further development of international trade and tourism. The authors formed the structure of investments in the world for 2020 and found out that the share of state budgets and national funds, according to analysts' estimates, accounts for the main volume of investments in infrastructure - more than 65%. The tendency of the predominance of debt financing in the general structure of liabilities of infrastructure projects has been studied. The results of the OECD study, which was conducted among the largest institutional investors, were analyzed. Results. The research examines modern state proposals for new financing mechanisms, in particular, foreign experience in implementing the prospects of debt and equity financing of international projects, as well as the experience of individual countries - China, India, and Brazil. It has been proven that in the past the investment risks in this area were too high and the profitability was insignificant, which limited the range of investors. Conclusions. Investor interest in infrastructure projects is growing every year, and financing infrastructure projects requires new sources, in particular, an increase in private investment in the industry. It was noted that it is important for Ukraine to take into account and use successful world experience to finance its own infrastructure projects.
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