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Position: Home > Articles > Investment and Financing of Rural Roads:Views of Externality and Property Rights Market Issues in Agricultural Economy 2008,29 (02) 71-78+113-114

农村公路投融资:外部性与产权市场的视角

作  者：
刘峰涛
单  位：
东华大学旭日工商管理学院
关键词：
农村公路;投融资模式;外部性产权证券;外部性税收增量
摘  要：
农村公路是纯公共物品,其建设存在资金短缺的问题,但传统的公路投融资模式并不适于农村公路。本文基于外部性和产权市场的视角,构建了针对农村公路的投融资模式——外部性产权证券(Externality Property-rights Securities,EPS)。在理论上,运用新制度经济学理论阐释了农村公路外部性的真实性、融资的可能性和产权融资的受众。在操作上,定位农村公路外部性产权为"外部性税收增量",并将其证券化为"税收增量抵扣证券",为投资找到回报的真实基础;明确农村企业的主体性作用,形成以政府、特设机构、投资者和农村企业四方交易网络;设计了EPS的发行和交易程序。
译  名：
Investment and Financing of Rural Roads:Views of Externality and Property Rights Market
作  者：
LIU Fengtao
摘  要：
Rural roads are pure public goods,and the problem of capital shortage exists in their construction process,but the traditional model of road investment and financing does not fit rural roads.A new model of investment and financing,i.e.the Externality Property rights Securities(EPS),which was aimed at the rural roads,was introduced in this paper based on the view of externality and property rights market.Theoretically,the neoclassical theory and the new institutional economics theory were used to elucidate the facticity of rural road externality,the feasibility of financing,and the audience of property rights financing.From the operational view,the externality property rights of rural roads were definedas externality tax increment,which was further treated as tax increment offset securities to find the real basis of returns to the investment.The rural enterprises were defined to be the main body of EPS,and the government-special purpose vehicle-investor-rural enterprises four-side trading network was formed.The emitting and trading programs of EPS were designed too.In a word,the model of EPS is theoretically feasible,operational and of low risk,so it is an appropriate model for investment and financing to rural roads.

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