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全球金融危机以来,由于银行开始去杠杆化,许多国家政府的财政预算受限,导致基础设施融资逐渐从银行转移至资本市场。本文对近年来全球范围内基础设施债券市场融资中典型模式进行介绍。通过案例阐述了绿色债券、市政债和项目债券这三种债券模式具体情况、融资结构、成功经验和潜在风险,总结基础设施融资的特点和经验,为我国基础设施融资提供参考。
Since the global financial crisis, the fiscal budget of many governments has been constrained as banks have begun to deleverage, leading to the gradual shift of infrastructure financing from banks to capital markets. This article describes the typical patterns of financing in the infrastructure bond market around the world in recent years. The case of green bonds, municipal bonds and project bonds are described three specific bond models, financing structure, successful experience and potential risks, summed up the characteristics and experience of infrastructure financing for China’s infrastructure financing to provide a reference.