2026年基建融资大趋势之市场化融资模式的退散

Core Insights - The infrastructure financing landscape has undergone significant changes in 2023, with new policies emerging that challenge previous financing models and practices [2][11][20] - The concept of market-oriented financing has been exposed as a facade, revealing that government-backed returns have been the norm rather than true market-driven profits [3][7][19] Group 1: Market Dynamics - Market-oriented returns are insufficient to cover the substantial investments required for infrastructure projects, as they only yield average market profits [3] - Any infrastructure sector showing profitability will likely become independent and no longer rely on government funding, transitioning into a competitive market [4] - There is a strict separation between market-oriented revenues and fiscal revenues, preventing market projects from capturing government monopoly income [5] Group 2: Financing Tools and Mechanisms - Traditional fixed-income infrastructure financing tools are gradually disappearing, while market-oriented financing tools are retreating [6] - New mechanisms introduced at the end of 2023 prohibit the use of government funds to cover construction costs, focusing instead on user-pay projects [11][13] - The new framework clearly delineates the boundaries of government subsidies, ensuring that only projects with sufficient revenue to cover costs can proceed [12][18] Group 3: EOD and XOD Models - The EOD (Ecological-Oriented Development) model emphasizes user payment without relying on government funding, contrasting with traditional financing methods [21][24] - XOD (e.g., Transit-Oriented Development) is recognized as a planning approach rather than a financing model, failing to address the funding needs for primary land development [25][29] - The EOD model and new mechanisms for special concessions diverge significantly from traditional area development, focusing on user fees rather than fiscal revenues [33][36]