信息基础设施是国家基础设施的重要组成部分,是新型基础设施的核心。在国家政策的积极引导下,地方政府加速信息基础产业布局,该类项目逐渐成为地方政府项目收益专项债资金的重要投放领域。2021年1~9月该类新增专项债呈现发行期限以长期为主、区域间发行规模分布不均等特点。该类项目主要以产业园为载体,项目收入来源多元,项目周期较短。从项目信用特点看,以产业园区建设为载体的项目受经济周期及社会风险影响较大;配套设施质量影响项目收入,技术更新速度加大运营不确定性;专项资金与财政资金到位情况、项目主体的融资渠道情况将影响项目现金流。未来,要实现信息基础设施类地方政府项目收益专项债的进一步发展,应加强对募投项目的筛选,细化项目信息披露要求,规范项目收入成本测算,合理安排期限结构。
<<Information infrastructure is an important part of national infrastructure and the core of new infrastructure. Under the active guidance of national policies,local governments have accelerated the deployment of information infrastructure industries,and such projects have gradually become an important investment area for the funds of local government project revenue special bonds. From January to September of 2021,this type of newly-added special bonds presents the characteristics of long-term issuance period and uneven distribution of issuance scale among regions. This type of projects which are mainly based on industrial parks have diversified sources of project income and the project cycles are relatively short. From the perspective of project credit characteristics,projects based on industrial parks construction are greatly affected by economic cycles and social risks;the quality of supporting facilities may affect project revenues,and the speed of technological updates may increase operational uncertainty;the availability of special funds and fiscal funds,and the smoothness of the financing channels of the project subject will affect the cash flow of the project. In the future,in order to achieve the further development of special bond for information infrastructure projects,it is necessary to strengthen the screening of fund-raising projects,refine project information disclosure requirements,standardize project revenue cost calculations,and rationally arrange the term structure.
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