海外之声 | 基建融资缺口的填补能够吸引投资者参与新兴项目（中英双语）

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本文作者是世界银行的执行董事，国际货币金融机构官方论坛咨询委员会的成员Otaviano Canuto，原文摘自2017年11月8日的国际货币金融机构官方论坛评论（OMFIF Commentary），OMFIF是一家总部位于伦敦的全球金融智库。

作者提出，世界经济的基础设施需求和可用融资之间存在相当大的缺口。这一缺口在新兴市场尤其明显。基础设施投资已达不到支撑潜在增长所需的水平。与此同时，世界市场上的金融资源面临着低长期利率的困境，而潜在基础设施资产带来更高回报的机会却被忽略了。基础设施投资的匮乏和全球经济的储蓄流动性过剩之间的反差必须得到解决。

因此作者提出提高成熟的金融市场和金融工具的可用性将有助于促进不同金融机构之间的伙伴关系。增加私人投资者参与和设计合理的融资结构既可以增加资金，又能提高基础设施项目的效率。

中文译文如下：

填补基础设施融资缺口

吸引投资者参与新兴项目

Otaviano Canuto

翻译：肖柏高

审校：陆可凡

2017年11月8日

世界经济的基础设施需求和可用融资之间存在相当大的缺口。这一缺口在新兴市场尤其明显。

基础设施投资已达不到支撑潜在增长所需的水平。与此同时，世界市场上的金融资源面临着低长期利率的困境，而潜在基础设施资产带来更高回报的机会却被忽略了。

有着良好组织的项目的发展，以及与利益相关者的激励相符的风险和收益分配，将有助于缩小私营部门融资和基础设施之间的差距。全球基础设施投资，包括来自国际金融机构、公共投资和公私合作的投资，每年大约有1.7万亿美元，但资金缺口还是超过1万亿美元。

全球基础设施融资未能发挥其潜力，机构投资者和其他私营部门的参与者可以在适当的条件下增加投资份额。私人部门投资和机构投资者资本经常被视为填补基础设施资金缺口的可能资金来源。根据世界经济论坛(World Economic Forum)的数据，2015年机构投资者管理资产超过50万亿美元，而2007年为30万亿美元。

在选择国家、项目类型以及投资项目周期的哪个阶段时，机构投资者必须考虑自己的激励、约束和目标。风险没有得到充分保障是项目融不到足够资金的最常见原因之一。确定有吸引力的投资机会，并以更系统的方式将投资者与这些前景进行匹配，是解决基础设施资金短缺的关键方法之一。

项目结构的异质性经常被认为是推动更多资本流向基础设施投资的关键障碍。缺乏数据、不同的合同结构和不同的监管环境都是这个难题的一部分。然而，专注于提高为不同类型机构投资者量身定制的产品的广度，可能会获得更大的短期回报。

货币风险是国际投资者在新兴市场面临的一个主要因素。出口信贷机构可以帮助应对这一挑战，尽管往往代价高昂。其他经常被提及的挑战是金融工具的稀缺性和复杂性，以及它们的高成本。债券等固定收益工具——包括项目债券、次级主权债券、绿色债券和伊斯兰债券（sukuk）——以及贷款，可能会更好地满足新兴经济体广泛的机构投资者的需求。

开发性金融机构是投资的重要催化剂。它们可以将私人资本吸引到国家和行业的一些长期项目中，尽管市场可能会察觉到它们高风险，但它们能带来重大的发展成果。这些机构提供了自己的资金和担保，从而提高了债权人的地位。通过辛迪加组织把合作伙伴引入特定的交易,同样可以产生额外的融资。此外，开发性金融机构可以拓宽可投资项目的融资管道。非银行金融机构经常强调，此类管道的稀缺是加大基础设施投资的障碍。

开发银行正在尝试各种机制，通过风险转移和信用增强工具来分散第三方的风险。这些机制包括担保、保险政策和套期保值机制，在收费的情况下，机制供应方将同意赔偿受让者由于某些特定情况导致的违约或损失。

基础设施投资的匮乏和全球经济的储蓄流动性过剩之间的反差必须得到解决。降低法律、监管和政策风险是必不可少的步骤。提高成熟的金融市场和金融工具的可用性将有助于促进不同金融机构之间的伙伴关系。增加私人投资者参与和设计合理的融资结构既可以增加资金，又能提高基础设施项目的效率。建立这样的桥梁对于资源丰富的金融从业人员来说是一件很容易的事情。

Otaviano Canuto是世界银行的执行董事，也是OMFIF咨询委员会的成员。

英文原文如下：

Filling the infrastructure financing gap

Attracting investors to emerging projects

by OtavianoCanuto in Washington

Wed 8 Nov 2017

There is a sizeable gap between the world economy’s infrastructure needs and available financing. The shortfall is especially pronounced in emerging markets.

Infrastructure investment has fallen short of what is needed to support potential growth. At the same time, financial resources in world markets have contended with low long-term interest rates, while opportunities for greater returns from potential infrastructure assets are missed.

The development of properly structured projects, with risks and returns distributed in accordance with stakeholders’ incentives, will help to close the gap between private sector financing and infrastructure. Worldwide infrastructure investment, including from international financial institutions, public investment and public-private partnerships, amounts to around $1.7tn per year. This leaves a funding gap of more than $1tn.

Global infrastructure financing has fallen short of its potential. Institutional investors and other private sector players could increase allocations under appropriate conditions. Private sector investment and institutional investor capital are often raised as possible solutions for filling the infrastructure funding gap. According to data from the World Economic Forum, institutional investors managed assets exceeding $50tn in 2015, compared to $30tn in 2007.

Institutional investors must consider their own incentives, constraints and objectives when it comes to selecting countries, types of projects and at what stage of the investment project cycle to invest in. Inadequate coverage of risks is one of the most common reasons projects do not reach financial close. Defining attractive investment opportunities and matching investors to these prospects in a more systematic manner is one key way in which the shortfall in infrastructure funding should be addressed.

Heterogeneity in the set-up of projects is often named as a key barrier to pushing greater allocations of capital towards infrastructure investment. A lack of data, varied contractual structures and differing regulatory environments are all part of this puzzle. However, focusing on improving the breadth of products tailored specifically for different types of institutional investors is likely to reap greater near-term rewards.

Currency risk is a major factor which international investors face in emerging markets. Export credit agencies can help with that challenge, although often only at great expense. Other challenges frequently named are the scarcity and complexity of financial instruments and their high cost. Fixed income instruments such as bonds – including project bonds, sub-sovereign bonds, green bonds and sukuk – as well as loans are likely to be a better fit for the appetite of a broad range of institutional investors in emerging economies.

Development finance institutions are important catalysts for investment. They can draw private capital to long-term projects in countries and sectors in which, although the market may perceive higher risks, significant development results can be expected. Those institutions contribute their own funding and guarantees, providing improved creditor status. Bringing partners into specific deals through syndications can likewise generate additional financing. Furthermore, development finance institutions can support the advancement of longer pipelines of investable projects. Non-banking financial institutions frequently highlight the scarcity of such pipelines as an impediment to greater infrastructure investment.

Development banks are trialling various mechanisms which can distribute risk among third parties through risk transfer and credit enhancement instruments. These include guarantees, insurance policies and hedging mechanisms under which, for a fee, the provider will agree to compensate the concessionaire in case of default or loss due to some specified circumstance.

The contrast between the dearth of investments in infrastructure and the savings-liquidity glut in the global economy must be confronted. Lowering legal, regulatory and policy risks are essential steps. Improving the availability of sophisticated, developed financial markets and instruments will help facilitate partnerships between different financial agents. Increasing private investor involvement and designing rational financing structures will both boost funding and improve the efficiency of infrastructure projects. Building such bridges is well within reach for resourceful financial actors.

OtavianoCanuto is an Executive Director of the World Bank and a Member of the OMFIF Advisory Council.

内容整理 叶祎然

图文编辑 叶祎然

审校  田雯

监制  朱霜霜

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