我国养老产业受需求导向和政策导向双重驱动，正迎来前所未有的重大发展机遇。 目前，我国养老产业正处于起步期，需要大量的长期资金支持其健康发展。本文认为项 目收益债完美契合了养老产业的融资需求，且符合当下政策指引和融资环境，因此发行 项目收益债对养老产业融资具有十分重要的意义。 本文首先从养老产业的融资需求、政策指引和融资环境三个角度对研究背景进行了 描述；随后对国内外关于养老产业融资的研究现状加以列举并作简要评述，并简要阐述 了项目收益债的概念和发展历程；然后从 C 市阳光养老社区建设项目的基本情况出发， 通过对项目融资需求分析、项目收益债与常见融资方式的比较、财务分析，结合非公开 发行项目收益债的发行条件，探讨发行项目收益债为 C 市阳光养老社区建设项目融资的 可行性；最后从主要业务流程、中介机构遴选、债券条款设计等三个方面对本次债券的 发行方案进行了设计，并从财务和风险两个角度对发行方案进行了评价与分析。 关键词，养老产业；可行性研究；发行方案设计；融资需求；城投公司 IAbstract Driven by demand orientation and policy orientation, China’s pension industry is facing a significant opportunity for development. At present, it is still in a starting period, lacking abundant long-term funds for supporting. Conforming to the present policy and financing environment, in the view of this thesis, project income bond perfectly satisfies the financing demand of pension industry, therefore, it is beneficial for the pension industry financing to issue project income bond. The thesis first analyzes the researching background of pension industry from the perspective of financing demand, policy guidance and financing environment, then reviews its researching status in domestic and abroad with illustration, and expounds the concept and development of project income bond. Latter, basing on the construction project of sunny aging community in C city, analyzing the project financing demand, comparing project income bond with common financing method and financial analysis, this thesis discusses the feasibility of the aging community construction project in C city according to the issue terms of project income bond private placement. At last, the thesis designs the issuing scheme in three aspects, including main business process, intermediary selection and bond clause, which are evaluated and analyzed in the perspective of financial affairs and risk. Keyword，Pension industry，Feasibility study，Issue Terms Design，Financing demand， Urban construction investment company II目录 摘要 .................................................................................................................................................................I Abstract .......................................................................................................................................................... II 一、绪论 ........................................................................................................................................................1 （一）研究的背景 ................................................................................................................................1 1、我国养老产业面临巨大的融资需求 ...................................................................................... 1 2、政府支持养老产业通过债券市场融资 .................................................................................. 1 3、企业债券融资成本大幅下行 .................................................................................................. 1 （二）国内外研究综述 ........................................................................................................................2 1、国外研究现状 .......................................................................................................................... 2 2、国内研究现状 .......................................................................................................................... 3 3、简要评述 .................................................................................................................................. 3 （三）研究思路及报告结构安排 ........................................................................................................4 二、项目收益债概述 ....................................................................................................................................5 （一）项目收益债的概念 ....................................................................................................................5 1、项目收益债定义 ...................................................................................................................... 5 2、项目收益债与城投债的区别 .................................................................................................. 5 3、项目收益债与资产证券化（ABS）的区别 .......................................................................... 5 （二）项目收益债的发展历程 ............................................................................................................6 三、C 市阳光养老社区建设项目收益债可行性研究 ................................................................................8 （一）项目概况 ....................................................................................................................................8 1、项目背景 .................................................................................................................................. 8 2、项目投资主体介绍 .................................................................................................................. 8 3、项目建设内容及投资规模 ...................................................................................................... 8 4、项目经济效益 .......................................................................................................................... 9 （二）项目融资需求分析 ..................................................................................................................12 1、融资规模需求 ........................................................................................................................ 12 2、融资期限需求 ........................................................................................................................ 13 3、融资成本需求 ........................................................................................................................ 13 （三）项目收益债与常见融资方式的比较 ......................................................................................13 1、银行贷款 ................................................................................................................................ 13 2、信托借款 ................................................................................................................................ 14 3、城投债 .................................................................................................................................... 14 4、资产证券化 ............................................................................................................................ 15 5、银行间债券市场融资 ............................................................................................................ 15 （四）财务分析 ..................................................................................................................................15 1、主要财务数据 ........................................................................................................................ 15 2、资产结构分析 ........................................................................................................................ 16 3、负债结构分析 ........................................................................................................................ 17 4、盈利能力和偿债能力分析 .................................................................................................... 18 5、D 集团财务状况总结 ............................................................................................................ 19 （五）非公开发行项目