摘要：梳理拨改租在城市基础设施项目建设中的应用流程，将其与传统的BT模式的融资成本、项目回购金额从多个角度进行对比，认为BLT模式有利于缓解地方财政压力、满足经济快速发展所引起的城市基础设施建设的巨大需求；有利于化解由于通胀因素带来的城市投资建设成本上升。对于拆迁量较大的工程，采用拨改租建设模式，可以弥补常规BT模式导致的融资能力不足，显著提升政府平台的投融资建设能力。

关键词：基础设施；拨改租；融资成本；回购款

Abstract：This paper introduces the application procedure of BLT mode in infrastructure projects，compares it with BT mode from several aspects. And on this basis，draws a series of conclusions. Firstly，BLT mode can ease the pressure on local finance and meet the huge demand for urban infrastructure construction caused by the rapid economic development. Secondly，it can reduce the costs of urban investment and construction brought by inflation. Finally，bring BLT mode into projects with huge removal tasks significantly increased the investment and financing ability of city platform construction.

Keywords：infrastructure construction；Build-Lease-Transfer；financing cost；repurchase

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建筑经济，2015（04）：39-43