摘要:在我国土地储备是一项新的土地管理制度，笔者通过国内外学者对土地储备的概念、功能、决策、资金风险、融资渠道等内容的研究，认为土地储备概念应进一步完善，应突出功能上的公益性、运作上的整体性和对象上的广泛性；在土地储备的功能定位上，应突出为公众谋取公共福利的功能。

　　上海市于1996年在全国率先建立了土地储备机构，开始了土地储备的实践。经过十多年的运作，在取得成绩的同时，也出现了很多问题。例如，尚未实现土地一级市场的完全垄断；忽视了土地储备公共福利的功能和宏观调控的作用；土地储备资金来源渠道单一，融资风险加大；土地储备规模扩大、成本上升，急需拓宽融资渠道；土地储备无强制性，收购存量建设用地推进难度大等。在分析上述问题的基础上，笔者认为第三、第四这两个问题在客观上都要求拓宽融资渠道，而资金信托、土地资产证券化和PPP项目融资可供选择。其中资金信托适合小型项目，如收购厂房、学校等；土地资产证券化适合成片土地储备项目，如征收成片农村集体土地等；PPP项目融资适合中小型项目，如旧区改造等。

基于上述理论和实践分析，笔者认为，将PPP模式运用于土地储备，鼓励企业参与廉租住房的建设。这种模式为公众谋取了福利，体现了土地储备的公益性特征，落实了国家住房保障的政策，又为企业提供了稳定收益的投资方式，实现了政府、企业、公众三方共赢，具有推广意义。

关键词：土地储备；土地银行；土地供应；资产证券化；公私合营协议

Abstract:Land reserve is new system of land administration in our country. After study on the concept, function, fund risk and financing channel of land reserve, the author think that the concept of land reserve should be improved and the commonweal, entirety and universality of land reserve should be outstand in the concept and public welfare should be one of the most important functions.

    In 1996, Shanghai government established the first institution of land-reserve of our country and firstly practiced land-reserve in the nation. After more than ten years’ practice, the land-reserve system appears many problems while acquired achievement. Firstly, the land primary market doesn’t be monopolized completely. Secondly, we neglected the function to make commonweal and macro-control of land reserve system. Thirdly, it would bring about financial risk that the money devoted to land reserve almost come from bank. Fourthly, financing channel should be broadened because the scale of land reserve is expanding and the cost is enhancing. Fifthly, it becomes more difficult to buy land used for construction because there is no mandatory of land reserve system in our city. In order to resolve the third and fourth problems, to broaden the channel of financing is necessary. And fund trust, asset securitization of land, and PPP can be adopted. Fund trust applies to projects of small scale，such as purchasing workshop and school building. Asset securitization of land applies to projects of large scale, such as expropriation of large piece of land in rural area. PPP applies to small or medium projects, such as reconstruction of old area in city.

    On the analysis above, the author concluded that we should introduce PPP into land reserve and encourage enterprise to build cheap-renting house. Three parts, the government, enterprise and public will benefit from this mode. The public can acquire common welfare which is one of the most important functions of land reserve. The government can put the housing-ensuring policy of our country into effect. And the enterprise can obtain steady income. The author thought this mode should be popularized.

Keywords：Land reserve，Land bank，Land supply，Asset securitization，Public-private partnerships