中国国际项目融资中的政府担保问题研究

发布时间：2019-01-02 15:29

【摘要】： 项目融资是一种被世界各国普遍接受和采纳的投融资方式,是缓解我国当前基础设施建设资金不足的理想方法之一。我国自90年代初期引入项目融资方式以来,项目融资适用领域不断扩大,融资数额不断增加,对我国社会的经济发展产生了巨大的推动作用。但在项目融资实施过程中,由于项目本身的特殊性使得项目成败和某些政府行为关联极大,所以大多数项目公司通常需要得到政府有关部门的某些保证和承诺以便分担这些项目风险。“在项目融资中,东道国政府担保项目公司在某些事件发生或不发生时,将对项目公司给予相应补偿的承诺,称之为政府担保。政府担保的范围取决于一个项目的独特风险。” 我国当前正处于经济高速增长时期,基础设施建设资金的不足是限制经济快速发展的主要瓶颈之一。项目融资方式为缓解我国建设资金不足的现状提供了一个较好的解决方法,但随之也产生了很多迫切需要予以解决的问题,否则就会变成制约经济发展的障碍。政府担保问题便是如此,从最初的完全排斥,到现在把其变成吸引外资的速效药,毫无约束的任意担保,已经对我国整体经济的发展产生了不利的影响。我国目前对该问题的理论探讨,还始终停留在多年前的政府担保是否符合现行法律规定,政府担保的内容,及其与国内民商法中规定的政府机关提供的担保法律性质是否相同等问题上,而忽视了实际情况的发展变化。如电力行业是我国率先引入项目融资的行业,也是我国项目融资最为活跃的行业,但由于最初提供的政府担保条件过于优厚,导致发电成本得不到有效的控制,全国电价上升过快,造成了虚假的电力饱和局面。随着电力改革的实施,电网电厂分离,电力竞价上网,电价改革方案的出台等,使得原有成本加利润的电价担保和电力收购担保等,都不再具有原来的实施条件,政府只能试图和这些电厂重新进行谈判,以便能修改原有的融资协议,适应新形势的发展。但这种做法对电力行业吸引外资的努力造成了极大的影响,引发了去年夏天以来的新一轮电荒。本文试图通过对政府担保范围、法律性质、法律效力等方面的进一步探讨,澄清我国现行法律规定的相互矛盾、模糊和不完善之处,指出我国对政府担保问题,既肯定其积极作用又应严格规范的正确态度,并从法律的角度出发探讨解决该问题的方法,即如何通过完善相关法律规定的途径来正确解决这个问题。本文在论述过程中主要采用了比较研究和实证分析的方法,其中比较研究法是贯穿全文的主要研究方法,局部章节则运用了案例分析和统计数字来辅助论证文章所要得出的主要结论。通过对国外发达国家和发展中国家项目融资中政府担保概况的介绍分析,以及对世界项目融资发展趋势和政府担保理论问题的探讨,笔者认为世界各国对政府担保的认识问题已上升到了一个新的阶段,人们在普遍认识到政府担保重要性的同时,也意识到政府担保的局限性和自身缺陷。如何通过完善经济、法律环境的方法来取代和约束政府担保行为是各国政府关注的焦点。人们希望在能够发挥政府担保作用的同时,减少其对国家经济、财政可能带来的危害。这就要求尽可能缩小政府担保的范围,强化政府担保的法律效力,明确政府担保的法律性质。通过本文的研究讨论,笔者认为我国应加快制订项目融资专项立法,在该专项立法中对政府担保问题做出明确规定,确认提供政府担保的基本原则,允许提供政府担保的范围,明确政府担保的法律性质是政府鼓励和保护投资所采取的一种公行为,应受到国际法和国内法双重法律的制约,对政府担保的违约责任和救济途径做出明确规定,以便加强政府担保的法律效力,增强投资者的投资信心。
[Abstract]:Project financing is an investment and financing way which is widely accepted and adopted by all the countries of the world, and is one of the ideal methods to alleviate the shortage of current infrastructure construction in our country. Since the introduction of project financing in the early 1990s, the application of project financing has been expanding, the amount of financing is increasing, and the economic development of our country has brought great impetus to the development of our country. However, in the process of project financing, because of the particularity of the project itself, the success or failure of the project and some government behaviors are very relevant, most of the project companies generally need to be guaranteed and committed by the relevant government departments in order to share the project risks. In the project financing, the host government guarantee project company will give the corresponding compensation to the project company, which is called the government guarantee. The scope of the government guarantee depends on the unique risk of a project. The shortage of the infrastructure construction fund is one of the main bottlenecks that restrict the rapid development of the economy in the period of high-speed economic growth. The project financing method has provided a better solution for alleviating the current situation of the underfunded construction of our country, but it has also produced many problems in urgent need to be solved, or it will become an obstacle to the development of the economy. The problem of government guarantee is that, from the initial full rejection, to now turn it into a quick-impact medicine for attracting foreign capital, any guarantee that is free of restraint has had a negative impact on the development of the whole economy in China. At present, the theory of this problem has been discussed in our country, and whether the government guarantee has been in conformity with the existing law, the contents of the government guarantee, and the legal nature of the guarantee provided by the government organs as stipulated in the civil and commercial law of the country are the same. and the development change of the actual situation is ignored. As the power industry is the first industry in China to introduce project finance, it is also the most active industry in China's project financing, but because the initially provided government guarantee conditions are too high, the power generation cost can not be effectively controlled, and the national electricity price rises rapidly, resulting in a false power saturation situation. With the implementation of power reform, power plant separation, power bidding and the introduction of electricity price reform program, the original cost plus profit price guarantee and power purchase guarantee, etc., no longer have the original implementation conditions, and the government can only try to renegotiate with these power plants, so as to modify the original financing agreement and adapt to the development of the new situation. But this approach has a great impact on the efforts of the power industry to attract foreign investment, which has led to a new round of electricity shortages since the summer of last year. This paper attempts to clarify the contradiction, the fuzziness and the imperfection of the existing law in our country by further exploring the scope, the legal character and the legal effect of the government, and points out that our country's guarantee for the government The problem is not only the positive role and the correct attitude of the strict regulation, and the way to solve the problem from the point of view of law, that is, how to solve the problem correctly by improving the relevant legal provisions In this paper, a comparative study and a method of empirical analysis are used in the course of the discussion, in which the comparative study is the main research method of the whole text, and the case analysis and statistics are used in the local chapters to support the demonstration of the article. The main conclusions are as follows: through the introduction and analysis of the government guarantee in the project financing of the developed countries and developing countries, as well as the discussion on the development trend of the world project financing and the government guarantee theory, the author holds that the world's understanding of the government guarantee has risen In a new stage, the importance of the security of the government is generally recognized, and the government is also aware of the government's guarantee The limitation and self-defect. How to replace and restrain the government guarantee behavior through the method of improving the economic and legal environment The focus of the Government's attention. It is hoped that while the role of government security can be played, it will reduce its impact on the country's economy, wealth, The harm that the government may bring. This requires to narrow the scope of the government's guarantee as much as possible, strengthen the legal effect of the government guarantee, and make clear the government. The legal nature of the government guarantee is discussed in this paper. The author thinks that our country should accelerate the development of special legislation of project financing, and make clear stipulations on the issue of government guarantee in this special legislation, and confirm the basic principle of providing the government guarantee and allow it to be mentioned. For the scope of government guarantee, it is clear that the legal nature of the government guarantee is a kind of public action taken by the government to encourage and protect the investment. It should be subject to the double laws of international law and domestic law, and make clear provisions on the breach of contract and the relief way of the government guarantee, so as to strengthen the government. The legal effect of the government guarantee is enhanced.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2007
【分类号】：D996

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