PPP项目风险控制的自偿率机制研究

发布时间：2017-12-27 02:19

本文关键词：PPP项目风险控制的自偿率机制研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：PPP项目是通过政府与私人部门合作,在一套完整的风险控制机制下,由私人部门提供公共服务和产品,政府部门对实施过程进行引导、规制和监督,从而实现项目盈利以及风险控制的基础设施建设项目。PPP项目风险是指对PPP项目准备、招投标、建设和运营过程造成不确定影响的信息、财务和执行因素。本文基于机制设计理论,分析自偿率机制在PPP项目风险控制中的作用机理,研究自偿率机制二项功能与七个手段之间的逻辑关系,得出PPP项目风险控制的自偿率机制分析框架。本文结论:(1)自偿率(Self-LiquidationRatio,SLR)是指公共基础设施项目累计净现金流入现值,与项目建设期累计现金流出现值的比值。(2)自偿率机制具有显示、激励、实施三项风险控制功能。(3)自偿率机制包含自偿率指标、自偿率门槛、公私部门互动评审、考虑外部效益、补贴额度确定、收益和成本"红线"、评审结果社会公布七项风险控制手段。(4)在PPP项目准备期和招投标前期风险控制中自偿率机制的作用为显示,在招投标后期和建设前期风险控制中作用为激励,在建设后期和运营期中风险控制作用为约束。(5)自偿率机制中自偿率指标、自偿率门槛、公私部门互动评审以及评审结果社会公布的风险控制作用为显示,考虑外部效益和补贴额度确定的风险控制作用为激励,收益和成本"红线"的风险控制作用为约束。(6)在政府部门决策和私人部门投标风险控制中自偿率机制的作用为显示,在政府部门融资和私人部门开发风险控制中的作用为激励,在政府部门监督和私人部门管理运营中风险控制中的作用为约束。(7)针对具体的PPP项目,进行有无自偿率机制的对比分析,得出无自偿率机制时自偿率为0.2556,政府补贴额度为项目建设期总经费的50%,补贴后项目资金缺口为建设经费的24.44%;有自偿率机制时自偿率为0.5969,政府补贴额度为项目建设期总经费的78%,补贴后项目资金盈余为建设经费的37.69%。自偿率门槛和补贴额度的确定,使得自偿率的提高,政府补贴额度逐渐上升,从而低自偿率项目由于资金缺口而难以推进,高自偿率项目则具有较大积极性。
[Abstract]:The PPP project is through the cooperation between the government and the private sector, in a complete risk control mechanism, by the private sector to provide public products and services, government guidance, regulation and supervision of the implementation process, so as to achieve the project profitability and risk control of the infrastructure construction project. PPP project risk refers to information, finance and execution factors that cause uncertain impact on the preparation, bidding, construction and operation of PPP projects. Based on mechanism design theory, this paper analyzes the mechanism of self compensation rate in the risk control of PPP project, studies the logical relationship between the two functions of the self compensation rate mechanism and the seven means, and draws the framework of self compensation rate mechanism analysis of PPP project risk control. The conclusion is as follows: (1) self compensation rate (Self-LiquidationRatio, SLR) refers to the ratio of the total net cash inflow of public infrastructure projects to the cumulative cash flow value of project construction period. (2) the self compensation rate mechanism has three risk control functions: display, motivate and implement. (3) self compensation rate mechanism includes self compensation rate index, self compensation threshold, public private sector interaction review, considering external benefits, subsidy quota determination, profit and cost "red line", and evaluation results released by society seven risk control means. (4) in the preparation period of PPP project and the risk control in early bidding stage, the role of self compensation rate mechanism is to show that in the late stage of bidding and early stage of construction, the role of risk control is incentive, which is constrained by risk control in the late construction stage and operation period. (5) self compensation rate of self liquidating ratio index, self liquidating ratio threshold, public-private interaction review and evaluation results of the public to show the effect of risk control mechanism, external benefit and the amount of subsidies to determine the effect of risk control for incentive considerations, the benefits and costs of the "red line" risk control constraint. (6) in the decisions of the government and the private sector in the bidding risk control mechanism for self liquidating ratio shows that in the risk control of government financing and private sector development in the role of motivation in government departments, supervision and management of private sector operation risk control role constraint. (7) according to the PPP project, has no comparative analysis of rate mechanism of self compensation, the compensation rates mechanism of self liquidating ratio is 0.2556, the amount of government subsidies for the project construction period of 50% to 24.44% of the total funding, project funding gap of construction funds subsidies; a self compensation mechanism of self liquidating ratio the rate is 0.5969, the government subsidies for the project construction period of 78% of the total funds, subsidies for the construction of the project funds surplus funds 37.69%. The determination of the threshold of self compensation and the amount of subsidy make the self compensation rate increase and the amount of government subsidy gradually increase, so that the low self compensation rate project is difficult to advance due to the shortage of funds, and the high self compensation rate project has greater enthusiasm.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F285

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