基于风险分担的A高速公路PPP项目股权结构研究

发布时间：2018-03-29 04:10

本文选题：股权结构　切入点：风险识别　出处：《西安建筑科技大学》2017年硕士论文

【摘要】：在我国城市化发展的背景下,PPP模式作为一种基于政府和社会资本合作的融资模式,被广泛应用于我国城市基础设施项目建设。在PPP项目中,政府部门和社会资本共同组建项目公司,对项目进行投资、建设及运营,为社会公众提供公共产品及服务。从公司治理来看,合理的项目股权比例,有利于明确双方在项目建设中的责任和权益,保证项目目标及各参与主体的投资收益目标的实现。因此,本文基于项目风险分担对PPP项目公司股权结构进行研究。本文首先对国内外PPP模式的相关研究成果进行了分析,确定关于PPP项目股权结构研究的主要内容;在此基础上,对PPP模式的定义、特点及分类进行研究,对PPP项目的利益相关方、项目寿命周期进行分析,并研究了股权结构的定义和内涵及对公司治理的影响机理;基于以上理论研究,本文从宏观、中观及微观三个层面对PPP项目的风险类别及风险因素进行识别和阐述,总结了PPP项目的基本风险因素,为后续基于风险分担的PPP项目股权结构研究提供了基础;借助于股权结构相关理论对PPP项目的股权结构进行分析,并遵循风险分担原则借助于模糊数的概念及综合评判法确定了社会资本及政府部门的风险分担比例,初步确定了PPP项目的股权比例范围;进一步基于PPP项目基本风险因素,借助实物期权理论,构建了一个PPP项目实物期权投资收益模型,根据投资决策准则实现对PPP项目股权比例的确定。本文借助高速公路PPP项目实例,通过项目风险分担确定政府部门和社会资本的风险分担比例,并按照构建的PPP项目实物期权投资收益模型确定了项目的股权比例。本文基于风险分担对PPP项目公司的股权结构进行研究,提供了PPP项目风险分担及PPP项目公司股权比例确定的方法,为PPP项目准备阶段风险分配框架及合同体系的确定提供了理论方法。
[Abstract]:Under the background of urbanization development in China, as a financing model based on the cooperation of government and social capital, PPP model is widely used in urban infrastructure projects in China. Government departments and social capital jointly set up project companies, invest, build and operate the projects, and provide public goods and services to the public. It is beneficial to clarify the responsibilities and interests of both sides in the construction of the project, and to ensure the realization of the objectives of the project and the investment returns of the participants. This paper studies the equity structure of PPP project company based on project risk sharing. Firstly, this paper analyzes the related research results of domestic and foreign PPP model, and determines the main contents of the research on PPP project equity structure. The definition, characteristics and classification of PPP model are studied, the stakeholders of PPP project, project life cycle are analyzed, and the definition and connotation of equity structure and its influence mechanism on corporate governance are studied. In this paper, the risk categories and risk factors of PPP projects are identified and expounded from macro, meso and micro levels, and the basic risk factors of PPP projects are summarized, which provide the basis for the further research on the equity structure of PPP projects based on risk sharing. With the help of the theory of equity structure, this paper analyzes the equity structure of PPP projects, and according to the principle of risk sharing, determines the proportion of risk sharing between social capital and government departments by means of the concept of fuzzy number and the comprehensive evaluation method. Based on the basic risk factors of PPP project and the real option theory, a real option investment return model of PPP project is constructed. According to the investment decision criterion, we can determine the share ratio of PPP project. With the help of highway PPP project example, this paper determines the risk sharing ratio of government departments and social capital through project risk sharing. According to the real option investment income model of PPP project, the equity ratio of the project is determined. This paper studies the equity structure of PPP project company based on risk sharing. This paper provides the method of risk sharing of PPP project and the proportion of equity of PPP project company, and provides a theoretical method for the determination of risk allocation framework and contract system in the preparation stage of PPP project.
【学位授予单位】：西安建筑科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F283;F542.3

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