收费公路PPP项目最低收入担保机制设计

发布时间：2018-04-19 16:28

本文选题：政府与社会资本合作(PPP) + 最低收入担保　；参考：《清华大学学报(自然科学版)》2017年06期

【摘要】：该文研究收费公路政府与社会资本合作(publicprivate partnerships,PPP)项目中最低收入担保机制的设计原则和方法,以改善收入风险的分担。基于文献综述提出了最低收入担保机制设计的5个原则,建立符合以上原则的随机模型以求解最低收入担保机制的收入下限和上限,利用案例展示了所提出方法的应用,并通过数值模拟验证了该方法的有效性。研究表明:根据目标资本结构来确定最低收入担保水平,有助于大幅减小项目公司的破产风险;根据目标投资回报结合竞标的方式来确定超额收入阈值,从而实现超额收入分享,能有效避免企业通过PPP项目获得超额回报。该方法使得最低收入担保与超额收入分享机制对PPP项目财务状况的改善和为政府带来的或有债务可以测算,能为项目方案评审、财务测算和财政承受能力评估等提供量化依据,并改善政府对PPP项目的支付预算管理。
[Abstract]:This paper studies the design principles and methods of the minimum income guarantee mechanism in the public private partnerships / PPP project of the government and social capital of toll roads in order to improve the sharing of income risk.Based on the literature review, this paper puts forward five principles for the design of the minimum income guarantee mechanism, and establishes a stochastic model according to the above principles to solve the lower and upper income limit of the minimum income guarantee mechanism. The application of the proposed method is demonstrated by a case study.The effectiveness of the method is verified by numerical simulation.The study shows that determining the minimum income guarantee level based on the target capital structure can greatly reduce the bankruptcy risk of the project company, and determine the excess income threshold based on the target return on investment combined with competitive bidding.In order to achieve excess income sharing, enterprises can effectively avoid getting excess returns through PPP projects.This method enables the minimum income guarantee and excess income sharing mechanism to improve the financial situation of PPP projects and the contingent liabilities incurred by the government. It can provide a quantitative basis for project plan review, financial calculation and financial affordability assessment, etc.And improve government budget management for PPP payments.
【作者单位】：清华大学建设管理系清华大学恒隆房地产研究中心;
【基金】：国家自然科学基金资助项目(71572089)
【分类号】：F283;F542

【参考文献】