北京地铁16号线建设项目复合型PPP模式风险分析

发布时间：2018-05-01 04:50

本文选题：复合型 + PPP　；参考：《河北经贸大学》2017年硕士论文

【摘要】：近年来,PPP项目融资在基础设施建设领域蓬勃发展,PPP项目融资的发展对于缓解政府融资压力和债务压力,促进政府在基础设施建设领域主导作用的发挥有着重大意义。但是,基础设施建设特别是随着城市化进程的加快和社会经济的发展,城市地铁项目的建设需求越来越高,而传统的PPP融资模式已经越来越不能适应日益增长的资金需求。这样,寻求一种多领域结合,多渠道融资的新型PPP融资模式越来越成为促进PPP项目发展的一项有力途径。也越来越成为政府和社会资本共同的利益诉求。在日益严峻的资金需求下,复合型PPP模式应运而生。北京地铁16号线地铁建设项目正是在传统PPP模式的基础上加入股权融资这一创新元素而形成的复合型PPP模式的首次应用和实践。本文结合北京地铁16号线,对其所采用“股权融资+特许经营”这一复合型PPP融资模式所面临的潜在风险进行分析,并针对文中所探讨的风险提出具体性的防范措施,以期能够对于地铁16号线的建设和未来的合理运营提供一些帮助,并且对于以后这种模式在其他领域的应用提供一些有力的经验借鉴。本文在文章开始力求用简洁的文字对北京地铁16号线的整体概况包括建设背景以及地铁16号线建设项目主体做详细介绍,并且对其PPP运行机制中所涉及的主要利益参与方及其各关联方关系以及PPP项目融资结构做了详细梳理。此后,对于这种复合型PPP融资模式的创新及优势做了详细分析。本文对北京地铁16号线采用复合型PPP模式所面临的风险主要分为两部分进行分析。一是特许经营部分潜在风险,主要包括:地铁建设成本超支风险、地铁客流风险、经营管理风险和运营支出风险。二是股权融资部分潜在风险,主要包括:投资管理风险、流动性风险和退出风险。文中对每一项可能的风险都做了详细阐述,并且结合地铁16号线建设提出以下针对性的建议。主要分为两部分:一是特许经营部分,二是股权融资部分。这些措施的提出都是建立在PPP融资各参与方完善PPP合约的基础上的,建立相应的约束以及激励机制,明确各方责任,而且需要各参与方内部注意自身管理水平和能力的提升以及内部监督机制的完善,保证财务等经营信息的透明和公开。通过合约条款的约定来弥补现阶段股权回购和PPP相关条款的不足。明确股权投资方在参与PPP融资过程中所拥有的权利,并且明确这些权利的保障机制。
[Abstract]:In recent years, PPP project financing has developed vigorously in the field of infrastructure construction. The development of PPP project financing has great significance for relieving the pressure of government financing and debt pressure, and promoting the government to play a leading role in the field of infrastructure construction. However, the construction of infrastructure, especially with the acceleration of urbanization and the development of social economy, the construction needs of urban subway projects are becoming higher and higher, and the traditional PPP financing model has become more and more unable to adapt to the increasing demand for funds. Thus, seeking a new type of PPP financing mode with multi-domain combination and multi-channel financing is becoming a powerful way to promote the development of PPP projects. Also more and more becomes the government and the social capital common interest appeal. Under the increasingly severe fund demand, the compound PPP pattern arises at the historic moment. The subway construction project of Beijing Metro Line 16 is the first application and practice of the compound PPP model which is formed by adding the innovative element of equity financing on the basis of the traditional PPP model. Combined with Beijing Metro Line 16, this paper analyzes the potential risks faced by the composite PPP financing mode, which is adopted by Beijing Metro Line 16, and puts forward concrete preventive measures against the risks discussed in this paper. In order to provide some help for the construction and future rational operation of Metro Line 16, and for the future application of this model in other fields to provide some useful experience. At the beginning of the article, the author tries to introduce the overall situation of Beijing Metro Line 16, including the construction background and the main body of the subway line 16 construction project. And the main stakeholders involved in the PPP operation mechanism and their related parties as well as the financing structure of PPP project are analyzed in detail. Since then, the innovation and advantages of this complex PPP financing model have been analyzed in detail. In this paper, the risk of adopting compound PPP model in Beijing Metro Line 16 is mainly divided into two parts. The first is the potential risk of franchise, including: the risk of overrun of subway construction cost, the risk of subway passenger flow, the risk of management and the risk of operating expenditure. The second is the potential risk of equity financing, including investment management risk, liquidity risk and exit risk. In this paper, every possible risk is described in detail, and the following suggestions are put forward in combination with the construction of Metro Line 16. It is mainly divided into two parts: one is franchise part, the other is equity financing part. These measures are based on the PPP financing parties to improve the PPP contract, establish the corresponding constraints and incentive mechanisms, clear the responsibilities of all parties, Moreover, the participants should pay attention to the improvement of their own management level and ability and the perfection of the internal supervision mechanism, so as to ensure the transparency and openness of financial and other management information. Through the contract terms to compensate for the current stage of equity buyback and PPP related provisions. The rights of equity investors in the process of participating in PPP financing and the protection mechanism of these rights are clarified.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F283;F572.88

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