城市轨道交通PPP项目融资模式选择及其资本结构设计研究

发布时间：2018-05-02 23:06

本文选题：城市轨道交通 + PPP模式　；参考：《北京交通大学》2017年硕士论文

【摘要】：2014年9月以来,中央密集出台了一系列政策力推政府和社会资本合作(Public-Private-Partnerships,简称"PPP")模式。本文以我国城市轨道交通建设领域中PPP模式的应用为背景,结合财政部、国家发改委政策文件精神,对PPP项目融资模式的选择及其股权资本结构的设计进行研究。首先,按照财政部文件精神,结合城市轨道交通行业的特点,本文构建了城市轨道交通行业PPP项目的物有所值(VfM)模型,对是否采用PPP融资模式以及采用何种具体运作方式进行定量评价。按照物有所值(VfM)模型,分别计算出城市轨道交通PPP项目的公共部门比较值(PSC值)和全生命周期内政府方净成本的现值(PPP值),由此计算出物有所值量值(VfM值)。根据评价结果可以确定该城市轨道交通建设项目是否适宜采用PPP模式,以及应该采用何种具体的PPP项目结构。其次,在对城市轨道交通PPP项目参与方进行研究的基础上,本文运用委托代理理论,分析PPP项目公司的发起人股权结构构成对城市轨道交通PPP项目公司总体收益的影响。研究得出结论,城市轨道交通PPP项目在建设期引入工程建设承包人将增加项目公司所获收益,即应当引入工程建设承包人作为项目公司的股东。按照本文提出的最优股权资本结构模型,当工程建设承包人持有项目公司的股权达到一定比例时,城市轨道交通PPP项目达到最优股权资本结构。最后,本文将太原地铁2号线一期工程的实地调研数据运用于上述模型,对模型进行分析,验证了物有所值(VfM)模型,并针对太原地铁2号线一期工程PPP项目的实际情况,运用最优股权资本结构模型对太原地铁2号线PPP项目公司提出了相应的股权资本结构的优化方案。本文结合财政部、国家发改委最新政策文件精神,研究了 PPP项目的融资模式决策及资本结构决策,并针对城市轨道交通领域的特点进行细化分析,可以为城市轨道交通PPP项目融资模式的选择及PPP项目公司组建时股权资本结构的设计决策提供一定的参考依据,具有非常明显的理论意义与现实意义。
[Abstract]:Since September 2014, the central government has issued a series of policies to push the Public-Private-Partnerships (PPP) model of government and social capital cooperation. Based on the application of PPP model in the field of urban rail transit construction in China and the spirit of policy documents of Ministry of Finance and National Development and Reform Commission, this paper studies the choice of PPP project financing mode and the design of its equity capital structure. First of all, according to the spirit of the Ministry of Finance document, combined with the characteristics of the urban rail transit industry, this paper constructs the value for money (VfM) model of the PPP project in the urban rail transit industry. Whether to adopt the PPP financing mode and what kind of concrete operation mode to carry on the quantitative evaluation. According to the value for money (VFM) model, the public sector comparison value of urban rail transit (PPP) and the present value of government net cost in the whole life cycle are calculated respectively, and the value of value for money (VFM) is calculated. According to the evaluation results, it can be determined whether the PPP model is suitable for the urban rail transit construction project, and what kind of concrete PPP project structure should be adopted. Secondly, based on the research on the participants of urban rail transit (PPP) project, this paper applies the principal-agent theory to analyze the influence of the equity structure of the PPP project company on the overall income of the PPP project company of urban rail transit. It is concluded that the introduction of the project contractor in the construction period of urban rail transit PPP project will increase the income of the project company, that is, the construction contractor should be introduced as the shareholder of the project company. According to the optimal equity capital structure model proposed in this paper, when the project contractor holds a certain proportion of the equity of the project company, the urban rail transit PPP project achieves the optimal equity capital structure. Finally, this paper applies the field investigation data of Taiyuan Metro Line 2 Phase I project to the above model, analyzes the model, validates the value for money (VFM) model, and aims at the actual situation of the first phase PPP project of Taiyuan Metro Line 2. The optimal equity capital structure model is applied to the PPP project company of Taiyuan Metro Line 2. Combined with the spirit of the latest policy documents of the Ministry of Finance and the National Development and Reform Commission, this paper studies the financing mode decision and capital structure decision of the PPP project, and makes a detailed analysis on the characteristics of urban rail transit. It can provide a certain reference for the choice of financing mode of PPP project of urban rail transit and the design and decision of equity capital structure when the PPP project company is established. It has very obvious theoretical and practical significance.
【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】：F283

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