PPP投融资模式特点及其绩效评价

发布时间：2018-07-03 04:19

本文选题：PPP投融资模式 + 物有所值评价　；参考：《云南大学》2016年硕士论文

【摘要】：世界经济在“趋势性因素”、“不平衡调整”以及“超级债务周期”等因素的作用下使各国“投资增速超调”和“贸易增速超调”等现象深度蔓延。“新平庸”与“大停滞”的世界经济对中国经济的冲击超乎预期。在内需和出口持续不振的情况下,基建投资成为我国经济增长的主要牵动力。一直以来,我国基础设施建设主要依靠政府主导的模式,融资渠道单一,土地筹资是基础设施建设主要资金来源。随着我国城镇化进程的加速,地方政府面对巨大的基础设施建设压力,土地财政难以为继,只能选择以土地超值抵押的方式获得融资,之后再依靠土地出让收入偿还贷款。但这一模式是以土地价格不断上涨为前提,只有土地价格不断上涨,各地政府的资金链才不会断裂,这就为各地地方政府的债务风险埋下了隐患,显然是与经济增长的可持续性相违背的。随着我国地产周期面临拐点,地方政府债务风险也日渐突出。要缓解资金缺口,仅靠财政支出是不够的,必须以市场化融资为主。目前地方政府债务中有百分之八十是来源于基础设施建设,如何有效引导社会资进入基础设施建设领域成为我国基础设施建设亟待解决的重中之重。因此,基础设施建设融资模式要加速改革创新,放宽准入条件,引入社会资本,发挥市场和政府双重作用,降低基础设施建设中地方政府对土地融资的依赖,建立以投资主体多元化、融资渠道多样化的融资体系是现阶段促进基础设施建设健康发展的当务之急。本文致力于从PPP模式的物有所值评价视角,对PPP模式出现的“剃头挑子一头热”现象予以解决,并结合具体案例进行实证分析,对目前各地PPP热潮的发展具有参考意义。
[Abstract]:Under the action of "trend factor", "unbalanced adjustment" and "super debt cycle", the world economy makes various countries'"investment growth rate overshoot" and "trade growth rate overshoot" spread deeply. The impact of the new mediocrity and the Great stagnation on China's economy has exceeded expectations. Infrastructure investment has become the main driving force of China's economic growth under the condition that domestic demand and exports remain sluggish. For a long time, the infrastructure construction of our country mainly depends on the government leading mode, the financing channel is single, the land financing is the main capital source of the infrastructure construction. With the acceleration of urbanization in China, local governments are facing enormous pressure of infrastructure construction, land finance is difficult to sustain, can only choose to obtain financing by means of land mortgage, and then rely on land transfer income to repay loans. However, this model is based on rising land prices. Only when land prices continue to rise, local governments will not break the chain of funds. This has laid a hidden danger for the debt risks of local governments. It is clearly contrary to the sustainability of economic growth. With the turning point of real estate cycle in China, the risk of local government debt is becoming more and more prominent. To alleviate the funding gap, only rely on financial expenditure is not enough, must be market-oriented financing. At present, 80% of the local government debt comes from the construction of infrastructure. How to effectively guide social capital into the field of infrastructure construction has become the top priority of infrastructure construction in China. Therefore, the financing mode of infrastructure construction should speed up reform and innovation, relax access conditions, introduce social capital, give play to the dual role of market and government, and reduce the dependence of local governments on land financing in infrastructure construction. It is urgent to establish a diversified financing system with diversified investment subjects and financing channels in order to promote the healthy development of infrastructure construction at this stage. From the perspective of the value for money evaluation of the PPP model, this paper aims to solve the problem of "head shaving and picking one head" in the PPP model, and make an empirical analysis in combination with specific cases, which has a reference significance for the development of PPP upsurge in various places at present.
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F283

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