政府与社会资本合作（PPP）模式中的金融支持问题研究

发布时间：2018-12-11 00:54

【摘要】：PPP(Public Private Partnership)即政府与社会资本合作模式,是指政府与社会资本签订特许经营权协议,双方为了建设城市基础设施项目、或为提供某种公共物品和服务而采取合作模式而结成合作关系。此种模式的特点是政府与社会资本利益共享、风险共担、合作共赢。在当前我国经济新常态发展与新型城镇化改革方兴未艾的情况下,地方政府财政将释放大量财政资金,地方财政债务压力增大,以往地方融资平台已不适应新形势下经济政策发展的需求的情况下,PPP模式逐渐成为支持我国地方政府发展基础设施建设的新兴力量。PPP模式的典型做法是,政府通过市场采购方式与中标的社会资本共同组成项目或者项目公司,政府与该项目或项目公司签订特许经营协议,待特许经营期满后,政府需收回对项目的所有权。近年来,PPP模式开始受到国家高度关注,但作为我国最大的资金供应方的商业银行参与PPP的程度较低,面对我国PPP广阔的发展前景,商业银行如何深度参与其中,为我国政府与社会资本提供必要的资金与金融支持,这对于金融机构而言,机遇与挑战并存。如何突破地方传统融资平台的弊端,通过商业银行积极参与PPP模式、改进融资工具和渠道创新来转移、分散风险是金融机构亟待解决的问题。另一方面,在过去传统的PPP模式中,商业银行的贷款对象多为有地方政府隐性担保的地方融资平台或大型国企,风险较低。后由于经济新常态与新型城镇化建设的推进,地方政府债务压力不断增大,新型PPP模式应运而生,即引入社会资本共同组建SPV,甚至完全由社会资本方参股,SPV负责对项目进行融资以及后续的运营管理。商业银行面临的风险加剧,故有必要对商业银行助力PPP模式的发展进行特别研究与分析。本文通过对中信集团投贷模式参与“鸟巢”项目、国开行通过信贷模式参与北京地铁四号线项目、建交行与浦发银行通过设立新型城镇化发展基金参与河南省建设等进行案例分析,详细介绍了几种银行开展PPP业务的模式,包括投贷模式、信贷模式、产业基金模式、综合金融服务以及资产证券化等,更好地对金融机构尤其是商业银行如何助力PPP发展进行了介绍,针对商业银行如何深度助力PPP模式的发展以及其中所面临的风险,从专业团队和人才建设、贷前审查贷后严格管理和风险管理系统升级三个层面提出了控制风险的建议,对我国未来金融机构如何更好地参与PPP项目中有着良好的示范效应。
[Abstract]:PPP (Public Private Partnership) is the mode of cooperation between government and social capital, which means that the government and social capital sign franchise agreement. Or form a partnership for the provision of certain public goods and services. This model is characterized by government and social capital benefit sharing, risk sharing, win-win cooperation. With the new normal development of our economy and the new urbanization reform in the ascendant, the local government finance will release a large amount of financial funds, and the local financial debt pressure will increase. In the past, the local financing platform has not been able to meet the needs of economic policy development under the new situation, and the PPP model has gradually become a new force to support the development of infrastructure construction of local governments in China. The typical practice of the PPP model is that, The government and the winning social capital form the project or project company through the way of market purchase. The government and the project or project company sign the franchise agreement. After the franchise expires, the government should take back the ownership of the project. In recent years, the PPP model has been highly concerned by the country, but the commercial banks, as the largest supplier of funds in China, participate in PPP to a lesser extent. In the face of the broad development prospects of PPP in our country, how do commercial banks take part in it deeply? It is necessary for our government and social capital to provide necessary funds and financial support, which for financial institutions, opportunities and challenges coexist. How to break through the drawbacks of local traditional financing platform, actively participate in the PPP model, improve the financing tools and channel innovation to transfer, disperse the risk is an urgent problem to be solved by financial institutions. On the other hand, in the past traditional PPP model, commercial banks' loan targets are mostly local financing platforms or large state-owned enterprises with implicit guarantees from local governments, and the risks are relatively low. After that, because of the new normal state of economy and the development of new urbanization, the pressure of local government debt is increasing, and the new PPP model emerges as the times require, that is, the introduction of social capital to form SPV, and even the full participation of social capital in the stock market. SPV is responsible for project financing and subsequent operational management. The risks faced by commercial banks are aggravated, so it is necessary to study and analyze the development of commercial banks' PPP model. This paper participates in the "Bird's Nest" project through the investment and loan mode of CITIC Group, and CDB participates in the Beijing Metro Line 4 project through the credit model. By setting up a new urbanization development fund to participate in the construction of Henan Province, CCB and Pudong Bank have carried out case analysis, introducing in detail several modes of bank PPP business, including investment and loan mode, credit mode, industrial fund model, etc. The comprehensive financial services and asset securitization, etc., better introduce how financial institutions, especially commercial banks, can help the development of PPP, aiming at how commercial banks can deeply help the development of PPP model and the risks they face. From three aspects of professional team and talent construction, strict management after loan review and risk management system upgrading, the paper puts forward some suggestions on how to control risks, which has a good demonstration effect on how to better participate in PPP projects in our country in the future.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F283

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