PPP模式的财政风险研究

发布时间：2019-03-07 19:13

【摘要】：近年来,国内经济发展迈入新常态。经济增长速度面临巨大压力、地方级政府也面临着债务风险以及建设发展资金缺口等具体困难,公共基础设施和公共服务行业的PPP模式(Public-Private Partnership)在我国应运而生。作为一种在新时期与时俱进的融资模式,财政部、国家发改委等相关部门在充分调研模式可行性后大力推进模式试点工作建设并不断配套相关支持政策,为PPP模式的广泛推广开道保驾护航。各级地方政府在中央的号召下纷纷运用PPP模式,尝试用新的方法化解债务危机和资金困难等现实问题。可以说,PPP模式在国内的发展方兴未艾。同样应该注意到,PPP模式在实践应用中存在一定的财政风险。PPP模式在我国属于新鲜事物,国内目前的理论和实务研究还处于初始阶段,由于对某些问题缺乏清晰的认识,或者在这一热潮中盲目跟风、亦步亦趋,经常容易出现理论的误区,在错误的思想和指导下出现项目失误甚至项目失败。此外,在PPP模式的践行过程中,存在一部分“伪PPP”项目,以明股实债、固定收益、回购安排等方式变相举债,实质上增大了财政风险;即便是一些规范的PPP项目,也面临着投资规模大、投资周期长、全生命周期内风险因素多、项目缺乏现金流等约束,也有可能带来不可预测的风险,需要高度重视。因此,研究PPP模式中存在的财政风险也同样具有重要理论和实践意义。本文首先阐述了PPP模式的内涵和PPP模式中财政风险的内涵,归纳概括了PPP模式中财政风险的特征,即风险的隐蔽性、不确定性和传导性;其次分析财政在PPP模式中各阶段的具体职责,详细分析了在项目识别论证、采购、执行、移交各个阶段中的财政职责;再次,分析了当前PPP模式中存在的财政风险,进一步分析这些财政风险产生的原因;最后,针对上述财政风险分类施策,提出化解PPP模式财政风险的相关建议。
[Abstract]:In recent years, domestic economic development has entered the new normal. The economic growth rate is facing great pressure, the local level government is also facing the concrete difficulties such as the debt risk and the construction and development fund gap, so the PPP model (Public-Private Partnership) of public infrastructure and public service industry emerges as the times require in our country. As a financing model that keeps pace with the times in the new period, relevant departments such as the Ministry of Finance, the National Development and Reform Commission and other relevant departments have vigorously promoted the construction of the pilot work of the model and continuously supported relevant policies after fully investigating the feasibility of the model. Open the way for the extensive promotion of the PPP model. Under the call of the central government, local governments at all levels try to solve the real problems such as debt crisis and financial difficulties by using the PPP model one after another. It can be said that the development of PPP model in China is in the ascendant. It should also be noted that there are certain financial risks in the practical application of PPP model, which is a new thing in our country, and the current theoretical and practical research in China is still in its initial stage, due to the lack of a clear understanding of some problems. Or in this upsurge, blindly follow the trend, often prone to theoretical misunderstanding, under the wrong ideas and guidance of the project errors and even project failure. In addition, in the implementation of the PPP model, there are a part of "pseudo-PPP" projects, the real debt in clear shares, fixed income, repurchase arrangements and other means of borrowing disguised, in essence increased the financial risk; Even some standardized PPP projects face the constraints of large investment scale, long investment cycle, many risk factors in the whole life cycle, lack of cash flow and so on, which may bring unpredictable risks, which need to be paid much attention to. Therefore, the study of the financial risks in the PPP model is also of great theoretical and practical significance. Firstly, this paper expounds the connotation of PPP model and the connotation of financial risk in PPP model, and generalizes the characteristics of financial risk in PPP model, that is, the concealment, uncertainty and conductivity of risk. Secondly, the paper analyzes the specific responsibilities of finance in each stage of the PPP model, and analyzes in detail the financial responsibilities in the stages of project identification, procurement, execution and transfer. Thirdly, this paper analyzes the financial risks existing in the current PPP model, and further analyzes the causes of these financial risks. Finally, according to the classification of the financial risks mentioned above, the paper puts forward some suggestions to resolve the financial risks of the PPP model.
【学位授予单位】：中国财政科学研究院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F283

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