基础设施PPP项目再融资问题研究

发布时间：2019-05-17 01:23

【摘要】：近年来,随着我国城镇化的进程加快,城市人口的增多,公众对基础设施的需求越来越多。如何尽快的完善基础设施建设,满足人们日常生活需要成为政府时时刻刻关心的问题。一般来说,基础设施具有一定的公益性,其多由政府部门组织建设和经营管理,而且这种项目一般具有投资金额大、周期长、风险系数高以及运营成本高的特点。目前,我国正处于城镇化的快速发展时期,基础设施建设面临着巨大的资金压力,传统的以政府为主导的融资模式的缺点开始逐步暴露出来。一方面是基础设施建设需要大量的资金,另一方面是传统的融资模式不能满足基础设施项目建设的需求。而PPP模式正好可以解决这些问题。然而,由于基础设施项目规模大,建设和运营周期长,项目在建设和运营过程中总会出现一些问题,为了使PPP项目能够顺利运行下去,就需要进行基础设施PPP项目再融资。通常来说,基础设施PPP项目再融资是指PPP项目融资完成后对融资条件和融资工具等的调整行为。这些PPP项目再融资行为经常受到利率、市场需求波动、通货膨胀等因素的影响,所以需要在基础设施PPP项目进行再融资时对这些因素进行具体分析,提出应对之策,以保证基础设施PPP项目的顺利运营。本文从影响基础设施PPP项目再融资的因素出发,构建再融资机制,对基础设施PPP项目再融资问题进行深入分析。本文的主要内容分为五个部门。第一部分绪论,介绍了基础设施PPP项目再融资的研究背景、意义以及本文的研究思路。第二部分基础设施PPP项目再融资概述,详细介绍了PPP的定义和PPP模式产生的背景,以此来引入基础设施PPP项目在外部环境发生变化时,为了保证项目的顺利运行需要进行项目再融资。接着明确给出了基础设施PPP项目再融资的定义,并指出本文的研究是建立在PPP项目再融资的狭义定义上的,即项目贷本比不变情况下的再融资。然后分析了基础设施PPP项目再融资的方式、原因以及具体的再融资过程。第三部分基础设施PPP项目再融资的影响因素分析,具体分析了影响基础设施PPP项目再融资的因素,包括通货膨胀、利率、市场需求量等等。第四章基础设施PPP项目再融资的决策机制,根据影响因素的不同并借助于金融工具期权来分析每一种具体的因素影响下,基础设施PPP项目应该怎样进行再融资,并对再融资的应用作出了具体解释。第五部分案例分析,结合具体的实际案例——蒙华铁路PPP项目进行了再融资分析,将上文分析的各种影响因素的决策机制运用到实际中,为项目的后期运营提供了参考。通过研究,本文认为所设计的期权模型对基础设施PPP项目再融资有一定的意义。然而,由于笔者自身阅历有限,本文在基础设施PPP项目再融资之后所获取的利益分配未进行深入研究。笔者将继续通过在该领域的学习和实践,进一步充实和完善本论文的研究。
[Abstract]:In recent years, with the acceleration of urbanization and the increase of urban population, the public demand for infrastructure is increasing. How to improve the infrastructure construction as soon as possible to meet the needs of people's daily life has become a concern of the government all the time. Generally speaking, infrastructure has a certain public welfare, most of which are organized and managed by government departments, and this kind of project generally has the characteristics of large investment amount, long cycle, high risk coefficient and high operating cost. At present, China is in a period of rapid development of urbanization, infrastructure construction is facing great financial pressure, the shortcomings of the traditional government-led financing model began to be gradually exposed. On the one hand, infrastructure construction needs a lot of funds, on the other hand, the traditional financing model can not meet the needs of infrastructure projects. The PPP pattern can solve these problems. However, due to the large scale of infrastructure projects and the long construction and operation cycle, there will always be some problems in the construction and operation of the project. In order to make the PPP project run smoothly, it is necessary to refinance the infrastructure PPP project. Generally speaking, infrastructure PPP project refinancing refers to the adjustment of financing conditions and financing instruments after the completion of PPP project financing. The refinancing behavior of these PPP projects is often affected by interest rates, market demand fluctuations, inflation and other factors, so it is necessary to analyze these factors and put forward countermeasures when refinancing infrastructure PPP projects. To ensure the smooth operation of the infrastructure PPP project. Based on the factors that affect the refinancing of infrastructure PPP projects, this paper constructs a refinancing mechanism and makes a deep analysis of the refinancing of infrastructure PPP projects. The main content of this paper is divided into five departments. The first part is the introduction, which introduces the research background, significance and research ideas of infrastructure PPP project refinancing. The second part is an overview of infrastructure PPP project refinancing, which introduces the definition of PPP and the background of PPP model in detail, so as to introduce the infrastructure PPP project when the external environment changes. In order to ensure the smooth operation of the project, it is necessary to refinance the project. Then the definition of infrastructure PPP project refinancing is clearly given, and it is pointed out that the research in this paper is based on the narrow definition of PPP project refinancing, that is, the refinancing under the condition that the loan ratio of the project is constant. Then it analyzes the way of refinancing infrastructure PPP project, the reasons and the specific refinancing process. The third part analyzes the influencing factors of infrastructure PPP project refinancing, including inflation, interest rate, market demand and so on. The fourth chapter is the decision-making mechanism of infrastructure PPP project refinancing, according to the different influencing factors and with the help of financial instrument options to analyze how infrastructure PPP projects should be refinanced under the influence of each specific factor. The application of refinancing is explained concretely. The fifth part of the case analysis, combined with the specific actual case-Monghua Railway PPP project refinancing analysis, the above analysis of the various influencing factors of the decision-making mechanism applied to the actual, which provides a reference for the later operation of the project. Through the research, this paper holds that the option model designed has certain significance for the refinancing of infrastructure PPP projects. However, due to the limited experience of the author, the distribution of benefits obtained after the refinancing of infrastructure PPP projects has not been deeply studied in this paper. The author will continue to enrich and improve the research of this paper through the study and practice in this field.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F283

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