H公司以契约型基金介入PPP项目的方案设计

发布时间：2018-03-15 18:36

本文选题：PPP模式　切入点：方案设计　出处：《江西财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：政府和社会资本合作(PPP)最早由英国政府于1982年提出,目前在世界各地已得到广泛的应用。我国地方债形势严峻,基础设施建设资金缺口巨大,而私营经济的迅速发展又为其参与基础设施建设奠定了物质基础,但如何使社会资本积极参与公共基础设施建设,是推广PPP模式亟待解决的关键问题。目前情况下,作为社会资本方的金融投资机构,缺乏对PPP模式的了解和对PPP项目运作的经验,导致许多PPP项目最终并不能有效实施。本文结合H公司的实际情况,对其拟参与PPP项目的运作方案进行了研究。论文首先从PPP项目的交易结构入手,指出H公司在参与PPP项目时面临三个问题:一是融资渠道受限;二是项目公司的运营管理;三是资金的退出方式。针对这些问题,本文提出了以契约型基金介入PPP项目的方案。方案设计以契约型基金的优势为理论依据,从多个角度分析了设立契约型基金的可行性,并根据PPP项目的特点对H公司以契约型基金参与PPP项目运作的交易结构进行了设计。论文阐述了引入契约型基金后交易结构的优势,并对设计方案进行了收益性与风险性评估,以确保H公司资金的盈利性和安全性;同时,论文也指出了方案实施中可能遇到的问题,并提出了相应的解决措施。本文在前人研究的基础上,更加注重实践性与可行性,针对我国金融机构在参与PPP项目时所面临的问题,提出以契约型基金介入PPP项目运作的方案设计,一定程度上丰富了关于PPP融资模式的理论研究。在此,也可以对我国金融机构有效参与PPP项目提供借鉴,使得我国金融机构在参与PPP项目融资时,能够有更多的参考。
[Abstract]:The partnership between government and social capital was first put forward by the British government in 1982. It has been widely used in various parts of the world at present. The situation of local debt in China is grim, and the financing gap for infrastructure construction is huge. The rapid development of private economy has laid a material foundation for its participation in infrastructure construction. However, how to make social capital actively participate in public infrastructure construction is the key problem to be solved to popularize the PPP model. As a financial investment institution of social capital, lack of understanding of PPP model and experience of PPP project operation lead to many PPP projects can not be implemented effectively. Firstly, this paper starts with the transaction structure of the PPP project, and points out that H company faces three problems when participating in the PPP project: one is limited financing channel, the other is the operation management of the project company. Thirdly, the exit mode of capital. In view of these problems, this paper puts forward a scheme to involve contractual funds in PPP projects. The scheme design is based on the advantages of contractual funds, and analyzes the feasibility of setting up contractual funds from many angles. According to the characteristics of PPP project, the trading structure of H company to participate in the operation of PPP project with contract fund is designed. The advantage of trading structure after the introduction of contract fund is expounded, and the profit and risk of the design scheme are evaluated. In order to ensure the profitability and security of H company funds, the paper also points out the problems that may be encountered in the implementation of the scheme, and puts forward the corresponding solutions. In view of the problems that financial institutions in China are facing when participating in PPP projects, this paper puts forward the scheme design of the involvement of contractual funds in the operation of PPP projects, which to some extent enriches the theoretical research on the financing mode of PPP. It can also provide reference for Chinese financial institutions to participate in PPP projects effectively, so that Chinese financial institutions can have more reference when they participate in the financing of PPP projects.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F283;F832.39

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