中国PPP的实践、主要融资模式和前景

发布时间：2018-10-13 19:14

【摘要】：PPP模式是政府和社会资本合作提供公共产品和服务的一种创新模式。随着城镇化进程的加快,我国面临了巨大的基础设施建设资金缺口,急需通过PPP模式缓解融资压力,维持经济增长速度。目前,关于中国PPP实践和融资模式的研究较少,梳理PPP在中国的发展历程和现状,研究中国PPP项目的主要融资模式,探讨中国当前PPP发展的瓶颈与障碍并提出有针对性的政策建议,将对促进PPP在中国持续健康发展大有裨益。首先,论文根据世界银行数据所反映的趋势,将PPP在中国的发展划分为探索、试点、调整、推广和规制五个阶段,并发现分税制改革后地方政府在推进城镇化建设时的财力不足是PPP在中国发展的主要经济动因,与此同时,社会主义市场经济体制的确立与巩固为PPP的发展消除了理论上的障碍。其次,论文通过对比研究的方法,得出了中国当前PPP的主要运作方式,即购买服务、特许经营和股权合作,其中,特许经营的法律基础最为完善,在中国最为普遍。然后,论文通过分析国内数据库的PPP项目数据,发现了中国的PPP项目多集中于西南、西北等经济欠发达、基础设施建设缺口较大的地区,而交通运输和市政工程则是PPP项目的主要投向。再次,论文通过理论研究和案例研究的方法,研究了中国商业银行、政策性银行和开发性金融机构、非银行金融机构参与PPP项目融资的主要模式。商业银行可以通过信贷业务、投行业务和理财业务与PPP项目对接,是PPP项目融资的主力军。政策性银行和开发性金融机构则可以由于具有资金成本低、贷款期限长、具有境内股权投资子公司等优势,实现了对PPP项目权益融资、夹层融资和股权融资的全覆盖。非银行金融机构经营方式灵活,参与PPP项目融资的模式也较为多样化,主要包括承销项目收益债券、资产证券化等。最后,论文通过对比研究的方法,发现项目吸引力和可获得性不足,“重融资,轻管理”,体制机制不健全,融资来源以公共部门为主是制约中国PPP发展的主要瓶颈与障碍。进而,结合国际上的先进经验和良好做法,提出了树立契约精神、转变思想观念、加强部际协调、拓宽融资渠道等有针对性的政策建议。
[Abstract]:PPP model is an innovative model for government and social capital to provide public goods and services. With the acceleration of the urbanization process, China is faced with a huge funding gap in infrastructure construction. It is urgent to ease the financing pressure through the PPP model and maintain the economic growth rate. At present, there are few researches on the practice and financing mode of PPP in China. The development and current situation of PPP in China are combed, and the main financing modes of PPP projects in China are studied. To probe into the bottlenecks and obstacles in the development of PPP in China and to put forward some relevant policy suggestions will be of great benefit to the sustainable and healthy development of PPP in China. Firstly, according to the trend reflected by World Bank data, the paper divides the development of PPP in China into five stages: exploration, pilot, adjustment, promotion and regulation. It is also found that the lack of financial resources of local governments in promoting urbanization after the reform of the tax sharing system is the main economic motivation for the development of PPP in China, and at the same time, The establishment and consolidation of the socialist market economy system has eliminated the theoretical obstacles for the development of PPP. Secondly, through the method of comparative study, the paper draws the main operation mode of PPP in China, that is, purchasing service, franchise and equity cooperation. Among them, the legal basis of franchise is the most perfect, and it is the most common in China. Then, by analyzing the PPP project data of domestic database, the paper finds that most of the PPP projects in China are concentrated in the areas where the economy is underdeveloped and the infrastructure construction gap is large, such as southwest and northwest. Transportation and municipal engineering are the main direction of PPP project. Thirdly, through theoretical research and case study, this paper studies the main models of Chinese commercial banks, policy banks, development financial institutions and non-bank financial institutions participating in PPP project financing. Commercial banks can connect with PPP projects through credit business, investment banking business and financial management business, which is the main force of PPP project financing. Policy banks and development financial institutions can have the advantages of low capital cost, long loan term, domestic equity investment subsidiaries and so on, which can achieve the full coverage of PPP project equity financing, mezzanine financing and equity financing. Non-bank financial institutions operate in a flexible manner and participate in various modes of PPP project financing, mainly including underwriting project income bonds, asset securitization and so on. Finally, through the method of comparative study, it is found that the lack of attraction and availability of the project, the emphasis on financing, the neglect of management, the unsound system and mechanism, and the public sector as the main source of financing are the main bottlenecks and obstacles restricting the development of PPP in China. Furthermore, combining with the international advanced experience and good practice, this paper puts forward some pertinent policy suggestions, such as setting up the spirit of contract, changing ideas, strengthening inter-ministerial coordination, and widening financing channels.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F283;F832.4

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