准经营性基础设施PPP项目资本结构研究
发布时间：2018-11-14 14:17
【摘要】：投资建设准经营性基础设施项目不仅能够为公众提供所必需的产品或服务，还能拉动经济增长。政府财政资金的有限和投资建设运营项目的低效率，使得单纯依靠政府投资无法满足社会的需要。应用PPP模式建设的准经营性项目越来越多。合理的资本结构对PPP项目的成功运作至关重要。 通过对企业资本结构理论的研究和准经营性项目经济属性的分析，，界定了准经营性基础设施PPP项目资本结构的概念。结合影响企业资本结构因素、准经营性项目的特点和PPP项目风险管理理论，从政治经济制度、行业环境、项目特征三个层面识别了影响准经营性基础设施PPP项目资本结构的14个因素，构建了影响轨道交通PPP项目资本结构的因素体系。运用模糊DEMATEL方法计算各个因素的中心度和原因度，识别得到关键影响因素。研究发现影响准经营性基础设施PPP项目资本结构的6个关键因素是：东道国PPP项目的法律制度、东道国的经济发展情况、行业的垄断程度、东道国政府的担保、项目的定价机制、项目未来的盈利能力。通过构建准经营性PPP项目参与方中政府部门和私人投资者的目标函数，建立的无追索权项目融资和有限追索权项目融资下的资本结构优化模型为确定准经营性PPP项目最优资本结构提供了一种方法。
[Abstract]:Investment in quasi-operational infrastructure projects can not only provide the necessary products or services for the public, but also stimulate economic growth. The limited government financial funds and the low efficiency of investment construction and operation projects make it impossible to meet the needs of the society by relying solely on government investment. There are more and more quasi-management projects using PPP mode. A reasonable capital structure is crucial to the successful operation of PPP projects. Through the study of the theory of enterprise capital structure and the analysis of the economic attributes of quasi-operational projects, this paper defines the concept of the capital structure of quasi-operational infrastructure PPP projects. Combined with the factors affecting the capital structure of the enterprise, the characteristics of quasi-operational projects and the risk management theory of PPP projects, from the political and economic system, the industry environment, Three levels of project characteristics identify 14 factors that affect the capital structure of quasi-operational infrastructure PPP projects, and construct a system of factors that affect the capital structure of PPP projects of rail transit. The center degree and cause degree of each factor are calculated by fuzzy DEMATEL method, and the key factors are identified. It is found that the six key factors affecting the capital structure of quasi-operational infrastructure PPP projects are: the legal system of the host country's PPP project, the economic development of the host country, the degree of monopoly of the industry, and the guarantee of the host country's government. The pricing mechanism of the project and the profitability of the project in the future. By constructing objective functions of government departments and private investors in quasi-operational PPP project participants, The capital structure optimization model under the conditions of non-recourse project financing and limited recourse project financing provides a method for determining the optimal capital structure of quasi-operational PPP projects.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F283
本文编号：2331399
[Abstract]:Investment in quasi-operational infrastructure projects can not only provide the necessary products or services for the public, but also stimulate economic growth. The limited government financial funds and the low efficiency of investment construction and operation projects make it impossible to meet the needs of the society by relying solely on government investment. There are more and more quasi-management projects using PPP mode. A reasonable capital structure is crucial to the successful operation of PPP projects. Through the study of the theory of enterprise capital structure and the analysis of the economic attributes of quasi-operational projects, this paper defines the concept of the capital structure of quasi-operational infrastructure PPP projects. Combined with the factors affecting the capital structure of the enterprise, the characteristics of quasi-operational projects and the risk management theory of PPP projects, from the political and economic system, the industry environment, Three levels of project characteristics identify 14 factors that affect the capital structure of quasi-operational infrastructure PPP projects, and construct a system of factors that affect the capital structure of PPP projects of rail transit. The center degree and cause degree of each factor are calculated by fuzzy DEMATEL method, and the key factors are identified. It is found that the six key factors affecting the capital structure of quasi-operational infrastructure PPP projects are: the legal system of the host country's PPP project, the economic development of the host country, the degree of monopoly of the industry, and the guarantee of the host country's government. The pricing mechanism of the project and the profitability of the project in the future. By constructing objective functions of government departments and private investors in quasi-operational PPP project participants, The capital structure optimization model under the conditions of non-recourse project financing and limited recourse project financing provides a method for determining the optimal capital structure of quasi-operational PPP projects.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F283
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