PPP融资模式在中国高速公路项目中的应用研究

发布时间：2018-03-13 05:11

本文选题：公司合作制　切入点：逆向选择　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：进入二十一世纪以来,我国经济经历了持续的高增长期,对高速公路等交通基础设施的需求日益增加,这就推进了我国加快交通基础设施建设的步伐。由于交通基础设施本身的特点,对其建设开发需要大量的资金支持,而单独依靠政府资金的投入很难达到资金需求量的要求。近些年来,我国的继续深化改革开放政策和一系列制度、组织体系改革,为私人资本参与公共基础设施的建设创造了良好的契机和外部条件。面对巨大的财政压力,需要采用一种创新型的方法来使私人部门的资本充分参与到交通基础设施建设中来。所以,PPP(public-private-partnership)模式能够获得政府的青睐,因为该种模式能够使得政府在不丧失项目控制权的情况下引入私人资本。 PPP模式通常定义为政府和私人部门之间的长期合作协议。政府将项目建设和运营维护委托给私人部门,而对于私人部门来说,通过承担一定的风险来获取相应的利润。PPP模式对私人企业的选择需要通过竞争性投标过程来完成,在项目合同期内,政府的目标在于为公众提供价格低廉的高质量服务,而私人部门的目标在于利益最大化。由于二者目标的不一致性,必然会在项目进行过程中产生一些问题,甚至会导致项目的失败。这些问题包括项目风险的分配,委托代理问题,法律制度环境的不完善等。学术界对采用PPP模式的项目的各个阶段进行了深入的研究,得出以下项目成功的几大基本要素：良好的制度环境、最佳承包商的选取、提供充分的激励约束机制和适当的监督措施。基于实证研究,我们可以形成两个基本观点,第一点是我国目前的制度环境还不是很完善,缺乏高效和透明的法律体系；二是在招投标阶段中,承包商往往会通过合谋的方式影响政府选择最佳承包商的决策。在这种情况下,产生了许多不利于采用PPP模式进行项目建设的状况,比如商业贿赂,商业机密的泄漏,政府和私人部门之间的合谋。以上这些无疑都提高了交易成本。同时不论是在特许权授予之前还是之后都会以不同的形式表现出投机行为,其中比较常见的方式是投标者之间的合谋,或者在项目的实施过程中偷工减料,在理论上我们称之为逆向选择和道德风险问题,本文针对我国高速公路项目开发中的制度环境和项目各个阶段的所面临的逆向选择和道德风险问题做出分析并提出政策建议,希望能够促进我国高速公路项目的开发建设。全文共分为五个部分。第一部分为绪论,主要介绍研究背景和意义,国内外研究现状,研究内容和方法。第二部分为相关理论介绍,包括：PPP相关概念界定和理论基础,委托代理理论和相应的投机行为及交易成本问题,PPP实施过程中采用的激励约束机制和监督措施。第三部分对PPP融资模式在高速公路项目融资中的优势和风险进行分析。第四部分分析当前我国高速公路项目融资的现状。第五部分结合案例分析我国高速公路项目融资中存在的问题,并提出政策建议。
[Abstract]:Since twenty-first Century, China's economy has experienced sustained high growth period, on the highway and other transportation infrastructure needs is increasing, which promote the pace to accelerate the construction of transportation infrastructure in China. Because of the characteristics of the transportation infrastructure itself, its construction development requires a lot of financial support, and to rely solely on government funds the investment is difficult to achieve the demand for capital requirements. In recent years, China will continue to deepen the reform and open policy and a series of system reform, organization system, for the construction of private capital participation in public infrastructure to create a good opportunity and external conditions. Facing the huge financial pressure, need to adopt an innovative approach to make private capital to participate fully in traffic infrastructure construction. Therefore, PPP (Public-private-partnership) model to obtain government favor, because this kind of The model enables the government to introduce private capital without losing control of the project.
PPP mode are usually defined as a long-term cooperation agreement between the government and the private sector. The government will entrust project construction and operation maintenance to the private sector, while the private sector, the corresponding.PPP profit model to be achieved through a competitive bidding process of private enterprises choose to get through take some risks in the project contract period and the government's goal is to provide low price and high quality services to the public and the private sector, the goal is to maximize the benefits. The consistency of the two target, it will have some problems in the process of project, and even lead to the failure of the project. These issues include the project risk allocation, the principal-agent problem. The environmental legal system is not perfect.
The academic circles have carried out in-depth research on all stages of the project adopting PPP mode, and draw the following essential elements of successful projects: good institutional environment, best contractor selection, adequate incentive and restraint mechanism and appropriate supervision measures.
Based on the empirical research, we can form two basic points, the first point is the institutional environment of our country at present is not perfect, the lack of efficient and transparent legal system; the two is in the bidding stage, the contractor will often through collusion influence government to choose the best contractor's decision. In this case, have many not conducive to the use of PPP model for construction project, such as commercial bribery, the leakage of business secrets, collusion between government and the private sector. These are undoubtedly increase transaction costs. At the same time either before or after being granted a franchise will be in a different manifestation of speculation, one of the more common the way is the collusion among the bidders, or cut corners in the project implementation process, in theory we called adverse selection and moral hazard problems, in view of our country The system environment and problems of adverse selection and moral hazard faced in every stage of expressway project development are analyzed, and policy recommendations are put forward, hoping to promote the development and construction of expressway projects in China.
This paper is divided into five parts. The first part is the introduction, mainly introduces the research background and significance, research status, research contents and methods. The second part introduces the related theory, including: PPP relevant concept and theory, the principal-agent theory and the corresponding speculation and transaction cost problems in the implementation process of PPP the incentive and restraint mechanism and supervision measures. The third part is the analysis of the advantages and risks of PPP financing mode in highway project. The fourth part analyzes the current situation of the highway project financing in China. The fifth part combined with the example analysis of the existing highway project financing in our country, and put forward some policy suggestions.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F542;F283

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