PPP高速公路项目控制权的配置研究

发布时间：2019-06-15 20:20

【摘要】：目前在我国很多地区,在基础设施建设领域引入特许经营的模式。最初主要是BOT模式,即建设—运营—移交,由于PPP模式可以很好的弥补BOT的不足,近年来PPP模式逐渐成为主流。鉴于高速公路的独特经济属性及其在国民经济发展中的重要作用,合理地对其进行管制就成为政府关注的焦点。而高速公路公私双方合作效率的关键影响因素为控制权的配置问题。基于此,本文从以下方面进行研究: (1)系统地阐述国内外对PPP项目控制权的研究现状。对高速公路采取PPP模式的必要性和可行性进行了深入归纳和分析,同时梳理了PPP项目各利益相关者间的关系。 (2)合理定价对最优控制权配置的影响。私人部门投入PPP项目主要动机是为了获得收益,价格作为影响私人收益的主要因素,直接决定私人部门投入的积极性。基于此,提出了一种新的规制机制:即在私营财团自主定价条件下,分析了项目的最优股权结构,摒弃了以往从孤立的视角分析项目所有权问题。 (3)特许期的选择对最优控制权配置的影响。PPP项目的特许经营期指从特许经营协议生效开始的一定年限期间,包括建造期和运营期。PPP项目特许期及在此基础上的控制权配置,其本质是公共部门与私人财团紧密合作应对特许期内可能发生的各种不确定性,进而实现双方之间的风险分担和利益均衡。因此,合理的特许期能平衡项目现金流,保障投资各方获得相应的投资收益。 (4)私营企业努力水平与控制权配置的关系研究。项目的社会效益产出很大程度上受私营部门努力水平的影响。由于社会效益的产出阶段主要是项目的运营期,而高速公路的社会效益包括带动沿线地区经济的发展、通行者得到更好的服务、技术的创新、公司管理水平的提高从而降低成本提高效益等等。这些方面很大程度是受私营部门努力水平影响的。因此,通过研究控制权的配置与私营部门努力水平的关系,政府可以通过合理配置控制权来实现提高私营部门努力水平的目标。
[Abstract]:At present, franchising mode is introduced in the field of infrastructure construction in many areas of our country. At first, it was mainly BOT mode, that is, construction-operation-handover. Because PPP mode can make up for the deficiency of BOT, PPP mode has gradually become the mainstream in recent years. In view of the unique economic attributes of expressway and its important role in the development of national economy, reasonable regulation of expressway has become the focus of government attention. The key factor affecting the efficiency of highway public-private cooperation is the allocation of control rights. Based on this, this paper studies from the following aspects: (1) systematically expounds the research status of PPP project control at home and abroad. This paper sums up and analyzes the necessity and feasibility of adopting PPP mode on expressway, and combs the relationship among the stakeholders of PPP project at the same time. (2) the influence of reasonable pricing on the optimal allocation of control rights. The main motivation of private sector investment in PPP project is to obtain income. Price, as the main factor affecting private income, directly determines the enthusiasm of private sector investment. Based on this, a new regulatory mechanism is proposed: under the condition of independent pricing by private consortia, the optimal ownership structure of the project is analyzed, which abandons the previous analysis of project ownership from an isolated perspective. (3) the influence of the choice of concession period on the optimal allocation of control. The franchise period of PPP project refers to a certain period of time from the entry into force of the franchise agreement, including the construction period and the operation period. The essence of PPP project concession period and the allocation of control rights on this basis is that the public sector and private consortia work closely to deal with all kinds of uncertainties that may occur during the concession period. Then realize the risk sharing and benefit balance between the two sides. Therefore, a reasonable concession period can balance the cash flow of the project and ensure the investment parties to obtain the corresponding investment income. (4) Research on the relationship between the level of effort and the allocation of control rights in private enterprises. The social benefits of the project are largely affected by the level of efforts of the private sector. Because the output stage of social benefits is mainly the operation period of the project, the social benefits of the expressway include driving the economic development of the areas along the route, getting better service, technological innovation, improving the management level of the company, thus reducing the cost and improving the efficiency, and so on. These aspects are largely affected by the level of private sector efforts. Therefore, by studying the relationship between the allocation of control and the level of efforts of the private sector, the government can achieve the goal of improving the level of efforts of the private sector through the rational allocation of control.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F542;F283

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