發(fā)布時(shí)間：2019-01-10 19:11

【摘要】：PPP被認(rèn)為是當(dāng)下中國(guó)最熱點(diǎn)的詞匯之一,是制度供給的一次創(chuàng)新。在我國(guó)經(jīng)濟(jì)下行壓力持續(xù)加大,經(jīng)濟(jì)發(fā)展步入新常態(tài)的特殊背景下,PPP模式將社會(huì)資本引入基礎(chǔ)設(shè)施和公用事業(yè)建設(shè)領(lǐng)域,可以有效緩解政府承擔(dān)的過重財(cái)政負(fù)擔(dān)和財(cái)政壓力,化解地方政府債務(wù)危機(jī),提高我國(guó)公共產(chǎn)品和服務(wù)的質(zhì)量和效率,并加快政府職能轉(zhuǎn)變,推動(dòng)國(guó)家治理能力和治理體系的現(xiàn)代化。PPP模式的社會(huì)資本退出機(jī)制相比準(zhǔn)入機(jī)制,是本輪PPP熱潮中很少被關(guān)注的一個(gè)問題。退出機(jī)制意味著社會(huì)資本在遭遇特殊情況時(shí),可以有選擇、有步驟的退出PPP項(xiàng)目,以維護(hù)自身合法權(quán)益,是社會(huì)資本方參與PPP項(xiàng)目面臨的現(xiàn)實(shí)需求。退出機(jī)制的完善,也將進(jìn)一步增加PPP項(xiàng)目資本流動(dòng)性,增強(qiáng)PPP項(xiàng)目對(duì)社會(huì)資本方的吸引力,消除其后顧之憂,提高PPP項(xiàng)目的落地簽約率。因此,筆者針對(duì)上述情況,將社會(huì)資本退出機(jī)制法律問題作為本文研究的主旨和重點(diǎn)。文章共分為三部分:第一部分主要對(duì)PPP模式社會(huì)資本退出機(jī)制理論進(jìn)行總體闡釋。分為PPP模式概述、PPP模式社會(huì)資本退出機(jī)制兩部分。通過對(duì)PPP模式的含義、特征與功能定位的歸納,與傳統(tǒng)建設(shè)模式進(jìn)行比較分析,總結(jié)出PPP模式具有經(jīng)濟(jì)法的顯著特性。重點(diǎn)論述了PPP模式社會(huì)資本退出機(jī)制的概念及退出的必然性,對(duì)PPP模式社會(huì)資本退出的作用、分類及方式等基礎(chǔ)理論做出概括分析。將社會(huì)資本退出依據(jù)不同標(biāo)準(zhǔn)作出三種分類,并將退出方式歸納為股權(quán)轉(zhuǎn)讓、股權(quán)回購(gòu)、資產(chǎn)證券化、公開上市、期滿移交五種具體方式。第二部分對(duì)PPP模式下社會(huì)資本退出機(jī)制存在的法律障礙展開分析。目前,我國(guó)PPP模式立法層級(jí)較低、缺乏實(shí)施細(xì)則,法律效力較低;退出時(shí)轉(zhuǎn)讓主體資格也未明確,PPP產(chǎn)權(quán)交易市場(chǎng)不存在,PPP資產(chǎn)證券化存在困難,這些退出機(jī)制的不健全是目前諸多PPP項(xiàng)目無(wú)法落地的一個(gè)重要原因。文章第三部分針對(duì)退出機(jī)制存在的上述障礙,提出六項(xiàng)完善社會(huì)資本退出機(jī)制的路徑選擇與法律完善建議,其中完善PPP股權(quán)轉(zhuǎn)讓機(jī)制是本文的特色所在,希望本文能夠促進(jìn)我國(guó)PPP模式的健康發(fā)展,為PPP實(shí)踐提供些許啟發(fā)和借鑒。
[Abstract]:PPP is regarded as one of the hottest words in China and an innovation of institutional supply. Under the special background of increasing downward pressure and entering the new normal, the PPP model can effectively relieve the excessive financial burden and pressure on the government by introducing social capital into the field of infrastructure and public utilities construction. To resolve the debt crisis of local governments, to improve the quality and efficiency of public goods and services in China, to accelerate the transformation of government functions, to promote the modernization of national governance capacity and governance system, and to promote the entry mechanism of social capital withdrawal mechanism based on PPP model. This round of PPP boom is rarely concerned about a problem. Exit mechanism means that social capital can choose and step out of PPP projects in order to protect their legitimate rights and interests, which is the realistic demand for social capital to participate in PPP projects. The perfection of exit mechanism will further increase the capital mobility of PPP project, enhance the attraction of PPP project to social capital, eliminate its worries, and improve the landing signing rate of PPP project. Therefore, the author regards the legal issue of social capital withdrawal mechanism as the main purpose and focus of this paper. The article is divided into three parts: the first part mainly explains the theory of social capital withdrawal mechanism in PPP mode. It is divided into PPP model outline, PPP model social capital exit mechanism two parts. Through the comparison and analysis of the meaning, characteristics and function orientation of the PPP model and the traditional construction mode, it is concluded that the PPP model has the remarkable characteristics of economic law. This paper mainly discusses the concept and inevitability of the withdrawal mechanism of social capital in PPP mode, and makes a general analysis of the function, classification and mode of social capital withdrawal in PPP mode. According to different criteria, social capital withdrawal is classified into five specific ways: equity transfer, equity repurchase, asset securitization, public listing and expiration transfer. The second part analyzes the legal obstacles of social capital withdrawal mechanism under PPP mode. At present, the level of legislation of PPP mode is lower, the implementation rules are lacking, and the legal effect is low. At the time of withdrawal, the qualification of transfer subject is not clear, the market of PPP property right transaction does not exist, and the securitization of PPP assets is difficult. The unsoundness of these exit mechanisms is an important reason why many PPP projects cannot fall to the ground at present. In the third part of this paper, the author puts forward six suggestions to perfect the exit mechanism of social capital, including perfecting the mechanism of PPP equity transfer, and putting forward six suggestions to perfect the exit mechanism of social capital. I hope this paper can promote the healthy development of PPP model in China and provide some inspiration and reference for PPP practice.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.29

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