本文選題：股權結構　切入點：風險識別　出處：《西安建筑科技大學》2017年碩士論文

【摘要】：在我國城市化發(fā)展的背景下,PPP模式作為一種基于政府和社會資本合作的融資模式,被廣泛應用于我國城市基礎設施項目建設。在PPP項目中,政府部門和社會資本共同組建項目公司,對項目進行投資、建設及運營,為社會公眾提供公共產品及服務。從公司治理來看,合理的項目股權比例,有利于明確雙方在項目建設中的責任和權益,保證項目目標及各參與主體的投資收益目標的實現。因此,本文基于項目風險分擔對PPP項目公司股權結構進行研究。本文首先對國內外PPP模式的相關研究成果進行了分析,確定關于PPP項目股權結構研究的主要內容;在此基礎上,對PPP模式的定義、特點及分類進行研究,對PPP項目的利益相關方、項目壽命周期進行分析,并研究了股權結構的定義和內涵及對公司治理的影響機理;基于以上理論研究,本文從宏觀、中觀及微觀三個層面對PPP項目的風險類別及風險因素進行識別和闡述,總結了PPP項目的基本風險因素,為后續(xù)基于風險分擔的PPP項目股權結構研究提供了基礎;借助于股權結構相關理論對PPP項目的股權結構進行分析,并遵循風險分擔原則借助于模糊數的概念及綜合評判法確定了社會資本及政府部門的風險分擔比例,初步確定了PPP項目的股權比例范圍;進一步基于PPP項目基本風險因素,借助實物期權理論,構建了一個PPP項目實物期權投資收益模型,根據投資決策準則實現對PPP項目股權比例的確定。本文借助高速公路PPP項目實例,通過項目風險分擔確定政府部門和社會資本的風險分擔比例,并按照構建的PPP項目實物期權投資收益模型確定了項目的股權比例。本文基于風險分擔對PPP項目公司的股權結構進行研究,提供了PPP項目風險分擔及PPP項目公司股權比例確定的方法,為PPP項目準備階段風險分配框架及合同體系的確定提供了理論方法。
[Abstract]:Under the background of urbanization development in China, as a financing model based on the cooperation of government and social capital, PPP model is widely used in urban infrastructure projects in China. Government departments and social capital jointly set up project companies, invest, build and operate the projects, and provide public goods and services to the public. It is beneficial to clarify the responsibilities and interests of both sides in the construction of the project, and to ensure the realization of the objectives of the project and the investment returns of the participants. This paper studies the equity structure of PPP project company based on project risk sharing. Firstly, this paper analyzes the related research results of domestic and foreign PPP model, and determines the main contents of the research on PPP project equity structure. The definition, characteristics and classification of PPP model are studied, the stakeholders of PPP project, project life cycle are analyzed, and the definition and connotation of equity structure and its influence mechanism on corporate governance are studied. In this paper, the risk categories and risk factors of PPP projects are identified and expounded from macro, meso and micro levels, and the basic risk factors of PPP projects are summarized, which provide the basis for the further research on the equity structure of PPP projects based on risk sharing. With the help of the theory of equity structure, this paper analyzes the equity structure of PPP projects, and according to the principle of risk sharing, determines the proportion of risk sharing between social capital and government departments by means of the concept of fuzzy number and the comprehensive evaluation method. Based on the basic risk factors of PPP project and the real option theory, a real option investment return model of PPP project is constructed. According to the investment decision criterion, we can determine the share ratio of PPP project. With the help of highway PPP project example, this paper determines the risk sharing ratio of government departments and social capital through project risk sharing. According to the real option investment income model of PPP project, the equity ratio of the project is determined. This paper studies the equity structure of PPP project company based on risk sharing. This paper provides the method of risk sharing of PPP project and the proportion of equity of PPP project company, and provides a theoretical method for the determination of risk allocation framework and contract system in the preparation stage of PPP project.
【學位授予單位】：西安建筑科技大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F283;F542.3

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