本文選題：股權(quán)結(jié)構(gòu)　切入點(diǎn)：風(fēng)險(xiǎn)識(shí)別　出處：《西安建筑科技大學(xué)》2017年碩士論文

【摘要】：在我國(guó)城市化發(fā)展的背景下,PPP模式作為一種基于政府和社會(huì)資本合作的融資模式,被廣泛應(yīng)用于我國(guó)城市基礎(chǔ)設(shè)施項(xiàng)目建設(shè)。在PPP項(xiàng)目中,政府部門和社會(huì)資本共同組建項(xiàng)目公司,對(duì)項(xiàng)目進(jìn)行投資、建設(shè)及運(yùn)營(yíng),為社會(huì)公眾提供公共產(chǎn)品及服務(wù)。從公司治理來看,合理的項(xiàng)目股權(quán)比例,有利于明確雙方在項(xiàng)目建設(shè)中的責(zé)任和權(quán)益,保證項(xiàng)目目標(biāo)及各參與主體的投資收益目標(biāo)的實(shí)現(xiàn)。因此,本文基于項(xiàng)目風(fēng)險(xiǎn)分擔(dān)對(duì)PPP項(xiàng)目公司股權(quán)結(jié)構(gòu)進(jìn)行研究。本文首先對(duì)國(guó)內(nèi)外PPP模式的相關(guān)研究成果進(jìn)行了分析,確定關(guān)于PPP項(xiàng)目股權(quán)結(jié)構(gòu)研究的主要內(nèi)容;在此基礎(chǔ)上,對(duì)PPP模式的定義、特點(diǎn)及分類進(jìn)行研究,對(duì)PPP項(xiàng)目的利益相關(guān)方、項(xiàng)目壽命周期進(jìn)行分析,并研究了股權(quán)結(jié)構(gòu)的定義和內(nèi)涵及對(duì)公司治理的影響機(jī)理;基于以上理論研究,本文從宏觀、中觀及微觀三個(gè)層面對(duì)PPP項(xiàng)目的風(fēng)險(xiǎn)類別及風(fēng)險(xiǎn)因素進(jìn)行識(shí)別和闡述,總結(jié)了PPP項(xiàng)目的基本風(fēng)險(xiǎn)因素,為后續(xù)基于風(fēng)險(xiǎn)分擔(dān)的PPP項(xiàng)目股權(quán)結(jié)構(gòu)研究提供了基礎(chǔ);借助于股權(quán)結(jié)構(gòu)相關(guān)理論對(duì)PPP項(xiàng)目的股權(quán)結(jié)構(gòu)進(jìn)行分析,并遵循風(fēng)險(xiǎn)分擔(dān)原則借助于模糊數(shù)的概念及綜合評(píng)判法確定了社會(huì)資本及政府部門的風(fēng)險(xiǎn)分擔(dān)比例,初步確定了PPP項(xiàng)目的股權(quán)比例范圍;進(jìn)一步基于PPP項(xiàng)目基本風(fēng)險(xiǎn)因素,借助實(shí)物期權(quán)理論,構(gòu)建了一個(gè)PPP項(xiàng)目實(shí)物期權(quán)投資收益模型,根據(jù)投資決策準(zhǔn)則實(shí)現(xiàn)對(duì)PPP項(xiàng)目股權(quán)比例的確定。本文借助高速公路PPP項(xiàng)目實(shí)例,通過項(xiàng)目風(fēng)險(xiǎn)分擔(dān)確定政府部門和社會(huì)資本的風(fēng)險(xiǎn)分擔(dān)比例,并按照構(gòu)建的PPP項(xiàng)目實(shí)物期權(quán)投資收益模型確定了項(xiàng)目的股權(quán)比例。本文基于風(fēng)險(xiǎn)分擔(dān)對(duì)PPP項(xiàng)目公司的股權(quán)結(jié)構(gòu)進(jìn)行研究,提供了PPP項(xiàng)目風(fēng)險(xiǎn)分擔(dān)及PPP項(xiàng)目公司股權(quán)比例確定的方法,為PPP項(xiàng)目準(zhǔn)備階段風(fēng)險(xiǎn)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(xué)位授予單位】：西安建筑科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F283;F542.3

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