本文選題：城市軌道交通 + PPP模式　； 參考：《北京交通大學(xué)》2017年碩士論文

【摘要】：2014年9月以來,中央密集出臺(tái)了一系列政策力推政府和社會(huì)資本合作(Public-Private-Partnerships,簡稱"PPP")模式。本文以我國城市軌道交通建設(shè)領(lǐng)域中PPP模式的應(yīng)用為背景,結(jié)合財(cái)政部、國家發(fā)改委政策文件精神,對PPP項(xiàng)目融資模式的選擇及其股權(quán)資本結(jié)構(gòu)的設(shè)計(jì)進(jìn)行研究。首先,按照財(cái)政部文件精神,結(jié)合城市軌道交通行業(yè)的特點(diǎn),本文構(gòu)建了城市軌道交通行業(yè)PPP項(xiàng)目的物有所值(VfM)模型,對是否采用PPP融資模式以及采用何種具體運(yùn)作方式進(jìn)行定量評價(jià)。按照物有所值(VfM)模型,分別計(jì)算出城市軌道交通PPP項(xiàng)目的公共部門比較值(PSC值)和全生命周期內(nèi)政府方凈成本的現(xiàn)值(PPP值),由此計(jì)算出物有所值量值(VfM值)。根據(jù)評價(jià)結(jié)果可以確定該城市軌道交通建設(shè)項(xiàng)目是否適宜采用PPP模式,以及應(yīng)該采用何種具體的PPP項(xiàng)目結(jié)構(gòu)。其次,在對城市軌道交通PPP項(xiàng)目參與方進(jìn)行研究的基礎(chǔ)上,本文運(yùn)用委托代理理論,分析PPP項(xiàng)目公司的發(fā)起人股權(quán)結(jié)構(gòu)構(gòu)成對城市軌道交通PPP項(xiàng)目公司總體收益的影響。研究得出結(jié)論,城市軌道交通PPP項(xiàng)目在建設(shè)期引入工程建設(shè)承包人將增加項(xiàng)目公司所獲收益,即應(yīng)當(dāng)引入工程建設(shè)承包人作為項(xiàng)目公司的股東。按照本文提出的最優(yōu)股權(quán)資本結(jié)構(gòu)模型,當(dāng)工程建設(shè)承包人持有項(xiàng)目公司的股權(quán)達(dá)到一定比例時(shí),城市軌道交通PPP項(xiàng)目達(dá)到最優(yōu)股權(quán)資本結(jié)構(gòu)。最后,本文將太原地鐵2號線一期工程的實(shí)地調(diào)研數(shù)據(jù)運(yùn)用于上述模型,對模型進(jìn)行分析,驗(yàn)證了物有所值(VfM)模型,并針對太原地鐵2號線一期工程PPP項(xiàng)目的實(shí)際情況,運(yùn)用最優(yōu)股權(quán)資本結(jié)構(gòu)模型對太原地鐵2號線PPP項(xiàng)目公司提出了相應(yīng)的股權(quán)資本結(jié)構(gòu)的優(yōu)化方案。本文結(jié)合財(cái)政部、國家發(fā)改委最新政策文件精神,研究了 PPP項(xiàng)目的融資模式?jīng)Q策及資本結(jié)構(gòu)決策,并針對城市軌道交通領(lǐng)域的特點(diǎn)進(jìn)行細(xì)化分析,可以為城市軌道交通PPP項(xiàng)目融資模式的選擇及PPP項(xiàng)目公司組建時(shí)股權(quán)資本結(jié)構(gòu)的設(shè)計(jì)決策提供一定的參考依據(jù),具有非常明顯的理論意義與現(xiàn)實(shí)意義。
[Abstract]:Since September 2014, the central government has issued a series of policies to push the Public-Private-Partnerships (PPP) model of government and social capital cooperation. Based on the application of PPP model in the field of urban rail transit construction in China and the spirit of policy documents of Ministry of Finance and National Development and Reform Commission, this paper studies the choice of PPP project financing mode and the design of its equity capital structure. First of all, according to the spirit of the Ministry of Finance document, combined with the characteristics of the urban rail transit industry, this paper constructs the value for money (VfM) model of the PPP project in the urban rail transit industry. Whether to adopt the PPP financing mode and what kind of concrete operation mode to carry on the quantitative evaluation. According to the value for money (VFM) model, the public sector comparison value of urban rail transit (PPP) and the present value of government net cost in the whole life cycle are calculated respectively, and the value of value for money (VFM) is calculated. According to the evaluation results, it can be determined whether the PPP model is suitable for the urban rail transit construction project, and what kind of concrete PPP project structure should be adopted. Secondly, based on the research on the participants of urban rail transit (PPP) project, this paper applies the principal-agent theory to analyze the influence of the equity structure of the PPP project company on the overall income of the PPP project company of urban rail transit. It is concluded that the introduction of the project contractor in the construction period of urban rail transit PPP project will increase the income of the project company, that is, the construction contractor should be introduced as the shareholder of the project company. According to the optimal equity capital structure model proposed in this paper, when the project contractor holds a certain proportion of the equity of the project company, the urban rail transit PPP project achieves the optimal equity capital structure. Finally, this paper applies the field investigation data of Taiyuan Metro Line 2 Phase I project to the above model, analyzes the model, validates the value for money (VFM) model, and aims at the actual situation of the first phase PPP project of Taiyuan Metro Line 2. The optimal equity capital structure model is applied to the PPP project company of Taiyuan Metro Line 2. Combined with the spirit of the latest policy documents of the Ministry of Finance and the National Development and Reform Commission, this paper studies the financing mode decision and capital structure decision of the PPP project, and makes a detailed analysis on the characteristics of urban rail transit. It can provide a certain reference for the choice of financing mode of PPP project of urban rail transit and the design and decision of equity capital structure when the PPP project company is established. It has very obvious theoretical and practical significance.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F283

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本文編號：1835869