政府與社會資本合作（PPP）模式中的金融支持問題研究
發(fā)布時間：2018-12-11 00:54
【摘要】：PPP(Public Private Partnership)即政府與社會資本合作模式,是指政府與社會資本簽訂特許經(jīng)營權(quán)協(xié)議,雙方為了建設(shè)城市基礎(chǔ)設(shè)施項目、或為提供某種公共物品和服務(wù)而采取合作模式而結(jié)成合作關(guān)系。此種模式的特點是政府與社會資本利益共享、風(fēng)險共擔、合作共贏。在當前我國經(jīng)濟新常態(tài)發(fā)展與新型城鎮(zhèn)化改革方興未艾的情況下,地方政府財政將釋放大量財政資金,地方財政債務(wù)壓力增大,以往地方融資平臺已不適應(yīng)新形勢下經(jīng)濟政策發(fā)展的需求的情況下,PPP模式逐漸成為支持我國地方政府發(fā)展基礎(chǔ)設(shè)施建設(shè)的新興力量。PPP模式的典型做法是,政府通過市場采購方式與中標的社會資本共同組成項目或者項目公司,政府與該項目或項目公司簽訂特許經(jīng)營協(xié)議,待特許經(jīng)營期滿后,政府需收回對項目的所有權(quán)。近年來,PPP模式開始受到國家高度關(guān)注,但作為我國最大的資金供應(yīng)方的商業(yè)銀行參與PPP的程度較低,面對我國PPP廣闊的發(fā)展前景,商業(yè)銀行如何深度參與其中,為我國政府與社會資本提供必要的資金與金融支持,這對于金融機構(gòu)而言,機遇與挑戰(zhàn)并存。如何突破地方傳統(tǒng)融資平臺的弊端,通過商業(yè)銀行積極參與PPP模式、改進融資工具和渠道創(chuàng)新來轉(zhuǎn)移、分散風(fēng)險是金融機構(gòu)亟待解決的問題。另一方面,在過去傳統(tǒng)的PPP模式中,商業(yè)銀行的貸款對象多為有地方政府隱性擔保的地方融資平臺或大型國企,風(fēng)險較低。后由于經(jīng)濟新常態(tài)與新型城鎮(zhèn)化建設(shè)的推進,地方政府債務(wù)壓力不斷增大,新型PPP模式應(yīng)運而生,即引入社會資本共同組建SPV,甚至完全由社會資本方參股,SPV負責對項目進行融資以及后續(xù)的運營管理。商業(yè)銀行面臨的風(fēng)險加劇,故有必要對商業(yè)銀行助力PPP模式的發(fā)展進行特別研究與分析。本文通過對中信集團投貸模式參與“鳥巢”項目、國開行通過信貸模式參與北京地鐵四號線項目、建交行與浦發(fā)銀行通過設(shè)立新型城鎮(zhèn)化發(fā)展基金參與河南省建設(shè)等進行案例分析,詳細介紹了幾種銀行開展PPP業(yè)務(wù)的模式,包括投貸模式、信貸模式、產(chǎn)業(yè)基金模式、綜合金融服務(wù)以及資產(chǎn)證券化等,更好地對金融機構(gòu)尤其是商業(yè)銀行如何助力PPP發(fā)展進行了介紹,針對商業(yè)銀行如何深度助力PPP模式的發(fā)展以及其中所面臨的風(fēng)險,從專業(yè)團隊和人才建設(shè)、貸前審查貸后嚴格管理和風(fēng)險管理系統(tǒng)升級三個層面提出了控制風(fēng)險的建議,對我國未來金融機構(gòu)如何更好地參與PPP項目中有著良好的示范效應(yīng)。
[Abstract]:PPP (Public Private Partnership) is the mode of cooperation between government and social capital, which means that the government and social capital sign franchise agreement. Or form a partnership for the provision of certain public goods and services. This model is characterized by government and social capital benefit sharing, risk sharing, win-win cooperation. With the new normal development of our economy and the new urbanization reform in the ascendant, the local government finance will release a large amount of financial funds, and the local financial debt pressure will increase. In the past, the local financing platform has not been able to meet the needs of economic policy development under the new situation, and the PPP model has gradually become a new force to support the development of infrastructure construction of local governments in China. The typical practice of the PPP model is that, The government and the winning social capital form the project or project company through the way of market purchase. The government and the project or project company sign the franchise agreement. After the franchise expires, the government should take back the ownership of the project. In recent years, the PPP model has been highly concerned by the country, but the commercial banks, as the largest supplier of funds in China, participate in PPP to a lesser extent. In the face of the broad development prospects of PPP in our country, how do commercial banks take part in it deeply? It is necessary for our government and social capital to provide necessary funds and financial support, which for financial institutions, opportunities and challenges coexist. How to break through the drawbacks of local traditional financing platform, actively participate in the PPP model, improve the financing tools and channel innovation to transfer, disperse the risk is an urgent problem to be solved by financial institutions. On the other hand, in the past traditional PPP model, commercial banks' loan targets are mostly local financing platforms or large state-owned enterprises with implicit guarantees from local governments, and the risks are relatively low. After that, because of the new normal state of economy and the development of new urbanization, the pressure of local government debt is increasing, and the new PPP model emerges as the times require, that is, the introduction of social capital to form SPV, and even the full participation of social capital in the stock market. SPV is responsible for project financing and subsequent operational management. The risks faced by commercial banks are aggravated, so it is necessary to study and analyze the development of commercial banks' PPP model. This paper participates in the "Bird's Nest" project through the investment and loan mode of CITIC Group, and CDB participates in the Beijing Metro Line 4 project through the credit model. By setting up a new urbanization development fund to participate in the construction of Henan Province, CCB and Pudong Bank have carried out case analysis, introducing in detail several modes of bank PPP business, including investment and loan mode, credit mode, industrial fund model, etc. The comprehensive financial services and asset securitization, etc., better introduce how financial institutions, especially commercial banks, can help the development of PPP, aiming at how commercial banks can deeply help the development of PPP model and the risks they face. From three aspects of professional team and talent construction, strict management after loan review and risk management system upgrading, the paper puts forward some suggestions on how to control risks, which has a good demonstration effect on how to better participate in PPP projects in our country in the future.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F283
本文編號：2371551
[Abstract]:PPP (Public Private Partnership) is the mode of cooperation between government and social capital, which means that the government and social capital sign franchise agreement. Or form a partnership for the provision of certain public goods and services. This model is characterized by government and social capital benefit sharing, risk sharing, win-win cooperation. With the new normal development of our economy and the new urbanization reform in the ascendant, the local government finance will release a large amount of financial funds, and the local financial debt pressure will increase. In the past, the local financing platform has not been able to meet the needs of economic policy development under the new situation, and the PPP model has gradually become a new force to support the development of infrastructure construction of local governments in China. The typical practice of the PPP model is that, The government and the winning social capital form the project or project company through the way of market purchase. The government and the project or project company sign the franchise agreement. After the franchise expires, the government should take back the ownership of the project. In recent years, the PPP model has been highly concerned by the country, but the commercial banks, as the largest supplier of funds in China, participate in PPP to a lesser extent. In the face of the broad development prospects of PPP in our country, how do commercial banks take part in it deeply? It is necessary for our government and social capital to provide necessary funds and financial support, which for financial institutions, opportunities and challenges coexist. How to break through the drawbacks of local traditional financing platform, actively participate in the PPP model, improve the financing tools and channel innovation to transfer, disperse the risk is an urgent problem to be solved by financial institutions. On the other hand, in the past traditional PPP model, commercial banks' loan targets are mostly local financing platforms or large state-owned enterprises with implicit guarantees from local governments, and the risks are relatively low. After that, because of the new normal state of economy and the development of new urbanization, the pressure of local government debt is increasing, and the new PPP model emerges as the times require, that is, the introduction of social capital to form SPV, and even the full participation of social capital in the stock market. SPV is responsible for project financing and subsequent operational management. The risks faced by commercial banks are aggravated, so it is necessary to study and analyze the development of commercial banks' PPP model. This paper participates in the "Bird's Nest" project through the investment and loan mode of CITIC Group, and CDB participates in the Beijing Metro Line 4 project through the credit model. By setting up a new urbanization development fund to participate in the construction of Henan Province, CCB and Pudong Bank have carried out case analysis, introducing in detail several modes of bank PPP business, including investment and loan mode, credit mode, industrial fund model, etc. The comprehensive financial services and asset securitization, etc., better introduce how financial institutions, especially commercial banks, can help the development of PPP, aiming at how commercial banks can deeply help the development of PPP model and the risks they face. From three aspects of professional team and talent construction, strict management after loan review and risk management system upgrading, the paper puts forward some suggestions on how to control risks, which has a good demonstration effect on how to better participate in PPP projects in our country in the future.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F283
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