本文選題：PPP + 特許經(jīng)營�。� 參考：《西南財經(jīng)大學》2014年碩士論文

【摘要】：提高基礎設施的數(shù)量與質(zhì)量對于世界各國的社會與經(jīng)濟發(fā)展來說至關重要,特別是對于發(fā)展中國家更是如此。在歷史上,公共部門在基礎設施的建設與管理方面長期居于主導地位。然而,經(jīng)濟周期對政府支出的影響,以及政府自身預算約束的限制共同導致政府對基礎設施的投資不足,無法滿足國內(nèi)對于基礎設施的需求,因此,政府將目光投向私人部門。事實上,通過公私合作(PPP)模式的運用來吸引私人部門參與建設基礎設施、提供公共服務、彌補政府財政對基礎設施項目的投資不足的實踐,早已在世界上很多國家和地區(qū)開展,其中既包括發(fā)達國家和地區(qū),也包括發(fā)展中國家和地區(qū)。在PPP模式中,能否順利向私人部門融資是基礎設施項目能否順利進行的關鍵因素。 養(yǎng)老基金在長期的養(yǎng)老金體制改革與發(fā)展過程中積累了大量的基金資產(chǎn),這部分資產(chǎn)可以成為各國PPP項目的理想資金來源。而對于養(yǎng)老基金來說,基礎設施投資具有長期性、良好的風險回報率、與金融市場低相關性等特征,在理想條件下,對基礎設施進行投資可以有效分散投資組合,并在保證基金投資安全的前提下提高基金投資收益。養(yǎng)老基金投資基礎設施可以為雙方創(chuàng)造出“雙贏”的局面。 然而,在實現(xiàn)養(yǎng)老基金投資基礎設施的過程中仍存在很多沒有解決的問題,仍面臨很多挑戰(zhàn)。這些問題的解決需要經(jīng)過大量的理論研究和對實踐經(jīng)驗的總結。 為彌補長期存在的基礎設施缺口,拉美地區(qū)從上世紀九十年代開始大力發(fā)展公私合作制,鼓勵私人部門參與基礎設施建設,鼓勵養(yǎng)老基金對基礎設施進行投資,并在此過程中積累了大量的實踐經(jīng)驗,也嘗試了很多創(chuàng)新的辦法。本文的主要目的在于通過拉美地區(qū)養(yǎng)老基金投資基礎設施的案例分析,總結拉美實踐中的經(jīng)驗教訓,并提出可以供中國參考借鑒之處。 本文共有七個部分： 第一部分導論。介紹了本文的研究目的和意義,闡述了國內(nèi)外相關研究的現(xiàn)狀及未來發(fā)展趨勢,歸納了本文的研究思路和所使用的研究方法,總結了本文的創(chuàng)新點與不足。 第二部分拉美地區(qū)養(yǎng)老金制度和基礎設施概述。首先介紹了拉美地區(qū)養(yǎng)老金制度的演變過程和現(xiàn)行的養(yǎng)老金制度,指出拉美地區(qū)在養(yǎng)老金制度變革的過程中積累了大量的養(yǎng)老基金資產(chǎn),所引入的多資金計劃在促使養(yǎng)老基金投資多元化的同時,也促進了國內(nèi)金融市場的發(fā)展,為養(yǎng)老基金投資基礎設施打下了良好的基礎；隨后介紹了拉美基礎設施缺口和政府、私人部門在基礎設施建設中的地位變遷,指出面向私人部門融資已經(jīng)成為拉美地區(qū)建設基礎設施的主流趨勢；最后,初步介紹養(yǎng)老基金與基礎設施項目之間的關系,以及拉美養(yǎng)老基金投資基礎設施面臨的挑戰(zhàn)。 第三部分拉美養(yǎng)老基金投資基礎設施的PPP模式。首先介紹了PPP模式的定義、運行機理、PPP合同的分類方式、并針對BOT模式和DBOM模式提供了兩個拉美案例,分別是秘魯塔沃阿達污水處理廠項目和阿根廷羅薩里奧-維多利亞橋項目；其次介紹了拉美養(yǎng)老基金投資基礎設施的作用以及現(xiàn)狀,并選取了智利、秘魯、墨西哥、哥倫比亞養(yǎng)老基金投資基礎設施的情況進行分析。 第四部分拉美養(yǎng)老基金投資基礎設施的投資方式、投資工具與投資領域。首先介紹了拉美養(yǎng)老基金投資基礎設施的直接、間接方式,并指出這兩種投資方式可能給基礎設施項目和養(yǎng)老基金自身帶來的好處與風險；之后,以智利基礎設施債券、墨西哥的CKDs和秘魯?shù)幕A設施信托為例,介紹了拉美地區(qū)為促進養(yǎng)老基金投資基礎設施而做出的金融創(chuàng)新；最后,介紹了拉美地區(qū)養(yǎng)老基金投資基礎設施的目前和未來可能的投資領域,指出未來拉美地區(qū)將繼續(xù)鞏固第一代基礎設施投資(包括電信、能源、水利和交通部門),并開始摸索對第二代基礎設施的投資(包括學校、醫(yī)院和監(jiān)獄等) 第五部分拉美養(yǎng)老基金基礎設施投資的擔保機制和補貼機制。介紹了擔保機制和補貼機制對于促進拉美地區(qū)養(yǎng)老基金投資基礎設施所起到的積極作用；在擔保機制方面,介紹了財務擔保和非財務擔保的定義與分類；對于財務擔保,本文介紹了全額擔保和部分擔保,案例方面選取了墨西哥的BANOBRAS和FONADIN以及巴西的FGP所提供的擔保機制進行介紹,并指出他們的優(yōu)勢與局限性；隨后,本文介紹了6種非財務擔保機制,并選取巴西、哥倫比亞、智利和秘魯?shù)姆秦攧論０咐M行分析；最后,介紹了補貼機制的定義和作用,并對巴西、哥倫比亞、墨西哥三個國家的補貼機制進行對比分析。 第六部分拉美養(yǎng)老基金投資基礎設施的特許權制度。分析了特許權制度存在的原因和特許權制度的框架構成,指出特許權制度之所以存在是因為政府希望更好的吸引私人部門參與基礎設施建設,規(guī)范相關流程,并保護私人部門投資者的利益；隨后分別介紹了巴西、智利、哥倫比亞、墨西哥和秘魯?shù)奶卦S權制度,并對上述五國的特許權制度進行了比較分析,在這五國中,只有哥倫比亞沒有形成明確的特許權制度,其余四國都已通過了特許經(jīng)營法或PPP法。 第七部分拉美養(yǎng)老基金投資基礎設施的經(jīng)驗教訓與中國啟示。首先對拉美養(yǎng)老基金投資基礎設施的經(jīng)驗和教訓進行了總結,經(jīng)驗包括：明確特許經(jīng)營法律框架、合理建立補貼和擔保機制、進行金融創(chuàng)新和建立基礎設施投資基金。教訓包括：官僚主義作風影響投資者信心；金融危機影響?zhàn)B老基金投資基礎設施：擔保機制可能因為審批慢、承擔風險有限等原因無法被充分利用。 在中國啟示部分,本文首先闡述了中國未來基礎設施建設的資金需求,以及中國養(yǎng)老基金目前和未來可能達到的資產(chǎn)規(guī)模和投資需求,并提出可以將兩種需求有機結合。在這一過程中,政府應通過構建清晰的特許經(jīng)營法律框架、建立補貼和擔保專用基金、建立基礎設施投資基金為養(yǎng)老基金對基礎設施的長期性投資提供支持,并開發(fā)新型的符合養(yǎng)老基金投資偏好的投資工具。關于養(yǎng)老基金投資基礎設施的投資方式的選擇,本文認為現(xiàn)階段應以間接投資方式為主,并在間接投資的過程中通過相關經(jīng)驗的積累以及建立養(yǎng)老基金自己的基礎設施投資團隊,逐漸嘗試進行直接投資。最后,本文介紹了養(yǎng)老基金投資基礎設施可能面臨的一系列風險,并提出可能的解決途徑。 本文創(chuàng)新點與不足如下。 可能創(chuàng)新點之一：本文采用案例分析法,以拉美地區(qū)養(yǎng)老基金投資基礎設施為研究對象,著重選取智利、墨西哥、巴西、秘魯和哥倫比亞五國的案例,具體的描繪了拉美養(yǎng)老基金投資基礎設施的PPP模式、投資方式、投資工具和投資領域,以及各國政府和相關機構為促進養(yǎng)老基金投資基礎設施而提供的擔保機制、補貼機制和特許權制度。 可能創(chuàng)新點之二：在進行案例分析的同時,對拉美各國的不同做法進行了對比分析,并指出不同做法的利弊,總結了拉美地區(qū)養(yǎng)老基金投資基礎設施的經(jīng)驗與教訓。 可能創(chuàng)新點之三：在對拉美養(yǎng)老基金投資基礎設施的經(jīng)驗教訓進行歸納總結的基礎上,將拉美實踐與我國實際相結合,提出為促進我國養(yǎng)老基金投資基礎設施,可以構建明確的特許經(jīng)營法律框架、建立補貼和擔保專用基金、建立基礎設施投資基金并進行金融創(chuàng)新。本文還提出我國養(yǎng)老基金投資基礎設施的方式選擇問題,以及投資所面臨的風險與相應的對策。 不足之一：受所獲得資料的限制,文中對拉美創(chuàng)新型投資工具的描述不夠全面。 不足之二：本文是針對拉美地區(qū)養(yǎng)老基金投資基礎設施的總體的描繪,因此對各國的具體規(guī)定、具體做法的描述在一定程度上不夠深入。
[Abstract]:Improving the quantity and quality of infrastructure is crucial to the social and economic development of the world, especially in developing countries. In history, the public sector has long dominated the construction and management of infrastructure. However, the impact of the economic cycle on government expenditure and the government's own budget. Constraint constraints jointly lead to the government's insufficient investment in infrastructure to meet domestic demand for infrastructure, so the government will focus on the private sector. In fact, the use of the public private partnership (PPP) model attracts private sector participation in building infrastructure, providing public services, and making up for the government's financial infrastructure. The practice of underinvestment of the project has long been carried out in many countries and regions in the world, including both developed countries and regions, as well as developing countries and regions. In the PPP model, the successful financing of the private sector is the key factor for the smooth progress of infrastructure projects.
The pension fund has accumulated a large amount of fund assets in the long term pension system reform and development process. This part of the assets can be the ideal source of capital for PPP projects in various countries. For the pension fund, the investment of infrastructure has the characteristics of long-term, good risk return, low correlation with the financial market and so on, in the ideal condition. At the same time, investment in infrastructure can effectively disperse the portfolio and improve the investment income of the fund under the premise of ensuring the security of the fund's investment. The infrastructure of pension fund investment can create a "win-win" situation for both sides.
However, there are still a lot of unsolved problems in the process of implementing pension fund investment infrastructure, which still face many challenges. These problems need to be solved through a large number of theoretical studies and summary of practical experience.
In order to make up for the long-standing infrastructure gap, the Latin American region began to vigorously develop the public and private cooperative system in the 90s of last century, encouraged the private sector to participate in infrastructure construction, and encouraged the pension fund to invest in infrastructure. In this process, a large number of practical experiences have been accumulated and many innovative methods have been tried. The purpose is to summarize the experiences and lessons of Latin American practice through the case analysis of the infrastructure of pension fund investment in Latin America, and put forward some references for reference in China.
There are seven parts in this paper.
The first part is introduction. It introduces the purpose and significance of the study, expounds the current situation and future development trend of relevant research at home and abroad, summarizes the research ideas and methods used in this paper, and summarizes the innovation and deficiency of this article.
The second part is an overview of pension system and infrastructure in Latin America. Firstly, the evolution process of pension system in Latin America and the current pension system are introduced. It is pointed out that a large number of pension fund assets have been accumulated during the reform of pension system in Latin America, and the multi fund plan introduced in the region has contributed to the diversification of pension fund investment. At the same time, it also promoted the development of the domestic financial market and laid a good foundation for the infrastructure of the pension fund investment, and then introduced the Latin American infrastructure gap and the changes in the status of the government and the private sector in the infrastructure construction, and pointed out that the private sector financing has become the mainstream of the infrastructure construction in Latin America. Finally, it introduces the relationship between pension fund and infrastructure projects, and the challenges faced by Latin American pension fund investment infrastructure.
The third part of Latin America pension fund investment infrastructure PPP model, first introduced the definition of PPP model, operation mechanism, PPP contract classification, and provided two Latin American cases for the BOT model and DBOM model, the Peru TA worth wastewater treatment plant and the Gentina Rosario Vitoria bridge project; secondly The role and status of Latin America pension fund investment infrastructure were introduced, and the infrastructure of pension fund investment in Chile, Peru, Mexico and Columbia was analyzed.
The fourth part of Latin America pension fund investment infrastructure investment methods, investment tools and investment areas. First, it introduces the direct and indirect ways of Latin America pension fund investment infrastructure, and points out the benefits and risks that these two types of investment may bring to the infrastructure and pension fund itself; after that, the infrastructure of Chile is based on the infrastructure of Chile. The bond, the Mexico CKDs and the Peru infrastructure trust, as an example, introduced the financial innovation in Latin America to promote the infrastructure of pension fund investment. Finally, it introduced the current and possible future investment areas of the infrastructure for pension fund investment in Latin America, pointing out that the region will continue to consolidate the first generation base in the future. Investment in facilities (including telecommunications, energy, water conservancy and transportation), and began to explore investment in the second generation of infrastructure (including schools, hospitals and prisons).
The fifth part of Latin America endowment fund infrastructure investment guarantee mechanism and subsidy mechanism, introduced the guarantee mechanism and subsidy mechanism to promote the Latin American pension fund investment infrastructure, the positive role. In the guarantee mechanism, introduced the definition and classification of financial guarantee and non-financial guarantee; for financial guarantee, This article introduces full guarantee and partial guarantee. The case selects the BANOBRAS and FONADIN of Mexico, and the guarantee mechanism provided by FGP in Brazil, and points out their advantages and limitations. Then, this article introduces 6 kinds of non financial guarantee mechanism and select non financial guarantee in Brazil, Columbia, Chile and Peru. Finally, the definition and function of the subsidy mechanism are introduced, and the subsidy mechanism of three countries in Brazil, Columbia and Mexico is compared and analyzed.
The sixth part of the franchise system for the pension fund investment infrastructure in Latin America. The reasons for the existence of the concession system and the framework of the concession system are analyzed. It is pointed out that the existence of the concession system is because the government wants to attract the private sector to participate in the construction of the infrastructure better, regulate the relevant process and protect the private sector investors. The concession system of Brazil, Chile, Columbia, Mexico and Peru was introduced respectively, and the concession system of the five countries was compared. In these five countries, only Columbia did not form a clear franchise system, and the other four countries had passed the franchise law or the PPP law.
The seventh part of Latin America endowment fund investment infrastructure experience and lessons from China. First, the experience and lessons of Latin American pension fund investment infrastructure are summarized. The experience includes: clear the legal framework of franchising, the reasonable establishment of subsidy and guarantee mechanism, financial innovation and the establishment of infrastructure investment fund. The bureaucratic style affects investor confidence; the financial crisis affects pension fund investment infrastructure: the guarantee mechanism may not be fully utilized because of slow approval and limited risk.
In the enlightenment part of China, this article first expounds the capital demand of China's future infrastructure construction, as well as the current and future asset scale and investment demand of China's pension fund, and proposes that the two kinds of demand can be combined organically. In this process, the government should build a clear legal framework of franchising and build up a supplement in this process. The foundation investment fund is established to support the long-term investment of the infrastructure for the pension fund and to develop a new investment tool that meets the investment preference of the pension fund. In the process of indirect investment, through the accumulation of relevant experience and the establishment of a pension fund's own infrastructure investment team, direct investment is gradually attempted. Finally, this paper introduces a series of risks that the pension fund investment infrastructure may face and proposes possible solutions.
The innovation points and shortcomings of this paper are as follows.
One of the possible innovation points: This paper uses case analysis, taking the pension fund investment infrastructure in Latin America as the research object, and focuses on the cases of Chile, Mexico, Brazil, Peru and Columbia, and specifically describes the PPP model, investment mode, investment tools and investment fields of Latin America endowment fund investment infrastructure. And the guarantee mechanism, subsidy mechanism and franchise system provided by governments and relevant agencies to promote the investment infrastructure of pension funds.
Two possible innovation points: in the case of case analysis, the different practices of Latin American countries are compared and analyzed, and the advantages and disadvantages of different practices are pointed out, and the experience and lessons of the infrastructure of pension fund investment in Latin America are summarized.
The three possible innovation point: on the basis of summarizing the experience and lessons of Latin American pension fund investment infrastructure, combining the practice of Latin America with the reality of our country, this paper puts forward a clear legal framework of franchise, the establishment of a special fund for subsidies and guarantee, and the establishment of foundation for the investment infrastructure of the pension fund in China. The investment fund is applied and the financial innovation is carried out. This paper also puts forward the choice of the infrastructure for the investment of the pension fund in China, and the risks and countermeasures that the investment faces.
One of the deficiencies is that the description of innovative investment tools in Latin America is not comprehensive.
The lack of two: This paper is a general description of the infrastructure of pension fund investment in Latin America, so the detailed description of various countries and the description of specific practices are not deep enough.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F847.3;F842.67

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