【摘要】：PPP模式是政府和社會資本合作提供公共產(chǎn)品和服務(wù)的一種創(chuàng)新模式。隨著城鎮(zhèn)化進程的加快,我國面臨了巨大的基礎(chǔ)設(shè)施建設(shè)資金缺口,急需通過PPP模式緩解融資壓力,維持經(jīng)濟增長速度。目前,關(guān)于中國PPP實踐和融資模式的研究較少,梳理PPP在中國的發(fā)展歷程和現(xiàn)狀,研究中國PPP項目的主要融資模式,探討中國當(dāng)前PPP發(fā)展的瓶頸與障礙并提出有針對性的政策建議,將對促進PPP在中國持續(xù)健康發(fā)展大有裨益。首先,論文根據(jù)世界銀行數(shù)據(jù)所反映的趨勢,將PPP在中國的發(fā)展劃分為探索、試點、調(diào)整、推廣和規(guī)制五個階段,并發(fā)現(xiàn)分稅制改革后地方政府在推進城鎮(zhèn)化建設(shè)時的財力不足是PPP在中國發(fā)展的主要經(jīng)濟動因,與此同時,社會主義市場經(jīng)濟體制的確立與鞏固為PPP的發(fā)展消除了理論上的障礙。其次,論文通過對比研究的方法,得出了中國當(dāng)前PPP的主要運作方式,即購買服務(wù)、特許經(jīng)營和股權(quán)合作,其中,特許經(jīng)營的法律基礎(chǔ)最為完善,在中國最為普遍。然后,論文通過分析國內(nèi)數(shù)據(jù)庫的PPP項目數(shù)據(jù),發(fā)現(xiàn)了中國的PPP項目多集中于西南、西北等經(jīng)濟欠發(fā)達、基礎(chǔ)設(shè)施建設(shè)缺口較大的地區(qū),而交通運輸和市政工程則是PPP項目的主要投向。再次,論文通過理論研究和案例研究的方法,研究了中國商業(yè)銀行、政策性銀行和開發(fā)性金融機構(gòu)、非銀行金融機構(gòu)參與PPP項目融資的主要模式。商業(yè)銀行可以通過信貸業(yè)務(wù)、投行業(yè)務(wù)和理財業(yè)務(wù)與PPP項目對接,是PPP項目融資的主力軍。政策性銀行和開發(fā)性金融機構(gòu)則可以由于具有資金成本低、貸款期限長、具有境內(nèi)股權(quán)投資子公司等優(yōu)勢,實現(xiàn)了對PPP項目權(quán)益融資、夾層融資和股權(quán)融資的全覆蓋。非銀行金融機構(gòu)經(jīng)營方式靈活,參與PPP項目融資的模式也較為多樣化,主要包括承銷項目收益?zhèn)�、資產(chǎn)證券化等。最后,論文通過對比研究的方法,發(fā)現(xiàn)項目吸引力和可獲得性不足,“重融資,輕管理”,體制機制不健全,融資來源以公共部門為主是制約中國PPP發(fā)展的主要瓶頸與障礙。進而,結(jié)合國際上的先進經(jīng)驗和良好做法,提出了樹立契約精神、轉(zhuǎn)變思想觀念、加強部際協(xié)調(diào)、拓寬融資渠道等有針對性的政策建議。
[Abstract]:PPP model is an innovative model for government and social capital to provide public goods and services. With the acceleration of the urbanization process, China is faced with a huge funding gap in infrastructure construction. It is urgent to ease the financing pressure through the PPP model and maintain the economic growth rate. At present, there are few researches on the practice and financing mode of PPP in China. The development and current situation of PPP in China are combed, and the main financing modes of PPP projects in China are studied. To probe into the bottlenecks and obstacles in the development of PPP in China and to put forward some relevant policy suggestions will be of great benefit to the sustainable and healthy development of PPP in China. Firstly, according to the trend reflected by World Bank data, the paper divides the development of PPP in China into five stages: exploration, pilot, adjustment, promotion and regulation. It is also found that the lack of financial resources of local governments in promoting urbanization after the reform of the tax sharing system is the main economic motivation for the development of PPP in China, and at the same time, The establishment and consolidation of the socialist market economy system has eliminated the theoretical obstacles for the development of PPP. Secondly, through the method of comparative study, the paper draws the main operation mode of PPP in China, that is, purchasing service, franchise and equity cooperation. Among them, the legal basis of franchise is the most perfect, and it is the most common in China. Then, by analyzing the PPP project data of domestic database, the paper finds that most of the PPP projects in China are concentrated in the areas where the economy is underdeveloped and the infrastructure construction gap is large, such as southwest and northwest. Transportation and municipal engineering are the main direction of PPP project. Thirdly, through theoretical research and case study, this paper studies the main models of Chinese commercial banks, policy banks, development financial institutions and non-bank financial institutions participating in PPP project financing. Commercial banks can connect with PPP projects through credit business, investment banking business and financial management business, which is the main force of PPP project financing. Policy banks and development financial institutions can have the advantages of low capital cost, long loan term, domestic equity investment subsidiaries and so on, which can achieve the full coverage of PPP project equity financing, mezzanine financing and equity financing. Non-bank financial institutions operate in a flexible manner and participate in various modes of PPP project financing, mainly including underwriting project income bonds, asset securitization and so on. Finally, through the method of comparative study, it is found that the lack of attraction and availability of the project, the emphasis on financing, the neglect of management, the unsound system and mechanism, and the public sector as the main source of financing are the main bottlenecks and obstacles restricting the development of PPP in China. Furthermore, combining with the international advanced experience and good practice, this paper puts forward some pertinent policy suggestions, such as setting up the spirit of contract, changing ideas, strengthening inter-ministerial coordination, and widening financing channels.
【學(xué)位授予單位】：中國社會科學(xué)院研究生院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F283;F832.4

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本文編號：2269641