發(fā)布時間：2018-11-14 14:17

【摘要】：投資建設準經(jīng)營性基礎設施項目不僅能夠為公眾提供所必需的產(chǎn)品或服務，還能拉動經(jīng)濟增長。政府財政資金的有限和投資建設運營項目的低效率，使得單純依靠政府投資無法滿足社會的需要。應用PPP模式建設的準經(jīng)營性項目越來越多。合理的資本結(jié)構(gòu)對PPP項目的成功運作至關(guān)重要。 通過對企業(yè)資本結(jié)構(gòu)理論的研究和準經(jīng)營性項目經(jīng)濟屬性的分析，，界定了準經(jīng)營性基礎設施PPP項目資本結(jié)構(gòu)的概念。結(jié)合影響企業(yè)資本結(jié)構(gòu)因素、準經(jīng)營性項目的特點和PPP項目風險管理理論，從政治經(jīng)濟制度、行業(yè)環(huán)境、項目特征三個層面識別了影響準經(jīng)營性基礎設施PPP項目資本結(jié)構(gòu)的14個因素，構(gòu)建了影響軌道交通PPP項目資本結(jié)構(gòu)的因素體系。運用模糊DEMATEL方法計算各個因素的中心度和原因度，識別得到關(guān)鍵影響因素。研究發(fā)現(xiàn)影響準經(jīng)營性基礎設施PPP項目資本結(jié)構(gòu)的6個關(guān)鍵因素是：東道國PPP項目的法律制度、東道國的經(jīng)濟發(fā)展情況、行業(yè)的壟斷程度、東道國政府的擔保、項目的定價機制、項目未來的盈利能力。通過構(gòu)建準經(jīng)營性PPP項目參與方中政府部門和私人投資者的目標函數(shù)，建立的無追索權(quán)項目融資和有限追索權(quán)項目融資下的資本結(jié)構(gòu)優(yōu)化模型為確定準經(jīng)營性PPP項目最優(yōu)資本結(jié)構(gòu)提供了一種方法。
[Abstract]:Investment in quasi-operational infrastructure projects can not only provide the necessary products or services for the public, but also stimulate economic growth. The limited government financial funds and the low efficiency of investment construction and operation projects make it impossible to meet the needs of the society by relying solely on government investment. There are more and more quasi-management projects using PPP mode. A reasonable capital structure is crucial to the successful operation of PPP projects. Through the study of the theory of enterprise capital structure and the analysis of the economic attributes of quasi-operational projects, this paper defines the concept of the capital structure of quasi-operational infrastructure PPP projects. Combined with the factors affecting the capital structure of the enterprise, the characteristics of quasi-operational projects and the risk management theory of PPP projects, from the political and economic system, the industry environment, Three levels of project characteristics identify 14 factors that affect the capital structure of quasi-operational infrastructure PPP projects, and construct a system of factors that affect the capital structure of PPP projects of rail transit. The center degree and cause degree of each factor are calculated by fuzzy DEMATEL method, and the key factors are identified. It is found that the six key factors affecting the capital structure of quasi-operational infrastructure PPP projects are: the legal system of the host country's PPP project, the economic development of the host country, the degree of monopoly of the industry, and the guarantee of the host country's government. The pricing mechanism of the project and the profitability of the project in the future. By constructing objective functions of government departments and private investors in quasi-operational PPP project participants, The capital structure optimization model under the conditions of non-recourse project financing and limited recourse project financing provides a method for determining the optimal capital structure of quasi-operational PPP projects.
【學位授予單位】：天津大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F283

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