【摘要】：投資建設(shè)準(zhǔn)經(jīng)營性基礎(chǔ)設(shè)施項(xiàng)目不僅能夠?yàn)楣娞峁┧匦璧漠a(chǎn)品或服務(wù)，還能拉動(dòng)經(jīng)濟(jì)增長。政府財(cái)政資金的有限和投資建設(shè)運(yùn)營項(xiàng)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(yīng)用PPP模式建設(shè)的準(zhǔn)經(jīng)營性項(xiàng)目越來越多。合理的資本結(jié)構(gòu)對PPP項(xiàng)目的成功運(yùn)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(zhǔn)經(jīng)營性項(xiàng)目經(jīng)濟(jì)屬性的分析，，界定了準(zhǔn)經(jīng)營性基礎(chǔ)設(shè)施PPP項(xiàng)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(zhǔn)經(jīng)營性項(xiàng)目的特點(diǎn)和PPP項(xiàng)目風(fēng)險(xiǎn)管理理論，從政治經(jīng)濟(jì)制度、行業(yè)環(huán)境、項(xiàng)目特征三個(gè)層面識別了影響準(zhǔn)經(jīng)營性基礎(chǔ)設(shè)施PPP項(xiàng)目資本結(jié)構(gòu)的14個(gè)因素，構(gòu)建了影響軌道交通PPP項(xiàng)目資本結(jié)構(gòu)的因素體系。運(yùn)用模糊DEMATEL方法計(jì)算各個(gè)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(zhǔn)經(jīng)營性基礎(chǔ)設(shè)施PPP項(xiàng)目資本結(jié)構(gòu)的6個(gè)關(guān)鍵因素是：東道國PPP項(xiàng)目的法律制度、東道國的經(jīng)濟(jì)發(fā)展情況、行業(yè)的壟斷程度、東道國政府的擔(dān)保、項(xiàng)目的定價(jià)機(jī)制、項(xiàng)目未來的盈利能力。通過構(gòu)建準(zhǔn)經(jīng)營性PPP項(xiàng)目參與方中政府部門和私人投資者的目標(biāo)函數(shù)，建立的無追索權(quán)項(xiàng)目融資和有限追索權(quán)項(xiàng)目融資下的資本結(jié)構(gòu)優(yōu)化模型為確定準(zhǔn)經(jīng)營性PPP項(xiàng)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(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F283

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