本文選題：公司合作制　切入點(diǎn)：逆向選擇　出處：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：進(jìn)入二十一世紀(jì)以來(lái),我國(guó)經(jīng)濟(jì)經(jīng)歷了持續(xù)的高增長(zhǎng)期,對(duì)高速公路等交通基礎(chǔ)設(shè)施的需求日益增加,這就推進(jìn)了我國(guó)加快交通基礎(chǔ)設(shè)施建設(shè)的步伐。由于交通基礎(chǔ)設(shè)施本身的特點(diǎn),對(duì)其建設(shè)開(kāi)發(fā)需要大量的資金支持,而單獨(dú)依靠政府資金的投入很難達(dá)到資金需求量的要求。近些年來(lái),我國(guó)的繼續(xù)深化改革開(kāi)放政策和一系列制度、組織體系改革,為私人資本參與公共基礎(chǔ)設(shè)施的建設(shè)創(chuàng)造了良好的契機(jī)和外部條件。面對(duì)巨大的財(cái)政壓力,需要采用一種創(chuàng)新型的方法來(lái)使私人部門的資本充分參與到交通基礎(chǔ)設(shè)施建設(shè)中來(lái)。所以,PPP(public-private-partnership)模式能夠獲得政府的青睞,因?yàn)樵摲N模式能夠使得政府在不喪失項(xiàng)目控制權(quán)的情況下引入私人資本。 PPP模式通常定義為政府和私人部門之間的長(zhǎng)期合作協(xié)議。政府將項(xiàng)目建設(shè)和運(yùn)營(yíng)維護(hù)委托給私人部門,而對(duì)于私人部門來(lái)說(shuō),通過(guò)承擔(dān)一定的風(fēng)險(xiǎn)來(lái)獲取相應(yīng)的利潤(rùn)。PPP模式對(duì)私人企業(yè)的選擇需要通過(guò)競(jìng)爭(zhēng)性投標(biāo)過(guò)程來(lái)完成,在項(xiàng)目合同期內(nèi),政府的目標(biāo)在于為公眾提供價(jià)格低廉的高質(zhì)量服務(wù),而私人部門的目標(biāo)在于利益最大化。由于二者目標(biāo)的不一致性,必然會(huì)在項(xiàng)目進(jìn)行過(guò)程中產(chǎn)生一些問(wèn)題,甚至?xí)䦟?dǎo)致項(xiàng)目的失敗。這些問(wèn)題包括項(xiàng)目風(fēng)險(xiǎn)的分配,委托代理問(wèn)題,法律制度環(huán)境的不完善等。 學(xué)術(shù)界對(duì)采用PPP模式的項(xiàng)目的各個(gè)階段進(jìn)行了深入的研究,得出以下項(xiàng)目成功的幾大基本要素：良好的制度環(huán)境、最佳承包商的選取、提供充分的激勵(lì)約束機(jī)制和適當(dāng)?shù)谋O(jiān)督措施。 基于實(shí)證研究,我們可以形成兩個(gè)基本觀點(diǎn),第一點(diǎn)是我國(guó)目前的制度環(huán)境還不是很完善,缺乏高效和透明的法律體系；二是在招投標(biāo)階段中,承包商往往會(huì)通過(guò)合謀的方式影響政府選擇最佳承包商的決策。在這種情況下,產(chǎn)生了許多不利于采用PPP模式進(jìn)行項(xiàng)目建設(shè)的狀況,比如商業(yè)賄賂,商業(yè)機(jī)密的泄漏,政府和私人部門之間的合謀。以上這些無(wú)疑都提高了交易成本。同時(shí)不論是在特許權(quán)授予之前還是之后都會(huì)以不同的形式表現(xiàn)出投機(jī)行為,其中比較常見(jiàn)的方式是投標(biāo)者之間的合謀,或者在項(xiàng)目的實(shí)施過(guò)程中偷工減料,在理論上我們稱之為逆向選擇和道德風(fēng)險(xiǎn)問(wèn)題,本文針對(duì)我國(guó)高速公路項(xiàng)目開(kāi)發(fā)中的制度環(huán)境和項(xiàng)目各個(gè)階段的所面臨的逆向選擇和道德風(fēng)險(xiǎn)問(wèn)題做出分析并提出政策建議,希望能夠促進(jìn)我國(guó)高速公路項(xiàng)目的開(kāi)發(fā)建設(shè)。 全文共分為五個(gè)部分。第一部分為緒論,主要介紹研究背景和意義,國(guó)內(nèi)外研究現(xiàn)狀,研究?jī)?nèi)容和方法。第二部分為相關(guān)理論介紹,包括：PPP相關(guān)概念界定和理論基礎(chǔ),委托代理理論和相應(yīng)的投機(jī)行為及交易成本問(wèn)題,PPP實(shí)施過(guò)程中采用的激勵(lì)約束機(jī)制和監(jiān)督措施。第三部分對(duì)PPP融資模式在高速公路項(xiàng)目融資中的優(yōu)勢(shì)和風(fēng)險(xiǎn)進(jìn)行分析。第四部分分析當(dāng)前我國(guó)高速公路項(xiàng)目融資的現(xiàn)狀。第五部分結(jié)合案例分析我國(guó)高速公路項(xiàng)目融資中存在的問(wèn)題,并提出政策建議。
[Abstract]:Since twenty-first Century, China's economy has experienced sustained high growth period, on the highway and other transportation infrastructure needs is increasing, which promote the pace to accelerate the construction of transportation infrastructure in China. Because of the characteristics of the transportation infrastructure itself, its construction development requires a lot of financial support, and to rely solely on government funds the investment is difficult to achieve the demand for capital requirements. In recent years, China will continue to deepen the reform and open policy and a series of system reform, organization system, for the construction of private capital participation in public infrastructure to create a good opportunity and external conditions. Facing the huge financial pressure, need to adopt an innovative approach to make private capital to participate fully in traffic infrastructure construction. Therefore, PPP (Public-private-partnership) model to obtain government favor, because this kind of The model enables the government to introduce private capital without losing control of the project.
PPP mode are usually defined as a long-term cooperation agreement between the government and the private sector. The government will entrust project construction and operation maintenance to the private sector, while the private sector, the corresponding.PPP profit model to be achieved through a competitive bidding process of private enterprises choose to get through take some risks in the project contract period and the government's goal is to provide low price and high quality services to the public and the private sector, the goal is to maximize the benefits. The consistency of the two target, it will have some problems in the process of project, and even lead to the failure of the project. These issues include the project risk allocation, the principal-agent problem. The environmental legal system is not perfect.
The academic circles have carried out in-depth research on all stages of the project adopting PPP mode, and draw the following essential elements of successful projects: good institutional environment, best contractor selection, adequate incentive and restraint mechanism and appropriate supervision measures.
Based on the empirical research, we can form two basic points, the first point is the institutional environment of our country at present is not perfect, the lack of efficient and transparent legal system; the two is in the bidding stage, the contractor will often through collusion influence government to choose the best contractor's decision. In this case, have many not conducive to the use of PPP model for construction project, such as commercial bribery, the leakage of business secrets, collusion between government and the private sector. These are undoubtedly increase transaction costs. At the same time either before or after being granted a franchise will be in a different manifestation of speculation, one of the more common the way is the collusion among the bidders, or cut corners in the project implementation process, in theory we called adverse selection and moral hazard problems, in view of our country The system environment and problems of adverse selection and moral hazard faced in every stage of expressway project development are analyzed, and policy recommendations are put forward, hoping to promote the development and construction of expressway projects in China.
This paper is divided into five parts. The first part is the introduction, mainly introduces the research background and significance, research status, research contents and methods. The second part introduces the related theory, including: PPP relevant concept and theory, the principal-agent theory and the corresponding speculation and transaction cost problems in the implementation process of PPP the incentive and restraint mechanism and supervision measures. The third part is the analysis of the advantages and risks of PPP financing mode in highway project. The fourth part analyzes the current situation of the highway project financing in China. The fifth part combined with the example analysis of the existing highway project financing in our country, and put forward some policy suggestions.

【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F542;F283

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