项目收益债券在PPP模式下的运用分析

Analysis of the Application of Revenue Bond in PPP Mode

随着2014年国务院43号文的下发,基础设施融资以地方政府融资平台公司发行城投债融资为主的时代已经退出历史舞台,融资模式必须转型。PPP模式正为国家所大力倡导,是盘活社会存量资本的重要手段,而项目收益债券是PPP模式下多元化融资渠道之一。通过文献综述和国家政策解读,从PPP模式角度论述了项目收益债券的运作模式。以PPP模式与项目收益债券相契合为前提,指出运用项目收益债券的可行性和要求,着力探讨了运用项目收益债券的程序和关键点,并以广州第四资源热力电厂为例进行了实证分析,以期为PPP项目利用项目收益债券融资提供一定的参考。

With the enactment of State Counci143th document in 2014 , the time that inffastructure financing was mainly based on the issuance of City Investment Bond by local government financing platform company had passed, the financing mode needs transiting. PPP mode is an important vehicle to vitalize stock capital, which has been advocated by our government. The project revenue bond is one of the diversified financing channels in PPP mode. This paper presents the operating mode of project revenue bond in PPP mode through literature review and policy interpretation. First, this paper points out the feasibility and requirements, and then discusses the process and key points of the application of project revenue bond under the prerequisite of the combination of PPP mode and project revenue bond. At last, a case study of Guangzhou Fourth Resource Thermal Power Plant is given to validate the operation. It is expected that the analysis of the paper are used for references in the application of project revenue bond in PPP mode.