民营资本主动融资方式阻碍因素的初步分析

Analysis of Challenge Factors of PFI Infrastructure Projects in China

中央政府各部门近年来出台了一系列"引入民间资本进入基础设施领域"特许经营政策法规,来推动新一轮的基础设施建设的浪潮。虽然PFI方式(主要是BOT模式)有很多的优点,然而其运作结果和过程都存在着颇多争议的问题。对若干阻碍PFI的因素进行比较分析,确定其重要性程度,以期对今后政府出台相关保证PFI运作的政策起到一定的借鉴作用。从国内对PFI和民间资本在基础设施建设的有关文献中识别出23个阻碍因素,这23个因素按归属划分为现存体制、政府行为和企业素质三个方面,并通过问卷调查和运用数理统计方法得出":缺乏权益保障"和"阻碍融资渠道的畅通"是两个最关键的风险因素;被调查者的工作性质,如政府部门或民营企业,对阻碍因素的关键性程度没有产生明显差别的影响。

The Centre Government and its departments had published a series of concession policies of 'introducing private finance into infrastructure' to push a new wave of infrastructure project development. There are a few advantages in delivering public facility in PFI, however, many arguments arise to the project result and its delivery process. Based on analysing the challenge factors to determine their importance, this article aims to provide a comparative study for the governments, from which they can learn lessons and develop supporting policies for operating PFI projects smoothly. Twenty three factors associated with domestic PFI projects have been identified from Chinese literature, which are organised into three major groups: central government policy, local government policy and practice, and private company quality. A questionnaire survey was carried out to find out the critical factors which may impede the implementation of PPP. Statistic analysis were carried out using descriptive analysis (mean value analysis and ranking) and informative analysis using analysis of variance (ANOVA). The results show that 'the absence of operation right assurance' and 'the obstruction in financial channel' are the two most critical risk factors. There is no significant difference of opinions between the public and private participants.