基础设施PPP模式融资结构优化研究

A Study on Optimizing the Financing Structure of PPP Model for Infrastructure

公私合作模式(PPP模式)越来越多地应用于基础设施建设当中,并逐渐成为解决大型准营利性基础设施融资难题的有力方式。本文首先对PPP模式内涵、应用范围、融资过程进行了剖析,肯定PPP模式融资优势的同时提出了其应用问题。其次建立了基于蒙特卡洛技术的融资结构优化模型,并对主要影响因素及其作用机理进行了分析。最后通过一个简化算例展示了模型的使用过程,证明了仿真模型的有效性。该模型在融资初期即考虑风险的合理分担,为融资谈判提供了一个较好的基准点,有利于缩短谈判时间、降低融资费用、提高PPP模式的使用效率。同时,通过仿真模型优化PPP项目融资结构,有利于决策者找到满意的融资结构。

There is a growing trend for Public-Private Partnerships model （PPP model） used in infrastructure construction, which gradually becomes a favorable way to solve the financing problem of large-scale and quasi-profit making infrastructure. Firstly, the connotation, application field and financing process of PPP model were analyzed. And the application problem was put forward when affirming its advantages for infrastructure project financing. Secondly, a simulation model based on Monte Carlo technique for optimizing the financing structure was put forward, and the key factors and their role in financing structure were analyzed. Finally, a case study had demonstrated how the model worked and proved the validity of the simulation model. Benefiting from considering the important risk factors reasonably at an early stage, the calculated results can provide a better reference point for the financial negotiations between public sectors and private sectors. It would help shorten the negotiation time, reduce the financing cost and increase the utilization efficiency of PPP model in infrastructure construction. Simultaneously, decision-makers can keep on optimizing the finance structure until finding a satisfactory one by the model.