PPP项目公司的股权结构及其在某养老项目中的应用

Analysis of Equity Shares of PPP Project Company and its Application in a Resthome Project

PPP项目的发起人一般以股东身份设立项目公司作为项目的实施载体,通过整理项目融资和公司治理等股权结构的相关研究成果,分析国内外8个典型PPP实际项目,发现项目公司股权结构是影响项目实施效率的重要因素,主要股东通常具有专业化、短期利益或长期战略等特点,项目公司股东权益合理变化有利于公司应对PPP项目的阶段性风险、提升公司价值。针对某社会养老机构PPP项目的股权结构设计分析,进一步探讨股权结构设计和调整在PPP项目中的具体操作方法和应用价值,可为政府解决公共产品和服务供给紧缺的矛盾、为大中型企业开发类似PPP项目提供参考。

The sponsors of a Public Private Partnership（PPP） project often act as the shareholders to establish a project company to implement the project.Based on the research findings in project finance and corporate governance,combined with the analysis of 8 typical PPP projects domestically and abroad,the research results show that the equity structure is as a key factor influencing the project efficiency,the main shareholders are generally professional with short-term interests or long-term strategies in a PPP project,and the reasonable changes of shareholders in equity can benefit the project company to mange stage risks of a PPP project and enhance its value.By analyzing the equity structure in a social security PPP project,equity structure design was discussed,as well as the specific approaches and application value,which provides references for both governments in solving the conflicts of public goods and services shortage and for large and medium-size enterprises in developing similar PPP projects.