政府担保条件下的PPP项目特许期研究

Research on PPP Project Government Guarantee's Conversion Mode

在PPP项目(Public-Private Partnership,公私合营项目)中,政府部门为私人投资者所提供的政府担保将变成政府未来的或有债务。相对于直接提供资金的担保方式来说,政府部门更加希望能够提供不需要直接资金支持的担保方式,而私人部门面对诸多的不确定性则更加希望能够得到政府部门的直接担保。为解决上述矛盾,提出将政府担保转化为特许期延长的模式,利用实物期权理论计算出政府担保的价值,然后再将其转换为具体的特许期延长,最后利用实际案例进行验证,为政府担保方式提出新的思路。

In the PPP projects, the government guarantee provided by government department to private investors will be- come the government＇ s debt in the future. Therefore, compared with direct funds guarantee, the government departments prefer to offer the guarantees which dont need direct financial support. But facing many uncertainties, the private sector hopes to receive direct guarantee from the government department in order to solve the above contradiction. This paper sug- gests the government guarantee should be changed into concession period extended model. By using the real option theory, the government guarantee value is calculated, and then converted to the specific extended concession period. Finally, the paper tests the model by case study, and puts forward new ideas for the government guarantee mode.