PPP项目下的金融创新探讨—基于项目实施不同阶段的博弈分析

本文以PPP项目实施的不同阶段的影响因素为突破口,探讨PPP项目的金融创新路径。通过对PPP项目实施前各参与方的静态博弈分析和项目实施过程中的动态博弈分析,得出如下结论:为全面保障PPP项目顺利实施,在金融体制创新方面需采取建立PPP项目实施过程的信息披露制度、搭建混合所有制基金管理公司、建立项目产品价格变化的动态调整机制等措施;在金融工具创新方面,创新融资担保模式,允许企业进行质押融资,同时鼓励PPP项目企业以资产证券化或项目收益债方式融资。

Regarding the influence factors of PPP project implement in the different stages as the breakthrough, this paper discusses the innovation path of PPP proJect.By means of the static game analysis of PPP project participants before implementation and the dynamic game analysis in the process of project implementation, the conclusions are as follows： to ensure the smooth implementation of PPP project, some measures should be taken in the financial system innovation, such as establishing the information disclosure system of PPP project implementation process, constructing mixed sector of the fund management companies, and setting up the dynamic adjustment mechanism of the item productions＇ price changes;in terms of financial tool innovation, innovate the mode of financing guarantee, allow companies to pledge financing, while encourage PPP project enterprises financing by asset securitization or project revenue bonds.