PPP项目股权结构模型构建与应用研究

Establishment and Application of PPP Equity Shares Model Based on Cost Analysis

本文将社会资本方的技术和管理优势对项目的综合成本的节约作用考虑在内,同时分析社会资本方和政府方的融资成本差异对综合成本的影响,通过建立股权结构模型,将PPP项目与传统项目的综合成本进行比较,得出了社会资本方的股权比例范围。研究表明,适当提高社会资本方的技术和管理准入门槛,创造良好的融资环境,以及提供多重补偿激励机制,降低社会资本方的融资成本,更有利于PPP实现物有所值(VFM)。

Considering the cost saving effect caused by private sectors＇techno- logical and administrative superiority, analyzing the difference of financing cost between private sector and public sector and comparing the comprehensive cost of PPP projects with traditional projects, this paper builds the mathematical model to figure out the equity ratio range. This research shows raising the access tech- nological and management threshold of private sector appropriately, creating good financial market environment and providing multiple compensation and incentive mechanism to reduce the financial cost of private sector can help to promote VFM achievement of PPP projects.