新型城镇化PPP项目最优资本结构及其影响因素研究——基于合作共赢的一般均衡视角

The Optimal Capital Structure and Its Influencing Factors of PPP Projects in New Type Urbanization——Based on General Equilibrium Perspective to Win-win Cooperation

本文以新型城镇化建设中的准公益性PPP项目为研究对象,建立政府、企业、银行三方合作的理论模型,采用一般均衡分析与数值仿真模拟方法对项目最优资本结构及其影响因素进行分析,结果表明:PPP项目存在理论上的最优股权结构与资产负债率,公众收入水平、资本产出效率、折旧率、债务利率、企业所得税率以及政府偏好等因素影响项目经营收益与成本、资本运作效率、利润分配方式,并重置最优资本结构。因此,PPP项目融资方案设计应该参考多方合作共赢条件下的最优资本结构,同时,基于项目风险控制以及经济社会效益平衡的目标,通过调节各类影响因素完善项目最优资本结构。

This paper builds a theoretical model including the cooperation among government, enterprise and bank based on the public - interest PPP projects in new type urbanization. The optimal capital structure of projects is analyzed by the general equilibrium theo- ry and numerical simulation. The results show the PPP projects have the optimal equity capital structure and debt to assets ratio, public in- come, capital output efficiency, depreciation rates, interest rates, enterprise income tax and government preference reset the optimal cap- ital structure by affecting project benefit and cost, capital operation efficiency, profit distribution. Therefore, the PPP project financing scheme should refer to the optimal capital structure in the condition of win - win cooperation, improving it by adjusting the influencing fac- tors based on controlling risk and balancing economic and social benefit of the PPP project.