土地整治项目PPP模式及其资产证券化问题探讨

Discussion on PPP Model of Land Reclamation Project and its Asset Securitization

土地整治是国家保障发展、保护耕地、统筹城乡土地配置的重大战略,但其所需资金数额巨大,仅靠财政资金难以为继,土地整治项目PPP运作资产证券化或许将成为解决融资这一关键问题的新途径。目前土地整治项目PPP运作有四种可能的模式,包括全域整治PPP模式、农用地整治+现代化农业产业经营PPP模式、农村建设用地整治PPP模式以及整村整治PPP模式,但都存在着一些局限性和不足。基于此,文章提出具有实现各方多赢可能性的新途径——土地整治项目PPP运作资产证券化,其具体运作过程中应注意谨慎使用于适当项目,理顺政府和社会资本的关系,健全利益分配机制,识别与分配风险,引入中长期投资群体。

Land reclamation is China＇s major strategy for ensuring development, protecting farmland and coordinating land resources in urban and rural areas. Yet it needs such a huge amount of capital that the financial fund cannot meet the demand. The asset securitization of PPP operati financi on of land reclamation projects may become a new approach to solving the key problem-- ng. The Public-Private operation （PPP） of land reclamation can provide enough funds for land reclamation, improve the management level of projects, conform to the macro-environment and provide policy guarantee. At present, there project： global rectification of PPP model, are four models for PPP operation of land reclamation agricultural land ＋ PPP model of modem agricultural production and operation, PPP model of rural construction land reclamation and PPP model of whole village reclamation. Yet they all have their limits and weak points. In light of this, the paper proposes a new approach that may benefit all asset securitization of PPP operation of land reclamation projects. In conducting the projects, we should be prudent in applying it to appropriate projects, rationalize public-private capital relation and perfect the mechanism of interest distribution, identify and distribute risks, and attract middle to long-term investors.