保险资金参与PPP的现状及模式研究

自2014年底国务院在基础设施和公共服务领域推行PPP模式以来,基础设施投融资模式发生了重大变化,PPP模式已经被提升至国家发展的战略高度,也是未来基础设施投融资的主要方式。与此同时,近年来保险资金自身的配置需求也在不断增长,投资渠道趋于多元。PPP项目普遍具有规模大、收益相对稳定等特征,与保险资金的特征和投资诉求较为吻合,保险资金参与PPP投资具有天然匹配性。本文梳理了当前保险资金参与PPP项目的实践情况及存在问题,在此基础上提出了直投、设立母基金、组成联合体等组合投资模式建议。

Since 2014, the implementation of PPP model in the field of infrastructure and public services, has undergone major changes in infrastructure financing mode. At the same time, in recent years, the insurance funds has also been growing quickly, and the investment channels tend to be diver- sified. PPP project has the characteristics of large scale and relatively stable income, and it is consistent with the characteristics of insurance funds investment demands. This paper reviews the current situation and problems of insurance funds participating in PPP project, and proposes acombination investment model of direct investment, the parent fund, constituting consortium etc..