政府和社会资本合作(PPP)项目补贴模式比较研究——基于城市轨道交通PPP项目实践

A Comparative Study on the Subsidy Mode of Government and Social Capital Cooperation(PPP)Projects:Based on PPP Project Practice of Urban Rail Transit

政府补贴是PPP项目各方关注的焦点。本文结合城市轨道交通PPP项目，从补贴原因着手，分析了协议票价法、车公里补贴法、2l号文补贴公式、等额年金法等补贴模式及其利弊，提出了现金流法补贴模式，包括政府对项目可行性缺口补贴和政府对社会投资人合理回报补贴，并结合实践对现金流补贴模式进行改进，分析了产权成本、经营活动现金流缺口、社会投资人合理回报三项补贴的含义及其计算模型。最后，建议关注补贴模式五个关键因素。

Government subsidies are the con- cern of all parties for PPP projects. Taking the urban rail transit PPP projects for example and starting from their subsidy reasons, this paper ana- lyzes the subsidy estimation models such as the negotiated price method, mileage subsidy method, MOF availability payment formula and annuity method, as well as their advantages and disadvan- tages; and proposes the cash flow subsidy method including Government Aid for Project （GAP） and Government Aid for Social Investor （GAS）. In accordance with the practice to improve the cash flow subsidy method, it analyzes three types ofsubsidy connotations, i. e. , property right cost, operating cash flow gap, reasonable return of social investors and their estimation models. Finally, it is recommended to focus on the five key factors of the subsidy model.