公私合作模式下轨道交通项目财务评价分析

Financial Evaluation and Analysis of Rail Transit Project in PPP Model

财务评价工作是项目前期决策的重要参考。现行评价体系以分析项目财务盈利能力、生存能力及偿债能力为主。PPP(公私合作)模式引入后,政府及社会投资方增加了对财务评价工作新的要求,因此现有评价体系亟需完善。通过分析PPP模式下轨道交通项目财务评价的主要特点,给出PPP模式下财务评价工作的主要内容。结合张掖丹霞轨道交通项目,系统分析了该项目财务评价指标、PPP模式下合理的资金回报率取值及财政补贴金额等问题。其结论可在满足财务评价基本要求的基础上,为PPP双方谈判及后期实施提供参考。

Financial evaluation is an important reference for project decision in the early period. The current evaluation system is mainly based on the analysis of financial profitability, viability and solvency. After the introduction of PPP model, government and social investors have increased new requirements for financial evaluation, so the existing evaluation system needs to be improved urgently. In this paper, the main characteristics of rail transit project financial evaluation in PPP model are analyzed, the main contents of the financial evaluation are proposed. Combined with the Danxia rail transit project in Zhangye City, the financial evaluation index of the project, the reasonable return rate on funds and the amount of financial subsidies in the PPP model are systematically analyzed. To meet the basic requirements of financial evaluation, this research provides a reference for the negotiation and later implementation of the PPP cooperation.