社会资本参与重大水利工程建设运营投资回报机制分析

Return on investment for construction and operation of key water projects with social capital

构建重大水利工程PPP项目合理投资回报机制是决定项目融资成败的关键。在梳理国家对重大水利工程建设PPP项目投资回报有关规定的基础上,从资本金和债务资金、合理的收益水平两个方面总结重大水利工程建设PPP投资回报相关要求,梳理了不同项目投资回报水平的测算方法,从而明确社会资本出资规模及回报方式。以某水利工程为例,测算其中央、地方和社会资本投资回报水平,并分析不同方案下的收益让渡方案,对构建PPP项目收费定价调整机制提出相关建议。

Giving priority to return on investment for construction and operation of key water projects are crucial that can determine the success or failure of Public-Private Partnership(PPP)project.On the basis of reviewing relevant stipulations and requirements to return of investment regarding two respects of capital and loan and reasonable income level,calculation methods of investment return of various projects are summarized,in order to clarify the percentage of social capital and ways of getting return from investment.Taking one water project as an example,the returns of investments from central government,local government and social capita are calculated.Options for assignment of returns under different scenarios are estimated.Suggestions are made on how to set up mechanisms for fee collection and price adjustment of PPP project.