投融资视角下地方政府PPP模式应用分析——以合肥市轨道交通项目为例

Analysis of Local Government's PPP Application from the Perspective of Investment and Financing——Taking Hefei rail transit as an example

党的十八届三中全会提出"允许社会资本通过特许经营等方式参与城市基础设施投资和运营",我国PPP项目发展拉开序幕。地方政府面对传统投融资模式转变、严重债务压力及新常态下较高基础建设投资需求现状,积极影响中央号召,纷纷开展PPP项目实践。然而,基于投融资视角分析合肥市轨道交通PPP项目发现,地方政府应用PPP模式虽在降低融资成本、分散风险、提升效率和管理水平等方面取得一定成效,但实际运行中仍存在引入竞争不足、合同条款笼统、监督机制不完善等问题,同时面临诸多风险。为此,地方政府必须积极探索可行的PPP融资优化路径,以更好发挥PPP优势、解决地方融资发展问题。

The Third Plenary Session of the 18th Central Committee of the CPC was held in November,2013.The session pointed out,“we must allow social capital to participate in the investment and operation of urban infrastructure through franchise”,which marked the development of China’s PPP projects.In face of the transformation of traditional investment and financing mode,the serious debt pressure and the high infrastructure investment demand under the“new normal”,local governments all correspond positively to the call and carry out the PPP projects.The analysis of Hefei metro PPP project from the perspective of investment and financing shows that local governments make some progress in reducing the cost of financing,dispersing risk,improving efficiency and management.But there are still some problems and risks in practice,such as the lack of competition,ambiguous contract terms and imperfect supervision mechanism.Therefore,local governments must optimize PPP financing path to take full advantage of PPP projects and to solve local governments’financing and development problems.