PPP项目运营期补贴区间量化研究

Quantitative Research on Subsidy Interval during the Operation Period of PPP Projects

2019年3月出台的财金[2019]10号文鼓励地方政府在PPP项目补贴模式的选择上从“补建设”向“补运营”进行转型,但理论界对于如何在运营期对项目公司进行合理补贴目前仍处于探索阶段。笔者以政府补贴分层目标设计为前提,将运营期补贴最优值扩展到补贴区间的概念,定量测算基于项目净现值的最低补贴值和基于委托代理模型的最高补贴值,动态分析补贴区间的外界影响因素。研究发现:(1)引入最低补贴值的补贴区间设计更贴近现实;(2)通过调节公共物品服务担保值等间接补贴方式,政府部门可以有效控制直接补贴额度;(3)单位运营成本对补贴区间的影响效果最为显著,通过建立项目成本核算体系、搭建信息共享平台等措施,可以有效降低社会资本运营成本,提高PPP项目运营效率。

The No.10 financial document issued this year encourages local governments to transform from “supplementary construction” to “supplementary operation” in the choice of PPP project subsidy mode,but the theoretical circle is still in the exploration stage on how to reasonably subsidize the project companies in the operation period.Based on the stratified target design of government subsidies,the author extended the optimal value of subsidies in the operating period to the concept of subsidy interval,quantitatively calculated the lowest subsidy value based on the net present value of the project and the highest subsidy value based on the principal-agent model,and dynamically analyzed the external influencing factors of the subsidy interval.The research findings are as follows:(1)the introduction of the minimum subsidy interval design is closer to rea- lity;(2) government departments can effectively control the amount of direct subsidies by adjusting indirect subsidies such as the guaranteed value of public goods and services;(3)the unit operating cost has the most significant impact on the subsidy interval.By establishing project cost accounting system and building information sharing platform,the social capital operating cost can be effectively reduced and the operating efficiency of PPP projects can be improved.