地方政府专项债与PPP的相容机制分析

Analysis on Compatible Mechanism between the Local Government Special Debt and PPP

作为地方两大融资方式,地方政府专项债与政府和社会资本合作模式(PPP)均在社会经济建设中发挥重要作用。在地方政府专项债允许作为项目建设资本金后,其与PPP结合成为可能。从二者的发展背景和国内外研究入手,对其发展主要脉络与内涵进行辨析。分析过程表明,在地方融资监管制度变迁和PPP融资规范后,两者可以建立激励相容机制,通过强化顶层设计和制度保障,合理确定支出责任和项目收益边界,强化信息披露,实施动态监测,融资方式创新等手段,提高项目资金使用与建设效率。

As the two major financing methods of local economy development,local government special debt and PPP( Public-Private Partnership) play an important role in social and economic construction. After the local government special debt is allowed to be used as project construction capital,it is possible to combine it with PPP.This paper starts with the development background and research at home and abroad,and analyzes the main context and connotation of their development. The analysis process shows that after the change of local financing supervision system and PPP financing regulation,they can establish incentive compatibility mechanism,strengthen top-level design and system guarantee in government debt and social capital,reasonably determine expenditure responsibility and project income boundary,strengthen information disclosure,implement dynamic monitoring,and improve the efficiency of project capital use and construction through financing innovation.