中国大中型水利PPP项目资产运营机制关键问题及构建思路

Key problems and construction approach of asset operation mechanism of large and medium-sized water conservancy PPP projects in China

目前我国关于吸引社会资本参与重大水利工程建设已有较为完善的规定,但对大中型水利PPP(Public-Private Partnership,公私合作制)项目资产运营机制设计尚无具体指导。调研了我国大中型水利PPP项目资产运营机制现状,归纳其关键问题及成因,并提出了该机制构建思路。结果表明,我国大中型水利PPP项目资产运营模式较为单一,项目公司的法人治理结构需进一步完善,风险分担与权责划分之间的匹配度较低,政府保障内容的可行性和有效性尚待强化;该类工程资产运营机制构建中,应结合工程主体功能的性质、社会资本投资规模及占比、资产是否适合由社会资本方长期拥有并运营等情况,选择合适的资产运营模式,继而在该模式下,遵循保障社会资本最低收益、政企双方收益与权责利相匹配原则,建立收益分配机制;依据风险分配最优、风险分担与权责划分对等、风险有上限等原则,构建风险分担机制;按照内容可行性与有效性原则,设计切实可行的制度支撑、保底政策、资源配置等政府保障机制。

At present,there are relatively perfect regulations in attracting social capital to participate in the construction of major water conservancy projects in China,but the specific guidance on the operation mechanism of large and medium-sized water conservancy PPP(public-private partnership)projects is insufficient.The current status of the asset operation mechanism of large and medium-sized water conservancy PPP projects in China is investigated,its key problems and causes are summarized,and the construction approach for this mechanism is put forward.The results show that the operation mode is relatively single,the corporate governance structure of project companies needs to be further improved,the matching degree between risk and responsibility is low,and the feasibility and effectiveness of government guarantees need to be strengthened.In constructing the operation mechanism of assets of such projects,the appropriate operation mode of assets should be selected based on the nature of the main functions of the project,the scale and proportion of social capital investment,and whether the assets are suitable for long-term ownership and operation by the social capital.Then,in this mode,the income distribution mechanism should be established following the principle of ensuring the minimum return of the social capital and matching the benefits of the government and enterprises with rights,obligations and interests.The risk sharing mechanism should be construct based on the principles of the optimal risk allocation,equal risk sharing and responsibility division and the upper limit of risk.According to the principle of content feasibility and effectiveness,the government guarantee mechanisms should be designed such as feasible institutional support,guarantee policy and resource allocation,etc.