境外公路投资项目通行费收入模式浅析

Analysis on Toll Revenue Model for Overseas Highway Investment Projects

本文介绍境外公路投资项目通行费收入的三类常见模式,即可用性付费、使用者付费、使用者付费+政府补贴,并分析各模式的适用情形,投资商可以结合项目所在地区宏观经济、交通基础设施市场、政企关系等实际情况,选择恰当的收入模式。论述各类通行费收入模式的策划要点:(1)可用性付费为主的收入模式下,需考虑付费条件、付费金额调整机制、政府付费的资金来源。(2)使用者付费为主的收入模式下,需考虑竞争性交通方式管制、收费定价机制。(3)使用者付费+政府补贴的收入模式下,可借鉴五种常见商业模式,即约定金额的建设期和/或运营期补贴、交通量兜底、可行性缺口补贴/收入兜底、收入分享、经济再平衡。针对政府的各类支付义务,进一步论述借助保险、基金、其他项目资产或大宗商品销售收入,搭建政府支付义务的担保机制,并提出三类主要风险,即当地政策法律风险、当地政府履约风险和汇率风险,以及供参考的应对思路。

This paper introduces three common models of toll revenue of overseas highway investment projects:availability payment, user payment, user payment + government subsidy, and analyzes the suitable situation of these models. Investors can choose the appropriate toll revenue model according to the actual situation of the macro-economy,transportation infrastructure market, government-enterprise relationship, etc. This paper discusses the key points for planning various toll revenue models. In the availability payment model, payment conditions, payment adjustment mechanism and the fund source of government payment need to be considered. In the user payment model, competitive transportation mode regulation, pricing mechanism need to be considered. In the model of user payment plus government subsidy, five common business models can be used for reference, namely, subsidies during agreed amount of construction and/or operation, minimum traffic volume guarantee, feasibility gap subsidy or minimum revenue guarantee, revenue sharing and economic rebalancing. Regarding various payment obligations of the government, this paper further discusses how to build a guarantee mechanism for government payment with the help of insurance, funds, other project assets or commodity sales revenue. Finally, it puts forward three main risks, namely local policy and legal risk, local government performance risk and exchange rate risk, as well as countermeasures for reference.