PPP项目公司股权结构影响因素分析与启示

Analysis and Enlightenment of the Factors Influencing the Ownership Structure of PPP Project Company

股权结构作为PPP项目公司治理基础,决定各大股东参股比例及项目收益权与控制权。实践中,因PPP股权结构复杂多样,且未合理考虑影响因素的作用,常导致项目运行受阻甚至失败。通过研究相关文献,识别简化出16个影响PPP项目公司股权结构的因素,运用解释结构模型法(ISM)对因素间相互作用进行系统分析,将可识别的PPP项目股权结构影响因素分为4层,并揭示各层级因素间的相关关系,为PPP项目公司股权结构的设计及后续研究奠定基础。

Ownership structure,as the foundation of the PPP project company,determines the proportion of major shareholders in the project company,as well as the distribution of project income right and control right.However,in practice,PPP’s ownership structure is complex and diverse,and it is due to the unreasonable consideration of the influencing factors,leading to the operation of the project company blocked or even failed.Through literature research,this paper identifies and simplifies 16 factors that affect the ownership structure of the PPP project company,and applies the Interpretative Structural Model(ISM)to establish hierarchy and to systematically analyse how the influencing factors cross-interact.It is concluded that the inf luencing factors of equity structure of PPP projects can be divided into four levels,and reveals the correlation among the factors at all levels,so as to lay a theoretical foundation for the design of the ownership structure of PPP project company and the further research.