高速公路PPP投融资模式可行性缺口补助测算方法研究与应用

Research and application of the calculation method of feasibility gap subsidy for the expressway PPP investment and financing model

科学测算高速公路PPP项目中政府方的财政支出责任,是实现PPP项目可持续发展的关键。通过对投资决策指标进行分析,将PPP项目回报机制中3种可行性缺口补助测算方法的参数内涵进行解读并对测算机制进行研究,探讨不同补助测算方法对财政支出的影响。结合中国西部地区某高速公路PPP项目,在3种补助测算方法均达到相同的社会资本财务内部收益率的前提下,对政府方补助趋势、政府方财政承受能力和社会资本方投资收益进行预测。结果表明:科学测算财政支出责任需要结合政府财政承受能力、行业和领域平衡性进行综合评估。研究结果有助于政府科学决策PPP项目的补贴额度,提高补贴效率,激励项目公司扩大经营性收入,实现项目风险共担的目标。

It is the key to realize the sustainable development of PPP projects to scientifically calculate the fiscal expenditure responsibility of the government in expressway PPP projects.Through an analysis of the investment decision indicators,this paper interprets parameter connotation of the three calculation methods of feasibility gap subsidy in the return mechanism of PPP projects,studies the calculation system,and puts forward the influence of different subsidy calculation methods on fiscal expenditure.Combined with an expressway PPP project in western China,this paper predicts the trend of government subsidies,fiscal bearing capacity of the government and the investment income of social capital on the premise that the three calculation methods all reach the same internal rate of return of social capital.The results show that the scientific calculation of fiscal expenditure responsibility needs to be integrated with the fiscal bearing capacity of the government and the balance of industries and fields.The research results are helpful for the government to make a scientific decision on the subsidy quota of PPP projects,improve subsidy efficiency,encourage project companies to expand operating income,and realize the goal of project risk sharing.