天堑变通途?新机制下特许经营项目专项债应用

Research on Issuing Local Government Special Bonds for Franchise Projects:New Possibilities?

党的二十届三中全会强调,要健全现代化基础设施建设体制机制,拓宽多元化投融资渠道。研究发现,新机制下特许经营模式与专项债在项目属性、资金平衡等方面具备内在一致性。在现行政策框架下,国有独资主体作为特许经营项目法人申请专项债资金更为可行,专项债可通过投资补助或资本金注入方式,适用于符合条件的交通、水利、能源等领域项目;非国有独资主体作为特许经营项目法人申请专项债资金仍面临较多困难,主要表现在资产管理难度高、偿还职责不清晰等方面。实操层面,特许经营项目发行专项债需在项目谋划及资金申报层面提前做统一部署,建议进一步完善制度体系、探索非国有独资企业等资金申报主体的政策创新、明确政企专项债受偿责任、加强政府和社会资本方的协同管理等。

The study found that franchises and special bonds are inherently consistent in terms of project attributes and break-even logic under the new mechanism.Under the current policy framework,it is more feasible for stateowned entities to apply for special bond funds as the legal person of franchise projects,which can be funded through investment subsidies or capital injections.That general framework is usually suitable for qualified franchise projects in transportation,water conservancy,energy and other fields.However,franchise projects that have non-wholly-stateowned companies as their legal person still face many obstacles in applying for special bond funds,mainly because of asset management difficulties and unclear repayment responsibilities.The issuance of special bonds for franchise projects requires coordinated arrangements in advance at the project planning and fund declaration stages.This paper recommends giving priority to exploring the connection between franchise projects and special bonds,clarifying the division of responsibilities between the government and enterprises,and striving for diversified government investment support.In addition,further policy and system innovations may need to be developed in the future.