轨道交通PPP项目补贴模式比较研究——基于不同风险分担的分析与设计

Analysis and design of subsidy mode for PPP project of rail transit based on different risk sharing

政府补贴是保障轨道交通PPP项目实现盈亏平衡的重要手段。在分析政府部门对项目公司或社会资本方四种补贴模式的基础上,本文构建了不同补贴模式下城市轨道交通PPP项目补贴金额的测算模型,对不同补贴模式下的财务测算步骤及结果进行了分析描述。同时,基于不同模式的风险分配原则,我们对各模式的VFM值进行了测算并作敏感性分析,提出不同参数情况下补贴模式的最优选择的建议。

Based on the analysis of the four subsidy modes of the government departments to the project company or the social capital side, the paper constructs the model of the subsidy amount of the PPP project of urban rail transit under different subsidy mode, analyzes and describes the steps and results of the financial calculation under the different subsidy modes, and based on the principle of risk distribution. The VFM value of each mode is calculated and the sensitivity is analyzed, and the optimal selection of subsidy mode under different parameters is proposed.