摘要
公私合作（public-private partnership，PPP）指的是政府与私人部门合作，由政府层
面发起，主要针对新建的公共项目所形成的一种长期合作关系，PPP模式自应用以来，
在建设国家基础设施及政府提供公共服务的相关融资方面，公私合作作为一种新型融资
方式，不仅满足了国家对于公共设施和基础建设的要求，在政府层面也减轻了过去传统
的基础设施建设所带来的财政压力和提高了政府对于投资管理的效率；在对于促进企业
发展方面，PPP模式的应用为企业投资增加了一种新型投融资渠道，并在与政府建立长
期合作关系的过程中，政商关系的和谐对于拉动当地地区发展和经济增长有着十分正面
的作用。PPP模式中存在的融资风险主要是指由于PPP项目所针对的标的项目本身具有
长期性和不稳定性及不完全契约性等特点，企业处于投资的谨慎性和趋利性会避开该类
投资回报时限较长且风险较大的投资项目
与普通的合同招标建设不同，PPP项目的参与各方对项目各个维度都有不同的要
求，如政府部门的目标在于财政支出最小化和基础设施建设最大化，而企业的参与方的
主要目标与公司传统使命一致，即收益的丰厚性和稳定性。但在实例中，大部分的PPP
项目均没有建立起完全的契约合同，在风险分担方面，由于双方地位的不平等，很多时
候政府部门将项目的大部分风险转移到了企业部门，使得企业部门的风险收益不成正比
从而导致PPP项目的谈判失败；另一方面，信用风险的存在也是国内PPP项目没有普
遍推广的重要原因
本文主要通过查阅大量的国内外文献和分析PPP融资中存在的风险因素，并通过斯
塔克博格模型证明了PPP项目存在科学的风险分担机制，并以四川省为落地区域，利用
计量经济学中豪斯曼检验等计量方法对PPP项目的风险因子的定量研究，提出了促进
PPP项目发展过程中的有效建议。研究方法除了学术上的定性和定量结合研究外，本文
还结合了四川省实地PPP案例，通过学术和实际相结合，不仅可以为促进PPP项目落
地提供总体指导，对拓宽四川省内企业的投资渠道以及促进区域经济的发展也有着关键
性的作用
关键词：PPP融资模式；风险；分担机制Abstract
Public-private partnerships (public - private partnership, the PPP) refers to government
and private sector cooperation, launched by the government level, mainly for new public
project formed by a long-term cooperative relations, the PPP mode since the application in the
construction of national infrastructure and the government to provide public services related
financing, public-private partnerships as a new financing way, not only meet the state to the
requirement of public facilities and infrastructure, at the government level and to reduce the
past traditional financial pressures brought by the infrastructure construction and improve the
efficiency of the government for investment management; In terms of to promote enterprise
development, the application of PPP model for enterprise investment increased a new type of
investment and financing channels, and established long-term cooperative relations with the
government in the process of the harmony between the business for stimulating local area
development and economic growth has a very positive role. The PPP pattern of financing risk is
mainly refers to because of the PPP projects aimed at the target itself has long-term and
instability, and the characteristics of incomplete contract, enterprises in investment and fickle
kinds of caution will avoid this kind of long investment return time limit and riskier
investments.
Different from ordinary construction contract bidding, the PPP project participants to the
project of each dimension has different requirements, such as government department's goal is
to minimize fiscal expenditure and to maximize the infrastructure construction, and corporate
participants agree with the main goal of the company's traditional mission, namely earnings fat
and stability. But in the case, most of the PPP projects are not set up complete contracts, in
terms of risk sharing, due to the unequal status between the two sides, a lot of the time most of
the government departments to make project risk transfer to the corporate sector, making the
risk of the corporate sector earnings have not resulted in the PPP project negotiations fail; On
the other hand, the existence of credit risk is also an important reason that domestic PPP
projects are not widely promoted.
In this paper, through a large number of domestic and foreign literatures and analysis of
PPP financing risk factors, put forward the corresponding risk sharing mechanism, taking
sichuan province as the landing area, through the study of the PPP project risk factors, and put
forward effective Suggestions in the PPP project development process. Research methods in
addition to academic combining qualitative and quantitative research, this article also combined
with field case of PPP in sichuan province, through the combination of academic and practical,
can not only provide general guidance to the ground in order to promote the PPP project, to
widen the channel of the enterprise's investment in sichuan province and promote the
development of regional economy also has a key role.。