以城市道路为代表的城市基础设施建设项目采用PPP模式开展项目融资在我国已 有多年实践。城市道路项目是公益性项目，具有非盈利性的特点，且投资规模大、建设 与运营期较长。我国大多数PPP项目社会资本方在PPP项目实际运营过程中，缺乏具 体操作指导与建议。鉴于此，本文将重点通过对城市道路项目PPP融资方式的参与方 介绍及特点分析、运作流程分析、融资风险分析、财务分析等方面的专业研究，为PPP 项目社会资本方以PPP方式开展项目融资提供具体的应用研究建议。 首先，从城市道路PPP项目的特殊性出发，对PPP项目参与主体、关键环节及主 要特点进行分析，并对城市道路项目以PPP方式融资区别于以往融资方式的特点进行 研究，具体分析了社会资本方如何通过法定程序，以合法方式成为PPP项目社会资本 方并开展相关工作，并解决潜在社会资本方参与PPP项目的具体问题； 其次，当PPP项目的潜在社会资本方通过法定招投标程序确定为社会资本方后， 在PPP项目的立项审批阶段、融资阶段、建设与运营阶段、项目移交阶段仍面临诸多 风险因素，通过风险因素的识别与分析，提前规避潜在风险，提升PPP项目操作可行 性； 再次，通过财务分析，对以城市道路PPP项目为代表的公益性项目的可行性缺口 补助情况进行论述，对PPP项目投资收益情况开展具体研究：从项目投资的经济评价 角度完善城市道路项目PPP融资方式操作可行性； 最后，案例分析部分：以上文研究内容为支撑，以真实数据做支撑验证项目可行性。 研究目的：通过对城市道路项目PPP融资方式的主要参与方、关键环节、主要特 点、风险分析、财务分析，结合案例分析，使本文为PPP项目社会资本方以PPP方式 开展项目融资提供了操作性更强的应用建议与参考，解决了PPP项目实际操作中的问 题。 关键词：城市道路项目，PPP融资方式，项目风险，社会资本方投资回报 II Abstract InfrastructureconstructionbyPPPfinancinghasbeenpracticinginChinaformanyyears. However,cityroadconstructionbyPPPfinancingmodelisanewexplorationinChina,due toits’publicwelfarefeature.So,thisthesistriestogivesomeappliedresearch recommendationsbyPPPfinancingoncityroadconstruction. Firstly,itisverycomplicatedofcityroadconstructionbyPPPfinancing.Theauthor triestodistinguishthedifferencesofPPPfinancingtotheothertraditionalfinancingways. PPPfinancingwayisveryfocusedonlegalbiddingprocedures.So,thispartisfocusedon PPPfinancingway’sbiddingprocedurestosecureits’legalstatus. Secondly,thispaperanalyzedtherisksofPPPfinancingmodeloncityroadconstruction projectsafterbiddingprocedures.Itisstillveryriskyondifferencestagessuchasapproval stage,financingstage,constructionandoperationstageandprojecthandoverphase.This paperhasavoidedrelevantrisksbyidentifiedandanalyzedtheserisks,andpromotedthis paper’soperationalfeasibility. Thirdly,thispaperisproposedandpayingattentiontothefinancialanalysissteps.This paperalsofocusedongovernmentsubsidyfundsbyPPPfinancingways.Toconsistentwith thetopicofthisarticle,economicefficiencyanalysisofthispartisalsonecessarytocomplete thispaper’sapplication. Atlast,thispaperintroducedthecaseofDonghaiRoadPPPprojectofJiaozuo,to validatethefeasibilityofPPPfinancingmodel. ResearchPurpose:Thispaperisextremelypayingattentiontotheseaspectsincityroad’s constructionbyPPPfinancingways,suchasmajorparticipants,operationalprocessanalysis, riskanalysis,financinganalysisandcaseanalysis.Theseanalysisgivemoremaneuverable applicationsuggestionsandreferences. Keywords:Cityroadconstructionprojects,PPPfinancingmodel,Projectrisks,project profits III 目录 第一章绪论............................................................................................................................1 1.1选题背景与研究立意...................................................................................................1 1.1.1选题背景..............................................................................................................1 1.1.2研究立意..............................................................................................................2 1.2研究思路与方法...........................................................................................................3 1.2.1研究思路..............................................................................................................3 1.2.2研究方法.............................................................................................................4 1.3结构设置与内容安排...................................................................................................5 1.3.1结构设置..............................................................................................................5 1.3.2内容安排..............................................................................................................6 第二章理论借鉴与文献综述................................................................................................8 2.1理论借鉴.......................................................................................................................8 2.1.1PPP模式介绍......................................................................................................8 2.1.2PPP模式的历史沿革..........................................................................................9 2.1.3PPP融资方式的特点与含义............................................................................11 2.1.4城市道路项目采用PPP融资方式与其他融资方式的比较分析..................13 2.2国内外文献综述.........................................................................................................14 2.2.1国内研究综述...................................................................................................14 2.2.2国外研究综述...................................................................................................17 2.2.3文献评述............................................................................................................19 第三章城市道路项目PPP融资方式参与主体、关键环节及主要特点...........................21 3.1参与主体....................................................................................................................22 3.1.1地方政府...........................................................................................................22 3.1.2政府实施机构...................................................................................................22 3.1.3社会资本方.......................................................................................................23 3.1.4具体实施PPP融资方式的项目公司..............................................................23 3.1.5金融机构...........................................................................................................23 3.1.6项目征迁地区居民与周边群众.......................................................................24 3.1.7项目服务机构...................................................................................................24 3.1.8其他政府机构...................................................................................................25 IV 3.2关键环节....................................................................................................................25 3.2.1项目识别与准备...............................................................................................26 3.2.2项目招投标.......................................................................................................27 3.2.3项目实施...........................................................................................................28 3.2.4项目终结与移交...............................................................................................28 3.3主要特点....................................................................................................................29 3.3.1公益性...............................................................................................................29 3.3.2机会成本损失较大、沉没成本较高...............................................................29 3.3.3社会影响面较大...............................................................................................29 3.3.4城市道路项目以PPP融资方式运作区别于以往融资方式的特点..............30 第四章城市道路项目PPP融资方式风险分析.................................................................31 4.1风险识别.....