PPP项目公司资本结构的影响因素分析  

Factors Affecting Capital Structure of PPP Projects

作　　者：胡一石 盛和太[1] 刘婷[1] 王守清[1] 

机构地区：[1]清华大学建设管理系,北京100084

出　　处：《工程管理学报》2015年第1期102-106,共5页Journal of Engineering Management

摘　　要：资本结构的选择关系着PPP项目的最终成败,是项目融资的重要环节。PPP项目公司有别于一般公司,专门分析其资本结构选择的影响因素尤为必要。通过理论分析、文献调研的方法对影响一般公司资本结构的因素进行梳理,对专家进行访谈,进一步识别出影响PPP项目公司选择资本结构的因素。在此基础上进行问卷调研、数据分析,对影响因素的重要性进行排序,并将其与既有理论和研究做比较,从而识别出对PPP项目公司资本结构选择格外重要的影响因素,结论可为PPP项目的投融资决策提供参考。Capital structure selection of PPP projects is an important issue of project financing,which affects the ending of these projects. A PPP project company is different from a general company. It is therefore necessary to analyze factors affecting capital structure of PPP projects. Through theoretical analysis, literature review, and interviewing experts familiar with PPP, factors affecting capital structure of PPP projects are identified. The importance of these factors is then ranked based on a questionnaire survey and data analysis. Compared to existing theories and relevant research, this study found that some of the factors are particularly important for PPP project companies. The findings are helpful for the decision-making of PPP financing.

关 键 词：PPP项目 资本结构 债务融资 影响因素 

分 类 号：F283[经济管理—国民经济]