PPP项目社会资本合理回报率影响机制研究  

Research on Influencing Mechanism of Reasonable Return Rate of PPP Project Social Capital

作　　者：温来成[1] 孟巍 WEN Laicheng;MENG Wei(Pengyuan Institute of Local Finance Investment and Finance, Central University of Finance and Economics, Beijing 100081, China;School of Finance and Taxation, Central University of Finance and Economics, Beijing 100081, China)

机构地区：[1]中央财经大学中证鹏元地方财政投融资研究所,北京100081 [2]中央财经大学财政税务学院,北京100081

出　　处：《山东财经大学学报》2019年第3期5-19,共15页Journal of Shandong University of Finance and Economics

基　　金：国家社会科学基金项目“公私合作特许经营项目全生命周期财政风险监管技术研究”(15BZZ058);教育部人文社会科学研究规划项目“地方政府投融资公私合作的监管机制创新研究”(13YJA630101)

摘　　要：社会资本能否取得合理的投资回报率,是PPP模式健康发展的核心要素之一。通过风险溢价模型和WACC模型,构建溢价偏离度估计量,对PPP项目社会资本方投资回报率的影响机制进行了实证分析。研究结果表明:项目特征和外部环境因素主要通过对风险溢价的偏离程度影响回报率水平;公私双方的“讨价还价”能力,导致绝大部分PPP项目的合同回报率存在不同程度的“扭曲”。在此基础上,提出了制定PPP社会资本合理回报率指导标准、充分发挥市场机制作用、构建PPP合理回报率动态调整机制、发挥消费者在确定PPP合理回报中的作用四方面的应对策略。Whether social capital can achieve a reasonable rate of investment return is one of the core elements for the healthy development of PPP model. By adopting the risk premium model and WACC, this paper establishes a premium deviation estimator and makes an empirical analysis of the influencing mechanism of social capital investment return of PPP projects. The results show that the project characteristics and the external environmental factors influence the return rate level mainly through the deviation of risk premium, and that the bargaining power of both public and private parties leads to different degrees of distortion in the contract return rate of most PPP projects. On this basis, this paper puts forward the following four countermeasures: formulating the guiding standard for reasonable return rate of PPP social capital, giving full play to the role of market mechanism, constructing a dynamic adjustment mechanism of PPP reasonable return rate, and giving full play to the role of consumers in determining PPP reasonable return.

关 键 词：PPP项目 社会资本 投资回报率 

分 类 号：F812.2[经济管理—财政学]