市政环保类PPP项目的保底量与投资回报的关系  

Initial Analysis of the Difference between the Guaranteed Amount and the Fixed Return in the Field of PPP

作　　者：刘嘉南 项显超 Liu Jianan;Xiang Xianchao(Shanghai SUS Environment Co.,Ltd.,Shanghai 201703,China)

机构地区：[1]上海康恒环境股份有限公司,上海201703

出　　处：《中国资源综合利用》2019年第8期84-87,共4页China Resources Comprehensive Utilization

摘　　要：本文针对政府与社会资本合作项目,分析了项目保底量与固定回报的内涵及作用、风险分配、绩效相关性和合规性等方面。研究表明,PPP领域中保底量和固定回报存在本质性区别。保底量是最低需求风险的一种分配方式,而固定回报则是无风险的回报。保底量是项目得以运行的基本条件,项目是否获得收益取决于项目的融资、建设、运营管理水平。固定回报即表明可获得固定收益,与项目运营状态无关,规避了社会资本对风险的承担。保底量的设置要合理,不仅要基于现实情况,也要合理预测未来需求,考虑政府财力状况,避免风险分配失衡,以保障项目稳定运行,政府和社会资本合作成功。This paper analyzes the guaranteed amount and fixed return from the connotation,role,risk allocation,performance correlation and compliance in the PPP(Public Private Partnership)project.Research shows that there is an essential difference between the guaranteed amount and the fixed return in the PPP.The guaranteed amount is a distribution of the minimum demand risk,while the fixed return is a risk-free return.The basic condition for the operation of the project is the guaranteed amount.Whether the project gains benefits depends on the level of financing,construction and operation management of the project.Fixed return means that fixed income can be obtained,which is independent of project operational status,and avoids the burden of social capital on risk.The setting of the reserve amount should be reasonable.It should not only be based on the actual situation,but also reasonably predict future demand and consider the financial situation of the municipal government to avoid the imbalance of risk distribution and ensure the stable operation of the project guaranteed the success of government and social capital cooperation.

关 键 词：PPP 保底量 最低需求量 最低使用量 固定回报 

分 类 号：X196[环境科学与工程—环境科学] F283[经济管理—国民经济]