PPP项目资本金制度完善研究  

Study on the Improvement of Capital System of PPP Fixed Assets Investment

作　　者：曹晓燕[1] 马俊[1] CAO Xiao-yan;MA Jun

机构地区：[1]中央财经大学法学院

出　　处：《中央财经大学学报》2020年第5期13-20,共8页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重大项目“政府与社会资本合作(PPP)模式立法研究”(项目编号:15ZDB174)。

摘　　要：我国PPP行业经爆发式增长后已进入风险释放、规范提质发展阶段,目前整体存在项目融资难等困境,亟需实质性政策予以支持行业发展。PPP项目融资难原因有很多方面,学术界和实务界多从参与主体、项目质量、金融机构等因素进行分析,罕有对与项目融资关系密切的固定资产投资项目资本金制度进行反思。项目资本金制度建立已逾二十年,其调整工具主要是最低资本金比例及适用范围,该制度建立后仅有的三次调整都是针对最低资本金比例的调节,没有对适用范围这一重要工具的运用。实践中,无差别的项目资本金制度一定程度上制约了PPP行业的健康发展。在现行项目资本金制度体系内,根据项目的性质,实行有差别的PPP项目资本金制度,并完善其配套实施机制,是缓解行业发展压力、促进规范发展的可行举措。China's PPP industry has experienced explosive growth.At present,it has entered the stage of risk release,standard and quality improvement.The industry as a whole has difficulties in financing,and it is in urgent need of substantive policies to support.There are many reasons for the difficulty of financing.The academic and practical circles mostly analyze the factors such as participants,project quality,financial institutions and so on,and rarely reflect on the capital system of fixed asset investment which closely related to the project financing.The capital system has been established for more than 20 years,and its adjustment tools are mainly the minimum capital ratio and the scope of application.After the establishment of the system,only three adjustments are aimed at the adjustment of the minimum capital ratio,without the use of the scope of application as an important tool.In practice,undifferentiated project capital system restricts the healthy development of PPP industry to a certain extent.In the current project capital system,according to the nature of the project,implementing different PPP project capital system and improving its supporting implementation mechanism are feasible measures to alleviate the pressure of industry development and promote standardized development.

关 键 词：PPP项目 融资困境 资本金制度 差异化 

分 类 号：F283[经济管理—国民经济]