城市轨道交通PPP项目权益资本结构研究——市场化准量模型分析  

On Equity Capital Structure of PPP Project in Urban Rail Transit——Based on the Marketization Proportion Model

作　　者：郝伟亚 丁慧平[1] HAO Wei-ya;DING Hui-ping(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《北京交通大学学报（社会科学版）》2021年第1期65-75,共11页Journal of Beijing Jiaotong University(Social Sciences Edition)

摘　　要：基于PPP项目投资方出资视角探讨城市轨道交通项目权益资本结构问题,梳理PPP项目影响因素,根据参与方不同动因,在考量政府方和社会资本方投资准公共产品PPP项目回报要求差异的基础上,通过构建市场化准量模型得到项目最优权益资本结构,分析社会资本方的生产效率、项目负债结构变化带来的动态影响。研究表明:市场化准量模型对测算城市轨道交通PPP项目最优权益资本结构有效;经过政府方和社会资本方博弈,存在一个最优的市场化准量,使得城市轨道交通PPP项目政府方能够给予的收益率和社会资本方要求的报酬率达到均衡状态;社会资本方的生产效率能够有效提升市场化准量,项目负债比例适度增加,社会资本方能够呈现更多出资意愿。为提高政府和社会资本的资源配置效率,应尽可能因项目而施策,科学判断项目权益资本结构,注重项目经营效率提升对社会资本的吸引作用,通过良性循环缓解政府投资压力。This article discusses the equity capital structure of urban rail transit projects from the investment perspective of PPP project investors.By sorting out the influencing factors of PPP projects,and constructing a marketization proportion model based on different motivations of the participants and the difference in the return requirements of the government and private investment in quasi-public products PPP projects,we obtain an optimal equity capital structure of the project,and analyze dynamic effects of changes in the production efficiency and project liability structure of social capital.The research shows that the market proportion model is effective in calculating the optimal equity capital structure of urban rail transit PPP projects,and after the game between government and social capital,there arises an optimal market proportion that leads to an equilibrium state between the rate of return promised by the government and the rate of return required by the social capital party for urban rail transit PPP projects;The production efficiency of social capital can effectively improve the market proportion,and with a moderate increase of the proportion of project liabilities,the social capital party will show more willingness to invest.In order to improve the resource allocation efficiency of the government and social capital,it is advisable to implement policies based on the project,judge the equity capital structure of the project scientifically,attach importance to the attraction of social capital through the improvement of project operation efficiency,and thus ease the government's pressure of investment through a virtuous circle.

关 键 词：城市轨道交通 权益资本 市场化准量 PPP项目 

分 类 号：F570[经济管理—产业经济]