PPP项目融资风险评价与防范对策研究——基于S市城市快速路网的案例分析  

Research on PPP Project Financing Risk Evaluation and Prevention Countermeasures——Case Analysis Based on the Urban Rapid Road Network of S City

作　　者：陈艳利[1] 冯凯昕 Chen Yanli;Feng Kaixin(Dongbei University of Finance and Economics,School of Accounting,Dalian 116025)

机构地区：[1]东北财经大学会计学院,大连116025

出　　处：《中国资产评估》2021年第9期48-55,共8页Appraisal Journal of China

基　　金：教育部人文社会科学研究规划基金项目(20YJA790004);辽宁省社会科学基金重点项目(L19AJY003);辽宁省教育厅科学研究经费项目重点攻关项目和服务地方项目(LN2020Z01)。

摘　　要：推进城市基础设施建设,对促进经济社会发展具有重要意义。PPP模式为基建项目引入了社会资本,能够有效降低政府压力。但鉴于项目融资过程不确定性较高,在初期识别并评价融资风险,提出防范对策,能够有效降低风险,促进项目成功运作。本文选取S市快速路网PPP项目进行案例分析。首先,采用内容分析法并与项目情况结合进行两次风险识别,在提炼15个风险指标的基础上,构建出涵盖6个维度的风险评价层次体系。其次,采用AHP与FCE法构建融资风险评价模型,得出风险重要度排序和综合融资风险值。研究结果表明,以PPP模式运行基建项目应关注利率波动、融资可获得性、政府信用、法律变更等风险指标,重视建设和运营期的潜在风险。本文从政府、社会资本方和金融机构等角度提出了对策建议,为类似PPP项目控制融资风险提供了案例参考。Promoting urban infrastructure construction is of great significance to promoting economic and social development. The PPP model brings social capital into infrastructure projects and can effectively reduce government pressure. However, in view of the high uncertainty of project financing process, identifying and evaluating financing risks at the early stage and proposing preventive measures can effectively reduce risks and promote the successful operation of the project. This paper selects the S City rapid road network PPP project for case analysis. Firstly, the content analysis method was used to identify the risks twice in combination with the project situation. On the basis of extracting 15 risk indicators, a risk evaluation hierarchy system covering six dimensions was constructed. Secondly, the AHP and FCE methods are used to build the financing risk evaluation model, and the ranking of risk importance and the comprehensive financing risk value are obtained. The results show that the PPP mode should pay attention to the risk indicators such as interest rate fluctuation, financing availability, government credit and law change, and pay attention to the potential risks during construction and operation. This paper proposes countermeasures and suggestions from the perspectives of the government, social capital and financial institutions, and provides a case reference for controlling financing risks in similar PPP projects.

关 键 词：风险评价 融资风险管理 市政PPP项目 案例分析 

分 类 号：F299.24[经济管理—国民经济]