城市地下综合管廊PPP项目回报结构案例研究  

Case studies of the return structure of urban underground comprehensive pipeline gallery PPP projects

作　　者：赵国富 王守清[2,3] ZHAO Guofu;WANG Shouqing(China National Administration of Coal Geology.Beijing 100038,China;Department of Construction Management,Tsinghua University,Beijing 100084,China;Hang Lung Center for Real Estate,Tsinghua University,Beijing 100084,China)

机构地区：[1]中国煤炭地质总局,北京100038 [2]清华大学建设管理系,北京100084 [3]清华大学恒隆房地产研究中心,北京100084

出　　处：《清华大学学报（自然科学版）》2022年第2期250-258,共9页Journal of Tsinghua University(Science and Technology)

基　　金：国家自然科学基金资助项目(71772098)。

摘　　要：政府和社会资本合作(PPP)模式在国内城市地下综合管廊建设运营中发挥了重要作用,但项目实践中对回报机制与回报结构还缺乏深刻认知,对其影响因素及适用的定量分析工具还缺乏全面研究。该文从实务案例入手,对国内进入执行阶段的71个城市地下综合管廊PPP项目的回报机制与回报结构开展系统性的结构化研究。通过利益相关分析洞见综合管廊项目的民生属性及入廊企业的利益诉求,按照"实质重于形式"的原则剖析综合管廊PPP项目回报机制及回报结构类型,对影响回报结构的因素进行全面分析和重点分析。在此基础上,提出以折现现金流模型为基础、以净现值-内部回报率为核心的回报结构模型,为社会资本方投标报价、合同磋商、回报率跟踪监测和项目再谈判提供了定量分析模型,并完善了城市地下综合管廊PPP项目风险分担和投资回报研究。Public-private partnerships(PPP) play important roles in constructing and operating domestic urban underground comprehensive pipeline galleries. However, the return mechanism and the return structure are not well understood with little research on the key factors and the application of quantitative analysis tools. This article presents case studies of the return mechanisms and return structures of 71 domestic urban underground pipeline gallery PPP projects that are already operating. A stakeholder analysis shows the livelihood attributes of the pipeline gallery and enterprise interests. The return mechanisms and return structures are then analyzed using the principle of “substance over form” to analyze the key factors. Finally, a return structure model is presented for urban underground comprehensive pipeline gallery PPP projects based on the discounted cash flow and net present value(NPV)-internal rate of return(IRR) which can help the private party in bidding, contract negotiation, return rate monitoring and project renegotiation. This study should improve risk sharing and investment returns of urban underground comprehensive pipeline gallery PPP projects.

关 键 词：城市地下综合管廊 政府和社会资本合作(PPP) 回报率 案例研究 因素分析 

分 类 号：F283[经济管理—国民经济]