需求不足下交通PPP 项目社会资本方退出机制

PPP项目中社会资本方期满退出并将项目设施无偿返还给政府是较为理想的状态。然而PPP项目的长周期、高风险等特点,特别是在项目需求不足下社会资本方合理的提前退出、提高项目的抗风险能力成为现实需求。构建政府和社会资本方的收益函数,识别和分析需求不足风险下政府允许社会资本方提前退出的关键影响因素及影响机制。研究结果表明政府允许社会资本方提前退出条件受既有社会资本方和新社会资本方的资金成本、通货膨胀率、退出时间及无谓损失的影响,研究结果旨为政府决策提供依据,以期增强项目资本的流动性,实现项目的可持续发展。

Withdraw Mechanism of Social Capital in Transport PPP Projects Under Insufficient Demand

In the PPP project,it is an ideal state for the social capital to withdraw from the project and return the project facilities to the government free of charge. However,the long-term and high-risk characteristics of PPP projects,especially in the situation of insufficient project demand,it has become a realistic demand for the social capital to reasonably withdraw in advance and improve the anti-risk ability of the project. This paper constructs the revenue function of the government and the social capital,identifies and analyzes the key influencing factors and influencing mechanisms that the government allows the social capital to early withdraw under the risk of insufficient demand. The research results show the conditions of the government’s allowance of the social capital to early withdraw are affected by the cost of capital,the inflation rate,the withdraw time,and the deadweight loss coefficient. The research results aim to provide a basis for government decision-making,enhance the liquidity of project capital, and achieve a sustainable development of the project.