摘要 自从我国实施改革开放政策后，我国在基础设施建设领域获得了突飞猛进 的发展，然而因为受到了我国财政资金较少的影响，基建领域缺乏资金的问题， 变成了约束该领域深入发展的一个主要“瓶颈”，基于此，如何在基础设施建设 领域中融合入民间资本，受到了实务界与理论界的高度关注。 随着 2014 年国务院下发《国务院关于加强地方政府性债务管理的意见》(国 发[2014]43 号)，当年国务院还颁布了《有关鼓励社会投资创新改进重点领域融 资投资机制的指导意见》(60 号)，财政部发布了《关于运用推广社会资本与政府 合作模式问题的有关通知》(财金(2014)76 号)文件，对基础设施建设领域推广和 运用政府和社会资本合作模式(PPP)提出了新的发展方向，鼓励全国各级政府和 财政部门积极做好 PPP 模式实践探索工作，从政策层面提出在基础设施领域引 入 PPP 模式。 本文认为，政府发起的项目主要包括准经营性项目等多个基础设施项目， 从现实与理论层面均证实了社会资本积极参与该领域投资的可行性。同时，大 型的施工企业是本轮社会资本的重要参与者，是否投资主要是取决于施工利润 特许经营权的价值，只有达到预期的施工利润和特许经营权价值，社会资本才 会进行投资。政府和社会资本在进行合作时，应该依据特许合同的相关要求和 条款，忠实地履行彼此的义务与责任。鉴于实施本轮 PPP 模式的期限比较短， 政府应采取立法等诸多配套措施，健全 PPP 模式，为在基建领域中有效地运用 这种模式，打造优良的政策与法律平台。因基础设施项目拥有为数众多的参与 者、周期长、规模比较大等特点，与传统意义上的投资模式相比，PPP 模式的风 险是很难控制的，也是无法预知的。所以如何才能科学地评价、有效地分担、 有效地处置风险，是迫切需要破解的重大难题。 本文首先比较了基础设施 PPP 模式的相关概念，研究了 PPP 模式的形成背 景，对狭义 PPP 模式与传统的 BOT、BT 等模式进行分析。然后就我国新常态下 的 PPP 模式定义、结构、特点及理论基础进行剖析。其次，就现国内大型施工 企业基础设施 PPP 模式运作程序进行综述分析。再次，本文以包头市地铁 1 号 线为例，主要研究了对特许经营权产生影响的若干因素，求出了特许经营权的摘要 相应价值，得出了社会资本是否能够参加地铁项目投资的相关结论。最后，笔 者概括了整篇文章的若干基本结论，针对影响 PPP 模式参与基础设施项目成功 运作的影响因素，提出了针对性较强的建议，从而推动该模式更有效、更广泛 地运用于基建领域。 关键词，基础设施；PPP 模式；运作模式；特许经营权；可行性Abstract Abstract Since the reform and opening up, China's infrastructure construction has achieved great development, but restricted by national finance, infrastructure construction and the shortage of funds has become the bottleneck of the development, in this context, how to bring private capital into the infrastructure field, both of the theory and practice attention. As of 2014 the State Council issued the opinions of the State Council on strengthening local government debt management (the [2014]43), the guiding opinions of the State Council on innovation in key areas of investment and financing mechanism to encourage social investment (Guo Fa (2014) No. 60), the Ministry of Finance issued the notice on the promotion of the use of government and society capital cooperation mode (Finance (2014) No. 76) document issued, on the promotion and application of the field of infrastructure construction of government and social capital cooperation model (PPP) provides a new direction of development, the national government and the financial sector to encourage good practice and actively explore the PPP model, from the policy level is introduced in PPP mode the field of infrastructure. This paper argues that the government initiated infrastructure projects are mainly quasi operating projects, and it can explain the feasibility of social capital participation in investment from two aspects of theory and practice. At the same time, the construction of large enterprises is an important participant in the social capital, whether the investment is mainly depends on the construction of profit franchise value, only the expected profit and achieve the construction of franchise value, social capital can invest in. When the government and the social capital cooperate, they should pay attention to fulfilling the obligations and obligations of both parties in accordance with the provisions of the franchise contract. Taking into account the current round of PPP model is not a long time, the government needs to perfect various supporting measures of the PPP model through legislation, and build a goodAbstract legal and policy platform for the PPP model in the field of infrastructure construction. Secondly, because the infrastructure projects have such characteristics as large scale, long cycle and many participants, the risk is unpredictable and difficult to control, which is more prominent than the traditional investment model. Therefore, how to evaluate and deal with the scientific and reasonable risk sharing, effectively is a realistic problem to be solved. Firstly, the concept of infrastructure PPP mode to do a comparative study, discusses the differences in background, PPP mode and the traditional mode of financing of PPP, carries on the analysis to the special PPP model with the traditional BOT and BT model. Then, we analyze the definition, structure, characteristics and theoretical basis of the PPP model under the new normal. Secondly, it summarizes and analyzes the operation mode of infrastructure PPP model in large domestic construction enterprises. Again, this paper takes the Hohhot City Subway Line 1 as an example, the key factors affecting the franchise, and by calculating the franchise value, make social capital investment to determine whether to participate in the subway project. Finally, this paper summarizes the basic conclusions of this paper. In view of the factors that affect the smooth operation of infrastructure PPP project, some suggestions are put forward to promote the extensive and effective application of PPP model in infrastructure field. Key words: infrastructure, PPP model, operation pattern, franchise, feasibility目 录 -I- 目 录 第一章 绪 论.........................................................................................................1 1.1 研究背景 ........................................................................................................ 1 1.2 研究的目的和意义 ........................................................................................ 2 1.3 国内外研究现状 ............................................................................................ 4 1.3.1 国外研究现状 ......................................................................................... 4 1.3.2 国内研究现状 ......................................................................................... 7 1.4 本文研究的主要内容 .................................................................................. 10 第二章 PPP 模式的文献综述............................................................................... 11 2.1 PPP 模式概述............................................................................................... 11 2.1.1 PPP 模式定义........................................................................................ 11 2.1.2 PPP 模式产生背景................................................................................ 11 2.1.3 PPP 模式特征及内涵............................................................................ 12 2.1.4 PPP 模式类型........................................................................................ 13 2.2 PPP 模式与传统融资模式的比较分析....................................................... 14 2.2.1 PPP 模式与 BOT 模式的共同点.......................................................... 15 2.2.2 PPP 模式与 BOT 模式的不同点.......................................................... 15 2.3 基础设施的概念及其特征 .......................................................................... 19 2.3.1 基础设施的概念 ................................................................................... 19 2.3.2 基础设施的特征 ................................................................................... 19 2.4 可行性研究的概念及其特征 ...................................................................... 21 2.4.1 可行性研究的概念 ....................................