PPP 模式具有“伙伴关系、利益共享、风险共担”特点，能够有效地缓解地方政府 基建资金压力、提升项目建设运营效率，同时也为社会资本提供了广阔的投资领域。在 PPP 项目实施中，由于对项目全生命周期成本、风险结构和有效风险分配的影响，项目 融资已然成为 PPP 项目成败的关键。但是，由于我国 PPP 实践尚处于起步阶段，其商 业模式、配套的市场环境、政策规章等体系尚不完善，再加之 PPP 项目本身具有周期长、 投资规模大、融资增信主体缺失等特点，金融机构难以对各类 PPP 项目进行正确识别、 计量以及风险控制，相应的融资产品设计和开发更是一再停滞，使得 PPP 融资难、融 资贵现象突出。PPP 项目公司如何通过拓宽融资手段获取庞大资金，如何进行投融资的 时间匹配，如何降低融资成本，如何控制融资风险等已经成为发展 PPP 项目需要解决的 首要问题。 本文首先介绍了选题的研究背景与研究意义，阐述了国内外关于 PPP 项目融资的研 究现状。接着对 PPP 项目融资的定义、类型、结构进行了整理，同时总结了目前我国 PPP 项目融资的发展现状，为下文的准确分析奠定了理论基础。在上述分析的基础上， 分析了铁汉生态目前面临的 PPP 项目融资规模小、融资方式单一、融资成本较高的发展 现状以及 PPP 项目融资难的原因。然后结合分析的结果，从拓展 PPP 项目融资方式、 控制 PPP 项目融资风险、降低 PPP 项目融资成本等几个方面，提出 PPP 项目融资的优 化改进措施。最后，针对研究的结果、特色以及不足进行总结。 本文选取 PPP 这个当前社会热点问题为研究对象，以铁汉生态承建的 PPP 项目为 核心研究内容，旨在通过对 PPP 项目融资模式的初步梳理和研究，寻找困扰 PPP 项目 融资的症结所在，并探索破解公共基础设施建设资金迷局的方向。力求摸索建立具有推 广意义的 PPP 项目融资模式，形成政府主导、市场运作、多方参与、利益共享、风险共 担的公共基础设施建设融资新格局的良好局面。结合铁汉生态的实际情况，对如何改善 项目融资环境提出建议和对策，具有理论和实践双重意义，对我国其他园林环保企业 PPP 项目融资问题研究也有参考价值。 关键词，铁汉生态；项目融资；PPP 模式；融资模式II Abstract PPP model has the characteristics of partnership, benefit sharing, risk sharing, which can effectively alleviate the pressure of local government capital construction, improve the efficiency of project construction operation, and also provide a broad field of investment for social capital. In the implementation of PPP projects, project financing has become the key to the success or failure of PPP projects due to its impact on the project life cycle cost, risk structure and effective risk allocation. However, as the practice of PPP in China is still in its infancy, its business model, supporting market environment, policies and regulations are not perfect, and the PPP project itself has the characteristics of long cycle, large investment scale, lack of financing creditors, it is difficult for financial institutions to correctly identify, measure and control risks of various PPP projects, and the corresponding design and development of financing products. More and more stagnation makes PPP financing difficult and expensive. How to obtain huge funds by broadening financing means, how to match the time of investment and financing, how to reduce financing costs and how to control financing risks have become the most important issues to be solved in the development of PPP projects. Firstly, this paper introduces the research background and significance of the topic, and expounds the research status of PPP project financing at home and abroad. Then the definition, type and structure of PPP project financing are sorted out, and the development status of PPP project financing in China is summarized, which lays a theoretical foundation for the following accurate analysis. On the basis of the above analysis, this paper analyses the current situation of Techand Ecology's PPP project financing, which is small in scale, single in financing mode, high in financing cost, and the reasons why PPP project financing is difficult. Then, combined with the results of the analysis, from the aspects of expanding the financing mode of PPP project, controlling the financing risk of PPP project and reducing the financing cost of PPP project, the paper puts forward the optimization and improvement measures of PPP project financing. Finally, the research results, characteristics and shortcomings are summarized. This paper chooses PPP as the current hot social issue as the research object, and takes Techand Eco-construction PPP project as the core research content, aiming at finding out the crux of PPP project financing and exploring the direction of solving the financial puzzle of public infrastructure construction through preliminary combing and studying the financing mode of PPP project. To explore the establishment of PPP project financing mode with promotional significance, and to form a good situation of government-led, market operation,III multi-party participation, benefit-sharing, risk-sharing financing new pattern of public infrastructure construction. Combining with the actual situation of Techand Ecology, it has both theoretical and practical significance to put forward suggestions and Countermeasures on how to improve the project financing environment. It also has reference value for other landscape environmental protection enterprises in China to study PPP project financing. Key words:Techand Ecology; Project Financing; PPP Model; Financing ModelIV 目 录 摘要.........................................................................................................................................I Abstract ..................................................................................................................................... II 图表清单.................................................................................................................................VII 第一章 绪论..............................................................................................................................1 1.1 选题背景与意义 ............................................................................................................. 1 1.1.1 选题背景................................................................................................................... 1 1.1.2 选题意义................................................................................................................... 1 1.2 国内外文献综述 ............................................................................................................. 2 1.2.1 关于 PPP 内涵的研究 .............................................................................................. 2 1.2.2 关于 PPP 项目融资的研究 ...................................................................................... 4 1.2.3 国内外研究评述....................................................................................................... 5 1.3 研究内容与方法 ............................................................................................................. 5 1.3.1 研究内容................................................................................................................... 5 1.3.2 研究方法................................................................................................................... 6 第二章 理论基础......................................................................................................................7 2.1 项目融资的定义 ............................................................................................................. 7 2.2 项目融资的组织与结构 ................................................................................................. 7 2.2.1 投资结构................................................................................................................... 7 2.2.2 融资结构................................................................................................................... 8 2.2.3 资金结构................................................................................................................... 8 2.2.4 信用担保结构........................................................................................................... 8 2.3 PPP 模式的内涵.................................