PPP 模式在中国推广近五年来，已在调结构、惠民生、促发展等方面发挥越来 越重要的作用。目前，中国的 PPP 市场需求旺盛，但在我国迅猛发展的同时，也出 现一系列问题，其中之一就是融资问题，由此催生了融资租赁欧亿·体育（中国）有限公司新的业务：参与 PPP 项目投融资。融资租赁欧亿·体育（中国）有限公司参与 PPP 投融资中的工作重心是风险管理和控制。 本文首先在前人研究融资租赁和 PPP 模式的理论基础上进行归纳总结，为本文 提供理论支撑；同时研究融资租赁公司参与 PPP 项目的政策依据和方式，以及投融 资的风险识别和风险管理；其次在调查研究的基础上，分析我国的融资租赁欧亿·体育（中国）有限公司和 PPP 项目的发展现状，以及 Y 融资租赁公司在 PPP 项目投融资的风险管理现状及问 题；再次结合具体的汾河水系连通 PPP 项目进行案例研究，对其投融资的风险管理 存在信用风险、操作风险、法律合规风险管理等进行分析，了解到汾河水系连通 PPP 项目的风险管理存在诸如政府政策不完善、风险管理制度不健全、信息不对称、专 业人才紧缺等问题；最后，结合 Y 企业在 PPP 项目投融资的风险管理存在问题的分 析结果，依据相关理论，提出诸如优化 PPP 项目投融资风险管理组织机构、规范融 资租赁项目风险评审流程、构建 Y 融资租赁公司 PPP 项目投融资风险评估指标体系 等改善风险管理的对策建议。 本文第三部分和第四部分是文章重点章节。文章对于分析和理解融资租赁参与 PPP 项目面临的风险管理问题等具有一定的价值,提出的建议较为务实,希望能对融 资租赁欧亿·体育（中国）有限公司在 PPP 项目中的发展和政府宏观政策的制定有一定的参考价值。希望本 文对我国融资租赁业的发展有益,使之成为我国经济发展的生力军,顺应经济发展潮 流。 关键词：融资租赁；PPP 项目；风险管理I ABSTRACT The PPP model has played an increasingly important role in adjusting structure, benefiting people's livelihood and promoting development in China in the past five years. At present, China's PPP market demand is booming, but with the rapid development of China, there are also a series of problems, one of which is financing, which gave birth to a new business in the financial leasing industry: participation in PPP project investment and financing. The core of the financial leasing industry's participation in PPP investment and financing is risk management and control. Firstly, this paper summarizes the theoretical basis of previous studies on financial leasing and PPP model, and provides theoretical support for this paper; at the same time, it studies the policy basis and methods of financial leasing companies participating in PPP projects, as well as the risk identification and risk management of investment and financing; secondly, on the basis of investigation and research, it analyzes the financing in China. The development status of leasing industry and PPP project, as well as the risk management status and problems of Y financial leasing company in PPP project investment and financing; again, combined with the specific Fenhe River connecting PPP project case study, the risk management of its investment and financing exists credit risk, operational risk, legal compliance risk management and so on are analyzed. Understanding the Fenhe River connected PPP project risk management problems such as imperfect government policy, risk management system is not perfect, information asymmetry, professional shortage and so on; Finally, combined with Y enterprise in PPP project investment and financing risk management problems analysis results, based on relevant theories, such as optimizing PPP project. The risk management organization of project investment and financing standardizes the risk assessment process of financing lease project, and constructs the risk assessment index system of PPP project investment and financing of Y financing lease company. The third and fourth parts of this article are the key chapters of the article. The article has certain value for analyzing and understanding the risk management problems faced by financial leasing participating in PPP projects, and puts forward some practical suggestions. It is hoped that the paper can provide some reference value for the development of financial leasing industry in PPP projects and the formulation of government macro policies. It is hoped that this paper will be beneficial to theII development of China's financial leasing industry, make it become a new force in China's economic development, and conform to the trend of economic development. KEYWORDS：Financing lease; PPP project; Risk management1 目 录 第一章 绪论............................................................................................1 第一节 选题背景...............................................................................................1 第二节 研究目的与意义...................................................................................1 一、理论意义...............................................................................................1 二、现实意义...............................................................................................1 第三节 国内外融资租赁研究现状...................................................................2 第四节 研究思路和研究内容...........................................................................3 一、研究思路...............................................................................................3 二、研究内容...............................................................................................3 第二章 融资租赁公司参与 PPP 项目的模式及风险分析...................4 第一节 融资租赁及 PPP 模式理论概述 ..........................................................4 一、融资租赁基本理论...............................................................................4 二、融资租赁风险基本理论.......................................................................4 三、PPP 模式基本理论 ...............................................................................4 第二节 融资租赁公司参与 PPP 项目模式分析 ..............................................5 一、融资租赁参与 PPP 项目模式 ..............................................................5 二、不同公司参与 PPP 项目模式比较 ......................................................6 第三节 融资租赁公司参与 PPP 项目风险管理分析 ......................................4 一、融资租赁公司参与 PPP 项目风险分类 ..............................................8 二、融资租赁公司参与传统项目风险分类比较....................................... 9 三、融资租赁公司参与 PPP 项目的风险防范管理 ................................10 第三章 Y 融资租赁公司参与 PPP 项目案例分析.............................13 第一节 融资租赁欧亿·体育（中国）有限公司在 PPP 项目的中发展现状分析 ................................13 一、融资租赁欧亿·体育（中国）有限公司发展现状.....................................................................13 二、PPP 项目发展现状 .............................................................................14 第二节 Y 公司参与 PPP 项目风险管理发展现状.........................................162 一、Y 公司简介..........................................................................................16 二、Y 公司风险管理组织结构..................................................................17 三、Y 公司参与 PPP 项目的风险管理.....................................................17 第三节 Y 公司参与 A 市汾河水系连通 PPP 项目概况 ................................19 一、PPP 项目内容概述..............................................................................19 二、PPP 项目融资方案..............................................................................19 三、运作方式与交易结构..........................................................................20 第四节 Y 公司参与 A 市汾河水系连通 PPP 项目风险管理 ........................22 一、信用风险管理......................................................................................22 二、操作风险管理......................................................................................25 三、法律合规风险管理..............................................................................26 第五节 Y 公司参与 A 市汾河水系连通 PPP 项目风险管理存在的不足 ....29 一、政府政策的不完善..............................................................................29 二、风险管理制度不健全................................................