Legal Research On The Exit Mechanism Of Social Capitals In PPP Mode

PPP is considered to be one of the hottest vocabulary in China,and it is an innovation of system supply.As the downward pressure on China's economy has been increasing and the economy has entered the new normal,the PPP model introduces social capital into the construction of infrastructure and public utilities,which can effectively alleviate the financial burden and pressure of the government,resolve the debt crisis of local authorities,improve the quality and efficiency of our public goods and services,and accelerate the transformation of government functions,and promote the modernization of national governance capacity and governance system.Compared to access mechanism for social capital,the exit mechanism is rarely a concern in the current round of PPP fever.Exit mechanism means that social capital can choose to withdraw from PPP project step by step so as to safeguard its legitimate rights and interests in the case that social capital encounters special circumstances,which is the realistic need for social capital to participate in PPP project.The improvement of the exit mechanism will further increase the capital mobility of PPP projects,enhance the attraction of PPP projects to social capital,eliminate the worries and improve the landing rate of PPP projects.Therefore,the author will focus on the legal issues of exit mechanism for social capital.The thesis is mainly divided into three parts:The first part mainly expounds the basic theory of PPP mode.It includes the overview of PPP mode and the exit mechanism of social capital in PPP mode.By summarizing the implication,features and functions of PPP,and comparing with the traditional construction model,the paper concludes that PPP mode has the remarkable characteristics of economic law.This part mainly states the concept of social capital exit mechanism in PPP mode and the inevitability of the exit,and generally analyzes the basic theory on the effects,classification and methods of capital exit in PPP mode.The social capital is classified into three types according to different standards and the ways of exit are divided into five sorts: stock right transfer,equity repurchase,asset securitization,public listing and expiry transfer.The second part analyzes the existing legal setbacks of the social capital exit mechanism in PPP mode.At present,in terms of China's PPP mode legislation,the legislative level is relatively low,the law is short of implementation details,the legal effect is low,the qualification of the transfer body is not clear,PPP property market does not exist,the difficulty in PPP asset securitization exists,and the foregoing problems mainly lead to the fact that many PPP projects could not land.The third part analyses the path of social capital withdrawal mechanism and the perfection of the law under the PPP model.In the third part,considering the above setbacks,the author puts forward six suggestions on improving the choice of social capital exit mechanism and perfecting the law,and perfecting the mechanism of PPP equity transfer is the characteristic of this paper.It is expected that this paper could provide some inspiration and reference for PPP practice and help promote the healthy development of PPP mode in China.