| In 2015,the railway section of the 13th Five-year Plan finalized.According to the plan,during the 13th Five-year, The country will build no less than twenty-three thousand kilometers of high speed railway, and total investment is not less than twenty-eight thousand RMB. In 2015,China's first single high-speed railway PPP project, the land acquisition and relocation PPP project of Jinan-Qingdao high-speed railway(Weifang section) officially stated, this is China's high-speed railway construction use PPP financing mode for the first time. The land acquisition and relocation PPP project of Jinan-Qingdao high-speed railway(Weifang segment) introduced social investors with rich experience in investment, financing and operation management. Social investors raise funds and participate in the operation an management of the project, such a model effectively alleviate the government's financial pressure,and explore the effective model of social capital to participate in the construction of local high speed railway. This article through the analysis and comparison of the domestic first single high-speed railway PPP financing case, explore suitable for the PPP financing model template of China's high-speed railway construction.In this paper, the concept and classification of high-speed railway PPP financing mode are summarized. PPP financing mode is a kind of financing mode, which authorize the social investors to build, operate and manage public projects, and provide public services to the public. According to the classification of world bank, the United Nations Training Institute, the European Union for PPP, PPP financing model can be broadly classified as outsourcing, franchising and privatization. According to the of the various elements of PPP projects, the mainly PPP financing mode can be divided for 10 categories, such are the government to buy products or services of the PPP, the government offers facilities for PPP, BOT, BOO, BBO, DB, DBM, DBFO, TOT, developers financing.This article regard the land acquisition and relocation PPP project of Jinan-Qingdao high-speed railway(Weifang segment) as a case study, discusses the basic financing principle of high-speed railway project in PPP financing model to be followed; this paper analyzes the investing structure, alternative sources of funding, financing structure, and government procurement methods of the land acquisition and relocation PPP project of Jinan-Qingdao high-speed railway(Weifang segment), and the author puts forward the the investing structure, alternative sources of funding, financing structure, and government procurement methods of China's PPP project of high speed railway.Jinan-Qingdao high-speed railway (Weifang segment) land acquisition and resettlement PPP projects uses BOT model, take competitive negotiation procedure as government procurement method. After the winning bidder is determined, the designated authorities of government and the successful bidder establish a special purpose vehicle(SPV). The social capital responsible for raising funds for land acquisition and relocation, and the social capital undertake the operation of the project. The government regulate the project. The project company(SPV) shares Jinan-Qingdao high-speed railway projects subject-Jinan-Qingdao Railway Co., Ltd., accounts for the proportion of shares equal to engineering quantity of Jinan-Qingdao high-speed railway(Weifang) land acquisition and relocation project accounted for the proportion of engineering quantity of the high-speed railway construction project. After the Jinan Qingdao railway operates, the project company (SPV) obtain the corresponding share of the operating profit according to its shares. The duration of the project company (SPV) is 15 years. The project cooperation period is not less than 10 years. Since the date of cooperation, at least 5 years after the government has the right to repurchase program. Weifang municipal government may repurchase shares social capital owned in accordance with the cost price. The social capital side of the PPP project will get an annual 8% fixed income. The income derived from the project company(SPV) dividends according to the equity of Jinan Qingdao railway operating income. Before Jinan-Qingdao railway operations, the fixed income of social capital shall be paid by the financial subsidy. After Jinan-Qingdao railway operations, if the income from the equity of the company is no enough to pay the fixed income of the social capital, the financial shall pay.From the case analysis, design of the high-speed railway PPP financing pattern should follow the principle of financing are as follows:according to "control, motivation and non control of non punishment principle, high-speed rail PPP projects, on the one hand, as long as the high-speed railway to the normal operation, within the prescribed period, private sector should get fixed income; on the other hand, can give excess returns of social capital share right, reduce the initial cost of financing to attract more intention investors involved in the project competition. According to the "commitment to confidence principle, establish a clear and predictable, with authority reasonable legal framework, government departments based on such a legal framework to make credible commitments were essential. In addition, the choice of excellent qualified high-speed rail project PPP financing, and income security measures to further enhance the project's level of confidence is design of high speed railway PPP projects must to be considered. High speed railway according to the principle of project financing, due to the long construction period of high-speed railway project, investment amount is large, but with a natural monopoly, income less affected by the fluctuation of the market, and plan to join the government financial subsidies terms, investors can establish long-term investment funding principal and income by the project expected future cash flows and government subsidies of future cash flows expected coverage. In the high speed railway project using PPP financing model for the initial financing, still should choose the outstanding quality of the project to carry out PPP financing to improve the success rate of the project. According to the pricing principle of PPP financing, high-speed rail PPP financing pricing can refer to the same period of the city's investment debt maturity rate of return upward floating. According to the definition of the function of PPP in public institutions and the private sector, the advantage is complementary ", in the design of high speed railway PPP financing mode to take advantage of social capital in the financing, construction, operation and risk management, exert governmental policies on the risk of the advantage in the control.Through the case analysis, the author believes that in the design of the investment structure, because because investors can not directly control and disposal of high-speed railway project final product high-speed rail transport services, and the government will eventually repurchase of high-speed railway property, the investment side of the property transfer must have strong operability, non company joint venture structure is not suitable for high speed railway PPP project investment structure. High speed railway PPP project is suitable for the use of the structure of the company and the partnership structure, or the combination of the two investment structure. Large high-speed railway project is not the overall use of PPP financing mode, and it is only a sub project as a PPP project, the company joint venture structure; on the other hand, if a high-speed railway projects with a total investment of smaller, and overall project using PPP financing mode, you can use the partnership structure. In addition, according to the case of the investment structure of PPP projects at home and abroad, to China's company law, tax law and other laws and regulations as the basis, the idea of the framework of a China's high speed railway PPP project recoverable investment, with a view to combine company joint venture structure and partnership structure has the advantages of. Alternative sources of funding, capital source should be and specific projects of investment structure, financing structure to improve the diversification of the main sources of funding, high-speed rail project will involve all stakeholders bundled in the community of interests, can affect the success rate of the subject should be more capital investment. In addition, the cost of capital, capital structure choice is an important consideration in the financing channels. Specifically, through cash financing channels, real assets financing channels for high speed railway PPP project provides equity financing, debt financing through credit financing channels, if the securities financing channels should be first through the issuance of bonds to raise funds, then folding machine public offering or directional issuance or convert the bonds into shares. In the financing structure, the financing structure is the most simple, the most widely applicable, most high-speed railway PPP projects can also use the financing structure. Investors through the item company to arrange the structure of financing is relatively simple, if the investment structure contains the company's joint venture structure, the financing structure will generally be used. Because the passenger is not a specific object, the sale of high-speed railway transport services can not predict, therefore, to "facilities use agreement" as the basis of the financing structure can not be collected. Due to the characteristics of project financing, the PPP project structure of high-speed railway will often be stitched together to "pay" as the basis of the financing structure. Consider tax planning, often with "leveraged lease" as the basis of the financing structure. In government procurement, competition of consultation procedures is the best choice for most of the high-speed railway PPP projects, public bidding, invited bidding is mainly used on the specific implementation of the program has been designed to complete high-speed rail PPP projects, competitive negotiation is mainly used in the output of the product and service homogenization of high speed railway PPP project.In this paper, based on the research achievements of their predecessors, mainly on China's high-speed railway project PPP project should follow the principle of financing, the investment structure, alternative sources of funds, financing structure, government procurement mode makes a tentative exploration, mainly based on the principle of financing to sort out the high speed railway PPP the financing mode of our country should follow the model, explore the suitable PPP financing mode for China's high-speed railway construction, but because of my lack of theoretical knowledge and practical experience, many problems and deficiencies in this paper, I will focus on issues related to continue to study and work in the future and the research on the financing mode of PPP in China. Continue to improve this thesis, thank the reviewers and reply to the criticism of experts!... |
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