| Since 2015,the State Council and the relevant ministries and commissions have issued a series of policy documents to encourage and promote the PPP model.Local governments have actively followed up and launched various PPP projects.It can be said that 2015 was the first year of PPP.As of June 30,2016,according to the "notice" on the norms of government and social capital cooperation integrated information platform operation requirements,the audit included in the project PPP integrated information platform library project 9285,a total investment of 10 trillion and 600 billion yuan,the implementation phase of the project a total of 619,total investment reached 1 trillion yuan;the Ministry of Finance 232 demonstration projects,a total investment of 802 billion 540 million yuan,the implementation phase of the project105,a total investment of 307 billion 800 million yuan.In the face of such a huge amount of PPP project financing needs,the current advance of landing PPP project is poor,according to statistics,various provinces and cities PPP project signing rate is10%-20%,far below expectations,the main reason is the PPP project investment,long period,low income,bank loans are still the main financing way of the existing and the lack of participation of social capital attraction,PPP project financing difficulties.In practice,the introduction of industrial investment funds into the PPP model has become an effective means of financing.Many provinces and municipalities use local government financial contributions as starting funds to attract social capital to establish PPP industry investment funds.The general industrial investment funds through equity,debt,financing guarantees,as the market is difficult to obtain financing PPP projects to provide financial support,improve the conditions in the project after choose the exit,to solve the difficult problem of PPP project financing.Industrial investment fund has 3 unique advantages: one is the direct equity investment,meet the mandatory requirements of China's laws on the proportion of capital projects;two is to reduce the rate of assets and liabilities of item company andits shareholders;three is conducive to the structural design and flexible internal management mechanism into the social security funds,insurance funds and other long-term quality capital,meet PPP project long-term,a lot of money demand,and return on investment demand.In this paper,combined with the development of environmental protection industry in Yunnan province and the problems of environmental protection investment and financing mechanism of existence,interpretation of the fund industry in the PPP mode,reference to domestic and international PPP environmental protection industry fund experience,research and analysis of the use of industrial investment funds,the PPP model of the fund operation mechanism,risk management and other aspects,based on this model PPP environmental protection industry fund.In Tonghai Lake Ecological Management PPP project case analysis,the project investment model used to break the normal procedure,enterprise cooperation,sharing of benefits and risks of PPP mode,and the introduction of industrial investment fund in PPP mode structure design,not only solve the low profit environmental protection project financing difficulties,innovation is a kind of business model the fund by the government,social capital,financial institutions interests tied for promote the implementation of the project plays a very important role.Based on the theoretical research and case study,the countermeasures and suggestions for the introduction of PPP industry investment fund into the environmental protection field are put forward,so as to inspire and provide reference for the development of PPP project in Yunnan. |
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