The Research Of Quasi-operational Infrastructure Projects Under The PPP Mode

Now our country is in a high-speed development period of urbanization,but the rapid development of urbanization needs the support of infrastructures.That is to say,the construction of the infrastructure will be play an important role in promoting urbanization and stimulating economic growth.Traditionally,the construction of the infrastructure is controlled by the government who gives the money.But with the rapid development of urbanization,the needs of the construction of the infrastructure is bigger and bigger and the pressure of the government is increasing.It will not work if the government still lead the financing mode.So the location government will choose to encourage and attract the social capital such as joint venture owned franchise way to participate in the infrastructure construction investment which means public-private partnership PPP will gradually replace the traditional investment model.Quasi-operational infrastructure projects combine the characteristics of public goods and private goods,but its economic efficiency is not obvious.Though it has charge mechanism and potential profits,it requires heavy investment at first and the project benefits can only make up for the part of the cost.It’s very hard to get enough money from social finance.We can use public-private partnership PPP in quasi-operational infrastructure projects to introduce social capital and reduce the pressure on the government funds.So the research object of this thesis is public-private partnership PPP.From microcosmic point of view and private financing model for private sector,this paper mainly focuses on the following three issues: First,whether the reasonable PPP model can effectively alleviate the financial pressure of government departments and reduce the debt risk;Second,whether the PPP model is attractive for the private sector;Third,whether financial innovation can broaden private sector financing channels to enhance the attractiveness of private sector investment.In view of these above problems,this thesis starts from the theoretical research of urban infrastructure,infrastructure is divided into non-operating,operational and quasi-operational infrastructure.Through in-depth analysis,find out the PPP operation mode which can be adopted in the quasi-operational infrastructure constructions.Then,it analyzes the connotation and basic structure of PPP modes and explains the common PPP modes such as BOT and TOT.In the third chapter,it analyzes the ROI of quasi-operational urban infrastructures in the private sector.Through the analysis of the private sector’s capital structure,distinguish the bank loans and equity capital and calculate the weighted cost of capital.In the fourth chapter,the financing channels of the private sector are discussed in detail.This paper introduces the traditional way of financing mainly by bank loan,bond,stock and trust.It also introduces the innovative financing channels,such as funds,preference shares,perpetual bond and so on.To provide ideas for the private sectors to broaden the financing channels.At the end of the paper,it conducts an empirical study on the public gallery.