Research On Return Mechanism Of The Quasi-operational PPP Project

Since 2014,in order to improve the local government's public goods supply efficiency,reduce local debt scale,China starts to promote PPP model strongly in public service projects and infrastructure projects,which is called Public-Private Partnership.During the cooperation period of PPP projects,the government and the private capital will take the contract spirit as a link,sharing risks and benefits.At present,the government often cooperates with the private capital in the form of purchase.PPP projects carried out by the local government are mostly quasi-operational projects.The revenue sources of such projects are mainly from the users,government payment is just assistance.When users' payment unable to covers the project's costs and the project cannot obtain reasonable profits,the government will give the SPV some compensation,such as preferential policies and financial subsidies,which can ensure the project meet the minimum rate of return agreed by the contract between the SPV and the government.However,the present return mechanism of quasi-operational PPP projects have a fixed return phenomenon,the project relies heavily on the financial subsidy.These problems seriously hinder the sustainable development of quasi-operational projects.How to improve the phenomenon above has become an urgent problem to solve for quasi-operational projects during the process of development.Based on studying a mass of literature from home and abroad,this thesis uses methods of logical analysis,qualitative analysis and case analysis.It takes the quasi-operational PPP project's return mechanism as the breakthrough point and does a focused research.Based on the background of PPP projects,the thesis discusses the PPP project's concept,the related theory and classification of the quasi-operational project.It combs the dynamic return mechanism's establishment principles,objectives and necessity of a dynamic return mechanism establishment.The thesis emphatically analyses the framework and algorithm,and it takes "ACity Waste Incineration Power Generation Project" as an example.In the stage of return mechanism theoretical research,the thesis analyses the subject and object of the return mechanism based on the quasi-operational project's characteristics,designs the return mechanism's flow chart according to the operation mode,and emphatically analyses quasi-operational project's compensation mechanism and pricing mechanism on the basis of the flow chart.In the compensation mechanism,quasi-operational project's compensation can be divided into the construction period compensation and the operation period compensation.And the operation period compensation can be divided into operation compensation(waste disposal,sewage treatment,etc.)and price compensation(bus,subway,etc.).In the pricing mechanism,the thesis summarized two pricing modes according to quasi-operational project's characteristics--average cost plus pricing and two parts pricing.In the research of "A City Waste Incineration Power Generation Project",the case describes the basic situation,the operation mode and the risk division in detail.It also analyses the return mechanism combined with the previous study results.The thesis combines the theory with the case.It objectively evaluate the necessity and feasibility of the quasi-operational project's dynamic return mechanism,and the research fully reflects the practical meaning of the dynamic return mechanism.The thesis demonstrates the results of theoretical research on the dynamic return mechanism by the case,which further reflects the importance of dynamic return mechanism to the quasi-operational project.In addition,the thesis discusses two parts related to the return mechanism.One is other mechanisms which have connection with the return mechanism.This part sketches the purpose and significance of the amount guarantee mechanism and the interest redistribute mechanism.The other is the quasi-operational project's policy issues,this part analyses the shortcomings of imperfect laws and discusses the disadvantages when the implementation isn't in place.For these problems,this part offers reasonable proposals.