Discussion On The Financing Strategy Of PPP Industry Fund Model Of Listed Companies

Since 2013,China’s PPP operation model has received more and more attention from the state and has continuously introduced encouraging policies.The number of PPP projects added to the project library by various provinces and cities has gradually increased,but its actual landing rate has been in a downturn.Compared with countries with high PPP maturity,China’s current PPP implementation environment is still immature and has a lot of room for improvement: First,social capital with a large amount of project construction and operation experience may be limited due to its own funds and financing.Insufficient capacity and other factors,thus losing the opportunity to participate in PPP projects.Second,there are many financial investors who prefer long-term stable returns,but the lack of channels for investment in infrastructure construction projects cannot form an effective supply.In recent years,as the number of PPP projects in China has increased,the demand for funds has also increased.As a development platform integrating production,finance and sales,the PPP industry fund model can truly meet the infrastructure transformation and create intensive and large-scale development requirements,solve the financing problems of the project,and realize the interests of the government,investors and enterprises.A win-win situation.The PPP industry fund emerged in 2014.After 2015,it has experienced tremendous growth in 2016.From the perspective of national policies,the PPP operation model can promote the new urbanization process in China,and the PPP industry fund can promote the implementation and implementation of PPP projects.The PPP industry fund is a financing medium with the advantages of low threshold,flexible time for raising funds and large scale of funds.It satisfies the huge capital needs of PPP projects,and at the same time it can pool idle funds and break through the barriers of capital investment in infrastructure projects.Therefore,enterprises pass the PPP industry.The fund model can solve certain financing problems.In addition,based on the ability to make full use of the industrial fund’s ability to pool capital and its flexible and changeable form,combined with the PPP operation model,it can maximize the benefits for the government to solve the three existing investment and financing dilemmas of infrastructure construction: first,the debts retained by the stock projects.The problem is followed by the financing problem faced by the new project,and finally the asset-liability problem that the city investment company is constrained.The PPP industry fund can speed up the local PPP project,which is reflected in the fact that the establishment of the industrial fund can minimize the time cost and operational risk of the single project financing one by one,and significantly improve the efficiency,thus promoting the project as soon as possible.In this context,enterprises have obtained social capital for PPP projects through the PPP industry fund,which is one of the initiatives of some local governments to promote the smooth landing of PPP projects.In order to promote the orderly cooperation between social capital and the government,the establishment of PPP industry funds can provide guarantee for the huge capital demand of PPP projects and optimize the company’s financing structure.It is true that industrial funds are a way to solve PPP financing,but there are some problems in the use of industrial funds in PPP projects.This paper takes the financing problem of PPP project of listed company as the starting point,and analyzes the financing strategy of PPP industry fund by means of reading literature and case study in the background of Shenzhen Tiehan Ecological Environment Co.,Ltd.This paper is divided into five chapters: The first chapter is the introduction,which mainly describes the research background,research significance and research ideas and methods adopted,and analyzes the domestic and foreign research literature on PPP industry funds.The second chapter mainly expounds the related concepts of PPP industry fund model financing strategy,the motive of PPP industry fund model financing strategy,the economic effect of PPP industry fund model financing strategy,and introduces agency cost theory,information asymmetry theory,new excellent Relevant theories of the theory of order financing;the summary of related viewpoints is mainly from the aspects of the industrial fund’s positive role of PPP projects,the financing dilemma of eco-environmental enterprises,the countermeasures of financing risks of PPP industry funds and the impact on corporate value.The third chapter mainly introduces the basic situation of the case company Tiehan ecology,the main business and the background of the company’s implementation of the PPP industry fund financing strategy,including financing needs and financing structure,as well as the implementation status of the PPP industry fund financing strategy.The fourth chapter is the case analysis part.Based on the background of the third part of the case,combined with the theoretical analysis case in the second chapter,the company adopts the strategic motivation,goal setting,content planning and organization setting of the PPP industry fund financing strategy,and implements the PPP industry.The possible risks and risk control in the process of fund financing strategy,and the PPP industry fund financing strategy have a comprehensive analysis of the six aspects of the effect of business operations.The fifth chapter is the case summary and countermeasures recommendations.Based on the analysis of the case in the fourth chapter,the paper summarizes the role of the PPP industry fund financing strategy in broadening the financing channels of eco-environmental enterprises and improving the risk-response capability.Based on the analysis of the case,it proposes the financing mode and risk management related to the PPP industry fund.Feasibility suggestion.Through the research on the strategic case of Tiehan Ecological PPP industry fund model,we found the financing problem of PPP operation mode.PPP industry fund provided a good financing channel for PPP project.PPP industry fund model strategy solved the financing problem of the project and realized The interests of the government,enterprises and investors are win-win.However,in practice,the industry fund should focus on the operation of the PPP industry fund in the initial participation,medium-term participation and subsequent exit of the PPP project,and fully consider the risk issues and preparedness measures when designing the financing plan.In order to promote the PPP industry fund to maximize its value,this paper also puts forward relevant suggestions,including professional assessment of PPP projects,establishment of performance appraisal system,and improvement of corresponding laws and regulations.