Study On Protection Of Private Capital Interests In PPP Model Of Railway Industry

Railway transport is an important transportation method that relates to national defense security and national economy and people's livelihood.In recent years,with the development of economy,the demand for railway transportation in our country is increasing day by day.The investment scale and investment and financing system of the railway industry in China cannot meet the increasing demand for railway transportation.The huge debt has also made the development of the railway industry difficult.Therefore,reforming the railway investment and financing system is of great significance to the development of the railway transportation industry.PPP(Public-Private patnership)as a new and efficient mode of investment and financing has been increasingly favored by railway construction projects in recent years.However,due to the lack of a sound legal system,especially the lack of concrete measures to protect the interests of private capital,the risk of private capital in the railway PPP model is relatively high.Therefore,most investors have a wait-and-see attitude towards investing in PPP projects and need to study the railway PPP model in depth.China's private capital protection mechanism for the interests of the public to effectively address the worries of private capital investors,and thus promote the reform of the railway investment and financing system,ease the pressure on railway construction funds.This article is divided into four parts:The first part gives an overview of the railway PPP model.The concept of the railway PPP model is defined,and the necessity of introducing the PPP model into the railway industry and the particularity of the railway PPP model are described.Translation of PPP as "government and social capital cooperation" can clarify the meaning of the first two "P" s in the Public-Private Partnership(PPP)and the representatives and implementing agencies of "public" and "private".The application of the PPP model to the railway industry will help relieve the financial pressure on railway construction,increase the railway transportation capacity,assist the reform of the railway investment and financing system,and increase investment channels for social capital.The particularity of the main body of the railway industry,the externality of the railway construction project and the low degree of marketization of the railway industry determine the particularity of the railway PPP model.Explained the right of social capital to be vulnerable to infringement in the railway PPP model,mainly including the right to self-management,supervision,income,reasonable risk sharing,and exit rights.The second part expounds the risk of the realization of social capital interests in the railway PPP model.The private capital is in a weak position in the railway PPP model,which is mainly manifested in the inadequate project company autonomy,and inadequate regulatory mechanisms,which have caused social capital to be in a weak position,leading to social capital.There are certain risks in the realization of benefits.The particularity of the return on investment mode of the railway PPP model,the unreasonable risk sharing mechanism,and the unsmooth exit mechanism all make the realization of the interests of the social capital party face enormous risks.The selection of user fees and feasibility gap grants for return on investment options is more secure for the profitability of for-profit railways.The third part studies the legal obstacles to realize the social capital interests in the railway PPP model.The lack of a sound PPP legal system and the implementation of railway PPP supporting methods have affected the realization of the interests of social capital.A sound PPP legal system and a railway PPP supporting implementation method should be established as soon as possible.The public and private nature of the railway PPP agreement is unclear,which has resulted in the inconclusive result of dispute resolution methods for the railway PPP project disputes.The fourth part proposes the protection of social capital's interests in the railway PPP model.It proposes to establish a sound legal system for the railway PPP model,formulate a railway PPP supporting implementation method,clarify the public-private hybrid nature of the PPP agreement,and establish a parallel dispute resolution mechanism for administrative litigation and civil litigation and arbitration,which is conducive to dispute prevention and dispute resolution;Improve the supervision mechanism of the railway PPP model,establish an independent PPP supervision agency,attach importance to the supervision power of social capital,improve the investment return and price adjustment mechanism of the railway PPP model,formulate a reasonable risk sharing mechanism,and establish a reasonable mechanism for the withdrawal of social capital from railway PPP.