Research On The Transfer Of The Shares Of PPP Project Company

The government cooperates with social capital,translated into English as Public Private Partnership,or PPP.The generalized PPP refers to the mode of cooperation between all government and social capital,while the narrow sense of PPP refers to the joint establishment of the PPP item company with the social capital and the mode of the government holding the equity of the PPP.The type of PPP item company can be either a limited liability company or a Limited by Share Ltd.Because in practice,the vast majority of PPP item company are limited liability companies,so the PPP item company,which is discussed in this article,is the PPP item company of the limited liability company in the narrow sense PPP.According to the relevant laws and regulations,the government can not directly become shareholders of PPP item company,so the government will generally authorize the contribution representatives to share PPP item company.The most obvious feature of the PPP model is the dual role of the government as a regulator and participant in the PPP project.Although the number of PPP projects has increased rapidly in China,most of the projects are at the stage of argumentation and design,and the number of PPP projects actually landing is not large.The reason is that the PPP model is mainly used to provide infrastructure and public products,and the construction and operation period of the project is long,generally for up to 20 to 30 years.The participation of social capital in the PPP project is to pursue the maximization of commercial interests,and it is difficult to accept the long-term investment of funds into a project.Then the exit mechanism of the PPP project becomes the key concern of social capital and the key consideration when the government formulates the relevant laws and policies of the PPP.PPP item company's equity transfer is an important way for social capital to withdraw from the PPP project.This paper studies the issue of stock transfer of PPP item company in China,hoping to provide suggestions for the improvement of PPP equity transfer in China.Specifically,this paper studies the issue of stock transfer of PPP item company from five aspects:Part one: introduction.This part explains the background,significance,research methods,research status and expected innovation of this article,which has played a role in laying a solid foundation for the whole article.The second part: summarize the different definitions of PPP and analyze the characteristics of PPP item company equity and equity transfer,sum up the characteristics of the share transfer of the PPP item company compared with the general company's equity transfer,and introduce the particularity of the transfer of equity of the item company from the different angles of the government and the social capital.The third part: combining theoretical analysis and empirical research,this paper studies the problems of the equity transfer in China's PPP item company from lock up period,government approval,creditor realization guarantee,exercise of intervention right and PPP project retreat.At present,there are some problems in the transfer of PPP item company in China,such as the inflexibility of equity transfer restrictions,the unclear authority of the government,the lack of regulations on the transfer of shares in a particular case,and the unclear procedure for the transfer of equity in the project.The fourth part: Aiming at the problems existing in PPP item company,it puts forward corresponding solutions.For the problem of imflexibly limited equity transfer,it is suggested that the lock should be regularly divided into social capital functions,and the scope of approval should be reduced after the project is mature.It is suggested that the qualification of the assignee for the implementation of the guarantee should be limited,the transfer of equity after the right of intervention should be exercised,and the problem that the procedure for the transfer of stock right is not clear,and it is suggested to distinguish the reasons for the transfer of the authorized representatives of the government and to refine the approval procedure after the withdrawal of the Treasury.The fifth part: the conclusion.