| With the development of urbanization in China,China still needs to invest a lot of funds in the field of public service.Against this background,PPP model is not only from a micro level side for operation upgrading,but also from a macro level for institutional mechanism transformation.With the promotion of government and social capital,PPP projects' scale is increasing a lot during recent years.Due to investment amount is huge,"financing difficulty" is one of the key issues that the PPP project stakeholders(social capital side)and the government have to focus on.Most of PPP projects adopt structrured financing model.For these different structured financing models,how to apply<the Accounting Standards for Enterprises No.33-consolidated financial statements>has been treated as an issue.Specifically,when we use the structured financing model for PPP projects,it is important to judge the consolidation scope of the investors,such as social capital investor and financial investor.Whether or not the social capital investor consolidates SPE and the project company,will directly affect the feasibility of the PPP project for project participants such as the social capital side,the financial institute and so on,and then affect all parties' enthusiasm of PPP projects.It even affects the long-term development of PPP model.But current research in this area is limited.It is necessary to perform further study from the theoretical and practical aspects,in order to support the development of PPP model.Firstly,the paper summarized main models of structured financing for PPP projects in China.Secondly,the paper studied the application of consolidated financial statement standard for these PPP structured financing models.Thirdly,the paper took A highway PPP project as an example,to explore practice consideration.Finally,the paper made some suggestions on the rational application of the consolidated statement criterion for the structured financing of PPP projects. |
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