Study On Legal Problems Of PPP Project Financing

Under the background of the further tightening of supervision of asset management operations in the country and the deepening of local government debt management,a series of disputes have arisen around the financing of PPP projects.On the one hand,it is without supporting mechanism cannot realize the promotion of financing macro policies and financing facilities of PPP project.On the other hand,it fails to accurately position the legal status of the financing institution in the PPP project financing,and it is more accurately to fail to attach importance to the legitimate rights and interests of the financial investor participating in the PPP project financing.In fact,the financing institution is the financial investor of the PPP project.The financing institution plays an important role in the whole life cycle of PPP project financing from the access,operation,to withdrawal.During the same period,foreign countries have already formed relatively complete experience in the theoretical research and practical operation of the project capital system,the intervention mechanism of financing institutions,and the withdrawal mechanism of financing institutions,which can be based on the participation of domestic financing institutions in the financing of PPP projects which we can refer to.The current difficulties faced by financing institutions in participating in the entire life cycle of PPP project financing need to be revised from various perspectives and from multiple perspectives:In dealing with capital financing,the concept of project capital and registered capital should be defined,and PPP project capital should be followed.The legal path of financing should implement the verification responsibility of PPP project financing,so as to reconstruct the capital financing mode of PPP projects in China;in dealing with the issue of "real share solid debts",the legal effects of performance on gambling should be clarified,and legal cooperation should be designed.Regulations on the performance of gambling terms,should expand the equity investment and financing channels,should create the institutional environment for real investment,should study and grant the financing agencies to directly participate in the PPP project under certain conditions the necessity of the right;in the smooth exit mechanism of the PPP project,Accelerate the establishment of sound withdrawal mechanisms such as repurchase,peer trading,secondary market transactions,IPO,asset securitization,bonds,etc.,optimize the corresponding institutional environment,and refine implementation measures.