Study On Combination Optimization Of Financing Channel Of Operating Municipal Facilities PPP Projects

Since 2014,the central government has issued a series of policies to push the PPP mode in the field of infrastructure and public services.However,difficulties in financing and low financing efficiency have also arisen during the advancement of the PPP model.In the project initiation stage,in order to realize the goal of maximizing the value of the project based on the satisfaction of all parties,the research on the optimization of the financing channel combination of the operational municipal facilities PPP project is one of the issues of high concern in the current PPP project field.This article adopts the literature research method,systematically reviews the relevant research status at home and abroad,and analyzes and defines relevant concepts of operating municipal facilities,PPP model and financing structure.Case analysis and expert interviews were used to determine the reasonable composition of the Special Purpose Vehicle(SPV)'s shareholders.Based on principal-agent theory,the authors analyzed the existence of principal-agent relationship among the shareholders of the project company,and used mathematical modeling to construct an optimization model for the financing channel combination of operating municipal facilities PPP projects.Through empirical research methods,the accuracy and availability of the model are verified.This article mainly divides financing channels of operating municipal facilities PPP projects into equity financing channels and debt financing channels,and sorts out and summarizes the current status of PPP project financing channels.The project characteristics and core competencies of 20 typical PPP projects in China were studied,and the rationality of the formation of a social capital consortium and the necessity of the government's shareholding in the Special Purpose Vehicle(SPV)were analyzed.Secondly,according to the combination optimization of social capital equity financing channels,based on the existing research results,the communication cost is exploratory added.This paper studies the combination optimization model of three types of social capital equity financing channels: "financial investors + construction contractors","equipment(Technology)suppliers + financial investors","operators + construction contractors",and solves the optimal social capital consortium ownership structure.Thirdly,in view of the combination optimization of public and private equity financing channels,a novel mode of compound proprietary technology transfer was proposed Exploratory and the social capital side's proprietary technology transfer model was divided into two types: continuous and compound.This research obtains two kinds of continuous optimization and compound type public and private equity financing channel combination optimization models,solves the optimal public-private equity structure,and studies the effective area of public-private equity structure.Finally,using the Wuhan Rail Transit Line 8 project as an example,based on the existing data of the project,the equity structure of the social capital consortium and the public-private equity structure were optimized.we have studied the relevant application suggestions for the optimization of financing channels for operating municipal facilities based on these studies.The main conclusions of the study: First,the rational consortium of social capital and the rational ownership structure are beneficial to the maximization of the value of the project,and the optimal equity structure of the social capital consortium is obtained.Second,the government should take shares in the Special Purpose Vehicle(SPV)and reasonable public and private equity structure to maximize the value of the project,and get the best public and private ownership structure and the effective area of public and private equity structure.Third,it puts forward the relevant suggestions on the application of financing channel combination optimization in the structure of equity,PPP project bidding and the sustainable and healthy development of PPP,and provides reference for the government to formulate relevant policies.