| Since the reform and opening up,China's infrastructure construction has achieved great development,but restricted by national finance,infrastructure construction and the shortage of funds has become the "bottleneck" of the development,in this context,how to bring private capital into the infrastructure field,both of the theory and practice attention.As of 2014 the State Council issued the "opinions of the State Council on strengthening local government debt management"(the [2014]43),"the guiding opinions of the State Council on innovation in key areas of investment and financing mechanism to encourage social investment"(Guo Fa(2014)No.60),the Ministry of Finance issued the "notice on the promotion of the use of government and society capital cooperation mode"(Finance(2014)No.76)document issued,on the promotion and application of the field of infrastructure construction of government and social capital cooperation model(PPP)provides a new direction of development,the national government and the financial sector to encourage good practice and actively explore the PPP model,from the policy level is introduced in PPP mode the field of infrastructure.This paper argues that the government initiated infrastructure projects are mainly quasi operating projects,and it can explain the feasibility of social capital participation in investment from two aspects of theory and practice.At the same time,the construction of large enterprises is an important participant in the social capital,whether the investment is mainly depends on the construction of profit franchise value,only the expected profit and achieve the construction of franchise value,social capital can invest in.When the government and the social capital cooperate,they should pay attention to fulfilling the obligations and obligations of both parties in accordance with the provisions of the franchise contract.Taking into account the current round of PPP model is not a long time,the government needs to perfect various supporting measures of the PPP model through legislation,and build a good legal and policy platform for the PPP model in the field of infrastructure construction.Secondly,because the infrastructure projects have such characteristics as large scale,long cycle and many participants,the risk is unpredictable and difficult to control,which is more prominent than the traditional investment model.Therefore,how to evaluate and deal with the scientific and reasonable risk sharing,effectively is a realistic problem to be solved.Firstly,the concept of infrastructure PPP mode to do a comparative study,discusses the differences in background,PPP mode and the traditional mode of financing of PPP,carries on the analysis to the special PPP model with the traditional BOT and BT model.Then,we analyze the definition,structure,characteristics and theoretical basis of the PPP model under the new normal.Secondly,it summarizes and analyzes the operation mode of infrastructure PPP model in large domestic construction enterprises.Again,this paper takes the Hohhot City Subway Line 1 as an example,the key factors affecting the franchise,and by calculating the franchise value,make social capital investment to determine whether to participate in the subway project.Finally,this paper summarizes the basic conclusions of this paper.In view of the factors that affect the smooth operation of infrastructure PPP project,some suggestions are put forward to promote the extensive and effective application of PPP model in infrastructure field. |
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