| Public-Private Partnership is a kind of project financing mode in the infrastructure construction.Full play was given to the public and private sectors of their respective advantages of natural endowment,thus it has attracted a wide attention and is deepening its application in China.Financing has become the key to the success of the PPP project in the implementation of the PPP project,due to the impact of life cycle cost,risk structure and effective risk allocation.However,as China's PPP practice is still in its infancy,the business model,market environment,policy rules and regulations system are not perfect,meanwhile the PPP project itself has the shortcomings of long period,large scale of investment,lack of credit subject,it's difficult for the financial institutions to correctly identify,measure or control the risks of PPP project.The design and development of corresponding financing product are stalled time after time,which makes it very difficult and at a high cost of the PPP financing.So how to obtain huge funds by broadening the means of financing,how to match the financing time,how to reduce the cost of financing and how to control the risks of financing have become the essential issues in the development of the PPP project.Therefore,this paper selects China Fortune Land Devolopment Co.,LTD.as the research object.Firstly,the diversified case background of the China Fortune PPP project finacing is detailly introduced,including its PPP business model,financing background and diversified financing mode.On the base of these,the paper detailly analyzes the motivation,the diversification strategy and the effects of the financing of PPP project.In the context of an astonishing demand for capital,due to the demands for business model,financial risk control and financing time,CFLD used trust financing,debt restructuring and other more than 10 kinds of financing means,in order to guarantee the cash flow of PPP project smoothly.It can described as a typical example of PPP project financing.By diversification of financing,not only can CFLD get a huge amount of money that needed for PPP project development,reduce the cost of financing,but also established the smooth PPP financing channels.However the financial risk can not be ignored.Finally,this paper summarizes the experience of CFLD PPP project financing,including making full use of residential collection,firmly grasping the capital market financing opportunity,flexibly using the expected return mortgage loans and optimizing capital structure.On this basis,this paper puts forward the measures for further improvement,to provide useful guidance for social capital,government and financial institutions to participate in PPP projects.It includes the strengthening of institutional constraints and security of PPP,accelerating PPP project trade circulation,encouraging financial institutions to participate in multi-channel and enterprises need to match the appropriate financing tools according to the PPP project cycle. |
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