Research On The Relationship Between Capital Structure And Value Stability Of PPP Projects

The capital structure is not only the starting point for the realization of the value of PPP projects,but also the fundamental stability of the value of PPP projects.With the in-depth development of China's PPP project,a large number of projects have exposed the problem of unstable value,which has seriously hindered the sustainable development of PPP projects.It is urgent to change this situation from the perspective of dynamic management.Through the adjustment of capital structure,Ability to control fluctuations in value throughout the life of a PPP project.Therefore,this paper takes the relationship between capital structure and value stability of PPP project as the research object,uses literature research method to understand the research status at home and abroad,and provides theoretical basis for analyzing the relationship between capital structure and value stability of PPP project;using theoretical logic analysis and The system analysis method analyzes the value of the transfer process between the capital structure and the value stability of the PPP project,obtains the mechanism of the relationship,and constructs the system dynamics model.Combined with the case analysis method,the following main research conclusions are obtained:Firstly,through theoretical logic analysis,the concept of capital structure of PPP project is defined as the chivalrous capital structure including the source and relationship of long-term funds;the stability of value of PPP project is the stability of value system,which is to maintain the capital of various types of capital.The ability to add value,characterized by physical resistance and resilience.Secondly,this paper analyzes the relationship between the capital structure and value stability of PPP projects,and concludes that the relationship is the value transfer realized by the cash flow circular movement within the PPP project value system;the flow of value elements is concentrated in the cash flow,the value of activities and funds The activities show a one-to-one correspondence;PPP project value subject synergy is the combination of power and behavior,which is the basis of capital structure formation;PPP project equity and debt funds synergistically create value;capital structure affects value stability by means of cash flow,value stability Sexuality adjusts the capital structure through the main body behavior control,which constitutes the action path of the relationship;in the absolute steady state,in order to enhance the stability of the system's resistance and the stability of the resilience of the enhanced system under the relatively stable state,the capital structure adjustment is required.Finally,by constructing the “capital structure-value stability” system dynamics model of PPP project,using case analysis method,it is obtained that: in the investment activity,the value stability decreases with the proportion of project creditor's rights and the proportion of the government's equity;The value stability and the proportion of creditor's rights change in the opposite direction,and the proportion of equity in the government side changes in the same direction.In the business activities,the value stability and the proportion of creditor's rights and the proportion of the government's equity change in the same direction;the effect of the change in the proportion of creditor's rights on the value stability is Each value activity has a greater change than the shareholding structure;the stimulation of the disturbance factor makes the adjustment of the credit ratio can reach a new balance when the system is in a relatively stable state,and the stability of the equity structure can be stabilized by the stability of the system when it is in an absolutely stable state.Based on the model and scenario analysis,the related enlightenment on the capital structure decision and value management of PPP projects is obtained.