| In recent years,PPP rapid development of project financing in the field of infrastructure construction,the development of PPP project financing to ease the pressure of government financing and debt pressure,promote significant government to play a leading role in the field of infrastructure construction.However,infrastructure construction,especially with the development of the city and accelerate the process of social economy,city subway project construction demand more and more high,and the traditional PPP financing mode has become increasingly unable to meet the growing demand for funds.In this way,to seek a combination of multi fields,multi-channel financing of the new PPP financing model has increasingly become a powerful way to promote the development of PPP projects.In the increasingly severe financial needs,the compound PPP model came into being.Beijing metro line 16 subway construction project is based on the traditional PPP model to join the innovative elements of equity financing and the formation of a composite PPP model for the first time and practice.In this paper,combined with the Beijing metro line 16,the potential risks of the "equity + franchise" which is a composite of PPP financing mode analysis,and puts forward the preventive measures against the risks discussed in this thesis,with a view to the metro line 16 of the construction and the reasonable operation of future to provide some help for the application of this model,and later in other areas to provide some powerful experience.This paper tries to start with a simple text construction background of Beijing metro line 16,metro line 16,the main part of the construction project are introduced in detail in the article,and the main interests involved in the mechanism of PPP in the party and the related party relationships,PPP project financing structure to do a detailed review.Since then,the innovation and advantage of this composite PPP financing model to do a detailed analysis,including: first,is conducive to different risk preferences,different investment patterns;two,to broaden the financing channels,increase social capital investment;three,with a small amount of funds leveraging social capital,alleviate the pressure of government financing.In this paper,the risk of using PPP model in Beijing metro line 16 is divided into two parts.First,some potential risks of franchise,including: the risk of subway construction cost overruns,subway passenger flow risk,management risk and operating expenses risk.Second,the potential risk of equity financing,including: investment management risk,liquidity risk and exit risk.In this paper,the author makes a detailed description of every possible risk,and puts forward the following suggestions for the construction of metro line 16.Mainly divided into two parts: one is the franchise,the other is the equity financing part of the two.These measures are put forward based on the PPP financing of all parties involved in the contract on the basis of perfecting PPP,establish the corresponding constraint and incentive mechanism,a clear responsibility of the parties,and the parties involved need to pay attention to their own internal management level and enhance the ability and improve the internal supervision mechanism,ensure that the financial and other business information transparent and open.Through the terms of the contract to make up for the lack of equity repurchase and PPP related provisions.Make clear the right of equity investors to participate in the process of PPP financing,and clear the protection mechanism of these rights. |
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