Study On The Financing Problems And Countermeasures Of PPP Project

In recent years,China’s economy has developed rapidly.With the increase of capital investment,financial pressure has gradually become apparent.At the same time,with the implementation of the strategy of the Belt and Road,more funds are needed for infrastructure construction.Under this situation,China draws on the foreign PPP model.Participate in infrastructure construction.The introduction of the PPP financing model has made a major contribution to China’s economic construction.However,as the scale of PPP projects continues to increase,more and more problems are gradually exposed.In this regard,scholars from all walks of life have put forward their own views,but most scholars The research on PPP financing problem only stays at the theoretical level.It is rare to analyze and draw conclusions from a quantitative perspective based on actual conditions.It can be seen that the research on financing problems of PPP projects needs to be improved.As one of the best subsidiaries of China Railway Group,China Railway Fourth Bureau has an excellent PPP project research team.With the advantage of “ zero debt”,it has led dozens of large-scale PPP projects in recent years.Most of these projects are regarded as excellent cases.Selected in the PPP project library of the Ministry of Finance.Based on the example of the PPP project of the China Railway Fourth Bureau,this paper analyzes the validity of the data reliability and validity by issuing questionnaires and using SPSS22.0 and AMOS17.0 software.At the same time,the structural equation model is established for analysis.In-depth analysis of the financing model of PPP projects,financing subject issues,credit enhancement issues,risks and sharing issues,financing channels issues and financing costs.Through empirical analysis,it is concluded that debt financing and credit enhancement ability have the most significant impact on PPP project financing and credit enhancement issues;equity investment and credit enhancement capacity have the most significant impact on financing risk of PPP projects;equity investment and project characteristics It affects the financing model of PPP projects;the relationship between the two variables of debt financing and cost drivers and the financing cost of PPP projects is more obvious;the advantages and disadvantages of financing channels directly have a significant impact on the financing channels of PPP projects;equity investment and demand of both parties The impact on the main body of financing of PPP projects is most significant.Finally,combined with the above analysis results,the countermeasures are proposed:(1)The PPP project financing model transformation problem can be invested in other forms of equity capital and allow more capital to invest in PPP projects in the form of social capital.(2)For the main body of financing of PPP projects,first of all,policy support from relevant departments should be obtained.Secondly,various ways should be adopted to encourage private capital to actively participate in PPP projects.(3)For the PPP project credit enhancement mismatch,first of all,the latest policy issued by the state should respond positively.Secondly,the project company can be bundled one by one with the relevant contract to achieve the effect of credit enhancement.(4)For the financing risk problem faced by PPP projects,if the risk sharing mechanism can be improved and reasonablestandards are introduced to assess the risks,the purpose of avoiding risks can be achieved to a large extent.(5)The introduction of corresponding policies from the macro level and the adoption of corresponding analysis methods can greatly alleviate the problems related to the financing channels of PPP projects.(6)For the financing cost of PPP projects,we can first explore the establishment of a dynamic subsidy mechanism,and secondly,we can try to introduce industrial investment funds to reduce financing costs.