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    2019年“PPP+”时代综合开发类项目的探索

    摘要

    随着国内高质量发展的需求进一步被释放,PPP在稳增长、调结构、强绩效、防风险、优环境等方面的作用越发明显。而综合开发类“PPP+”正好契合PPP的高品质发展阶段(尽管仍旧有不少地方政府是因为避隐性债务、减财承压力等而选择“PPP+”)。但综合开发类“PPP+”的模式并不好操作,如何才能做到适度超前发展,如何有效组合项目包,如何发挥不同子项目之间的协同增效作用,项目的资金来源及回报机制如何设计,开发时序如何安排,融资落地如何保证等都是需要解决的问题。文章结合实操案例,就运作过程中的这些关键问题逐一进行分析。

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    Abstract

    With the further release of domestic demand for high-quality development,the role of PPP in stable growth,structural adjustment,emphasis on performance,risk prevention,and optimal environment has become increasingly significant. The comprehensive development “PPP +” model just fits the high-quality development stage of PPP (although,there are still many local governments choosing “PPP +” model just to avoid implicit liabilities and reduce financial pressure). However,“PPP +” model in comprehensive development projects is not easy to operate,how to achieve moderately development in advance,how to effectively combine project packages,how to play the synergistic effect between different sub-projects,how to design the project’s funding sources and return mechanism,how to arrange the development timing,how to ensure successful financing,etc. all need to be resolved. This article attempts to analyze the key issues one by one in the operation process based on practical cases.

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    作者简介
    徐玉环:徐玉环,上海济邦投资咨询有限公司总裁,国家发改委PPP专家(首批),财政部PPP专家(首批),上海国际仲裁中心仲裁员。
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