北京地铁四号线PPP特许经营融资模式.docVIP

北京地铁四号线PPP特许经营融资模式研究 ——PPP项目市场风险管理研究 摘 要 PPP（Public Private Partnership）模式作为一种新兴的融资模式，其在一定程度上减轻了政府的财政压力，提高了项目运营效率和服务质量。同时投资PPP项目也是一种能够为私人投资者和相关金融机构带来稳定收入的战略选择。随着国内城市化进程快速发展，城市轨道交通项目的建设日益增多，大大促进了 PPP模式在该领域的广泛应用。由于城市基础设施PPP项目持续时间长，投入资金量大、回收期长、权利与义务关系复杂、面临的风险因素多、风险大，其风险问题一直是项目各参与方所共同关心的一个焦点。 本文在分析以往PPP项目失败案例和查阅大量文献的基础上，从PPP项目私营方角度，重点研究了对其投资收益影响较大的市场风险。首先通过对一般PPP项目市场风险的研究，找到初始的风险指标集，然后结合北京地铁四号线的实际情况得出该项目特有的市场风险因素，之后采用AHP方法对风险因素进行重要度评估筛选，找出其中较重要的风险因素。最后对筛选出的重要市场风险因素逐一给出风险应对措施。 本文构建了较完备的地铁PPP项目市场风险指标集，为今后同类项目市场风险的研究提供了较好的借鉴。并在此基础上，重点介绍了北京地铁四号线项目市场风险的识别、评估、控制的整个流程，为今后该类项目很好地进行风险管理起到重要的指导作用。 关键词：PPP特许经营模式 市场风险 北京地铁四号线 层次分析法 Research on PPP Franchise Financing Model of Beijing Metro Line 4 ——Research on Market Risk Management of PPP Project ABSTRACT As a new financing pattern, the PPP model reduces the government financial pressure and improves the project operation efficiency and service quality in some extent. Meanwhile, investing PPP project is also a kind of strategic choice for bringing stable income to private investors and related financial institutions. With the rapid development of domestic urbanization, the construction of urban rail transit project is increasing, which greatly contributed to the PPP models widely used in the field. The risk of urban infrastructure PPP project is a focal point concerned by various parties because it lasted long, big investment financing, long recovery, complexity of rights and obligations, complexity of relationship and risk factors. Based on the analysis of previous PPP project failure case and documental materials, the paper focused on the market risk which has great influences on investment benefits from angle of the PPP project private party. Firstly, based on the general PPP project market risk, find the initial index collection. Then get the unique market risk combining with the actual situation of this project in Beijing metro line 4. Thirdly, find out the important risk factors by the method of analytic hierarchy pr