PPP项目付费公式对投资收益影响研究.docx

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PPP项目付费公式对投资收益影响研究

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王飞

摘要：PPP市场竞争日趋激烈，投标报价和投资收益不断下降。本文系统梳理分析了目前PPP项目常用的交易结构及付费公式，如财政部公式法、等额本息法、等额本金法，以及价税分离、股债分离等变种形式，对比了不同付费机制的优缺点和注意事项。财政部公式法运营补贴前少后多，初期还本付息难度较大，受折现率参考同期地方政府债券收益率影响，投资收益率一般均不高，近年来实践应用中并不受欢迎。等额本息法，每年运营补贴保持稳定水平，具有较好的还本付息能力，投资收益相对较为合理，目前应用最多。等额本金法，运营补贴前多后少，由于加重了运营初期地方政府财政负担，实践操作中地方政府认可度也较低。同时本文分析了不同还本付息对项目投资收益率的影响，等本息还款由于可以更多地利用低成本债务融资，项目投资收益率也高于同项目等本金还款方案。

Abstract：CompetitioninthePPPmarkethasbecomeincreasinglyfierce，andbiddingquotesandinvestmentreturnshavecontinuedtodecline.ThispapersystematicallyanalyzesthecurrenttransactionstructureandpaymentformulascommonlyusedinPPPprojects，suchastheMinistryofFinanceformulamethod，equalprincipalandinterestmethod，equalprincipalmethod，andvariantformssuchasprice-taxseparationandstock-debtseparation.TheoperatingsubsidyofMinistryofFinancesformulamethodislessintheearly，moreinthelate.Theinitialprincipalandinterestpaymentismoredifficult.Duetothediscountratereferencetothelocalgovernmentbondyieldsoverthesameperiod，theinvestmentyieldsaregenerallynothigh.Theequalprincipalandinterestmethodmaintainsastablelevelofoperatingsubsidieseachyear，hasagoodabilitytorepayprincipalandinterest，andtheinvestmentincomeisrelativelyreasonable.Socurrently，itisusedthemost.Withtheequalprincipalmethod，theoperatingsubsidyismoreearlyandlesslate.Thelocalgovernmentsapprovalisalsolowerinpracticeduetotheincreasedfinancialburdenonthelocalgovernmentintheearlystagesofoperation.Atthesametime，thisarticleanalyzestheimpactofdifferentprincipalandinterestpaymentsonprojectinvestmentyield.Asequalprincipalandinterestrepaymentcanusemorelow-costdebtfinancing，theprojectinvestmentyieldisalsohigherthantheprincipalrepaymentplanofthesameproject.

關键词：PPP项目;交易结构;财政部公式;等额本息;等额本金

Keywords：PPPproject;transactionstructure;Ministryof