地主港土地租赁融资的合约经济分析
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摘要
国际港口经济史上,公共部门负责港口基础设施融资的公共服务港长期占据主导地位。但在20世纪七八十年代的港口自由化和港口改革浪潮中,以“港口土地租赁”为特征的地主港融资模式,在国际范围内得到了广泛认可并取得了相当成功,成为西方港口,尤其是大中型集装箱港口融资改革的主流模式。在地主港融资模式下,港务局或政府特许经营的公共企业作为地主,通过将港口土地租赁给港口经营者收取租金,实现港口基础设施建设资金的循环周转。目前,世界前100大集装箱港口中绝大多数为地主港,且许多其他港口正不断进行重组以向地主港模式转型。在中国,以上海港、南通港、广西钦州港、浙江嘉兴乍浦港区、大连大窑湾北岸港区和青岛董家口港等为代表,国内诸多港口也纷纷探索借鉴和实践地主港模式,并倡导以此基准,改革中国港口基础设施融资模式。
为什么地主港融资模式取代公共服务港在实践中最终取得了广泛的适用性?这种在世界范围内被广泛应用的港口融资安排,其内在的作用机理如何?在中国现阶段的国情特征下,中国目前推广和实施的地主港融资模式,很大程度上属于国际主流地主港模式的一种变体,那么,地主港融资模式在中国的移植嫁接了哪些“中国特征”?中国的地主港融资模式又体现为一种怎样的作用机制?研究地主港融资的内在机理,挖掘其内在的微观作用机制及经济学依据,无论对于涉海金融和海洋经济理论的丰富和完善、租佃理论和土地租赁理论在海洋经济领域延伸的适用性诊断,还是落实到作为微观“地主”的港务局的具体行为操作以及不同市场环境和制度条件下港务局规制方式的选择,都具有重要的参考价值和指导意义。
本文从合约经济学的角度解释地主港的融资机理问题。在对港口基础设施融资理论论争及历史发展脉络综述和评述的基础上,从历史视角追溯港口基础设施融资理论的演进逻辑和地主港融资模式的起源问题；基于国际地主港融资的实践经验以及合约的产权特征和订约双方的交易行为,考察国际主流地主港融资合约的形式特征和合约选择问题；进而通过合约的激励约束机制分析,考察地主港土地租赁合约的融资治理和最优资源配置问题；最后,结合中国制度环境下地主港融资模式的变异特征,对中国“准地主港”融资模式的作用机制及合约资源配置问题给予理论和实践双重层面的探讨。
本文共分七章内容。
第一章为引言部分。主要概述本文的基本概念范畴、研究内容、研究方法、技术路线和创新之处。
第二章对国内外有关港口融资和地主港模式的相关研究成果进行综述和评价。由于世界不同港口区位、历史发展、制度环境方而的差异,以及港口融资系统的复杂性和各项融资方式本身的局限,学术界在港口融资模式选择问题上存在很大争议。20世纪70年代以后,政府资本和私人资本合作参与的地主港模式,逐渐成为世界主要港口转型探索的参考模式。但有关地主港融资的学术研究方面较为缺乏,地主港融资的内在机理以及港口土地租赁作为一种新型港口融资方式等方面的问题,缺乏系统的经济学研究。
第三章从历史视角追溯港口基础设施融资模式的改革和发展,以及地主港融资模式的起源问题。基于港口对国民经济和国家海防的战略重要性和社会福利功能,分析历史上港口长期由公共资本控制的理论和经验证据：结合20世纪中后期国际港口经济发展的新环境,考察新自由主义思想影响下港口改革浪潮和私人资本参与的演进逻辑；进一步地,从公共资本和私人资本参与港口基础设施建设的争议中,总结得出各国港口基础设施融资模式选择的经验原则。
第四章从国际地主港融资的实践经验出发,考察港口土地租赁作为一种港口融资方式的相关事实与特征。基于世界上采用地主港模式进行港口基础设施融资的港口地理分布,概述世界主要地区地主港融资实践和土地租赁情况。在此基础上,通过对这些港口中“地主”和经营者签订的“港口土地租赁”合同的具体条款分析,分别从租金、租赁期限、分租、转租与转包和限制性条款等方而,考察地主港融资模式下港口土地租赁合约的特征,为下文对地主港口土地租赁融资合约的经济分析提供事实依据和经验基础。
第五章从合约经济学的角度解析地主港模式下的这份港口土地租赁融资合约。在对地主港口土地租赁融资合约的租约形式及不同形式选择的影响因素分析基础上,将交易费用和风险因素引入港口融资的各种不同合约中,研究港口最优融资合约的选择条件。另外,本章还对交易费用和风险对地主港口地租赁融资合约期限选择的影响进行了分析。
第六章在第五章模型的基础上,通过一个更为具体的契约形式表述,探讨地主港上地租赁融资合约的最优配置和合约激励问题。通过建立地主港土地租赁融资的单期和多期合约关系模型,研究不同情形下交易费用和风险因素对地主港土地租赁融资合约最优配置的影响,以此得到合约同时满足地主和承租方利益最大化的最优条件。并探讨在地主港土地租赁融资合约中,作为地主的港务局,应设计一种怎样的激励机制,来促进承租方进行港口基础设施投资,以为港口提供更多的发展资金。
第七章承接以上关于国际主流地主港融资模式的理论和经验分析,在对中国地主港融资模式与国际主流地主港融资模式运作特征比较的基础上,考察中国“准地主港”融资模式中的合约关系及合约资源配置问题。
最后为结论部分。
本文研究主要得出以下结论：
(1)地主港本质上是一种以土地租赁为媒介连接公共部门和私人部门共同投资港口基础设施建设的融资模式。
(2)不同港口融资模式选择和地主港土地租赁融资合约的最优配置取决于交易费用和风险因素的综合影响：在存在交易费用情况下,风险厌恶型的承租者会选择混合租金的地主港土地租赁融资合约,合约的最优配置为港务局和承租者共同分享收益,共担风险。
港务局最优激励合约中的分成比例设置应综合考虑承租者的经营能力、努力成本、风险厌恶程度,以及承租者面临的外生风险等因素。在承租者经营效果好、承租者努力需要付出的成本低、风险厌恶程度低和外生风险因素影响小的情况下,港务局应给予承租者较高的租金分成。
(3)地主港融资中土地租赁期的长短主要基于风险和激励两方面的选择,合约期限的选择取决于不同期限合约下的交易费用比较。
(4)中国目前实施“准地主港”融资模式,属于国际主流地主港融资模式的一种变异形式。这种由国土资源管理部门、港口投资公司和码头经营者间形成的一个三方主体参与、双重委托代理和双层利润分配的合约关系,并非一种理想的港口融资模式,其实质上是一种地方政府依靠土地所有权完全垄断港口土地增值收益的资源配置方式,是与地主港融资模式的实施初衷,即吸引私人部门资金,激励其共同参与港口基础设施建设相悖的。
与以往研究相比,本文的创新之处主要体现在：
第一,结合国际地主港融资实践的运行特征,考察一个与陆域土地租赁不同、基于农地租佃和陆域其他土地租赁功能扩展的港口土地租赁融资的合约特征,并以此为基础,将其纳入到合约经济学的分析框架下加以解释。
第二,根据不同港口融资方式的合约特征以及行为主体的目标差异,将租佃理论的分析框架扩展到公共服务港和地主港等不同港口融资方式代表的多种合约情形下,形成一个多合约条件选择下资源配置比较分析及最优资金配置模式求解的理论框架。
第三,基于港口土地租赁融资资金特殊的流转特征以及合约经济主体的行为特征,分别构建了具有激励约束功能的单期和多期地主港口土地租赁融资的合约关系模型,从而给予地主港融资模式的内在作用机理以经济学解释。该融资合约关系模型的参照意义在于,其可以通过在中国条件下的推广“及均衡态分析,用于诊断中国双重利润分配下“准地主港”融资模式的合约资源配置问题。
In the port economy history, public service port that the public sector is responsible for port infrastructure financing dominates for a long time. However, landlord port financing based on port land leasing has been widely successful during the port reform and liberalization waves in the seventies and eighties of the20th century. Many western ports, especially large and medium-sized container ports chose landlord port to be the mainstream financing model. In the landlord port financing mode, the port authority or government concessioned public enterprises to be a landlord, leasing port land to the private operators and charging rents to be the port infrastructure revolving funds. Nowadays most of the world's top100container ports are landlord ports, and many other ports are constantly transforming to the landlord ports. In China, many ports such as the Shanghai Port, Nantong Port, Guangxi Qinzhou Port, Jiaxing Port, Zhejiang Zhapu Port, North port area in Dalian Dayao and Qingdao Dongjiakou Port, have also explored landlord port to be the propective financing model.
This raises many questions:Why the landlord port financing models eventually replaced the public service port and achieved broad applicability in practice? What is this worldwide port financing arrangements'mechanism? The landlord port financing model currently implemented in China is largely a variant of the international mainstream landlord port model, what about these Chinese characteristics? What about the landlord port financing mechanism in China? Exploring the landlord port financing mechanism and its economic theoretic basis, is not only of great significance to the marine finance and marine economic theory, but also to the practice of the port authority ("landlord") and its regulations in different market environment and conditions.
The paper explains the financing mechanism of the landlord port from the contract theory. Firstly, this paper gives a review on theoretical debate of the port infrastructure financing and its historical development, by which to explore the evolution and origin of landlord port financing model. Secondly, we examine the forms and characteristics of landlord port financing contract and the contract choice, based on the international experience, the property rights of the contract and behaviors of the parties. Thirdly, we analyse the financing governance and optimal resource allocation of the landlord port lease contract from the contract incentive and restraint perspective. Finally, we give a further analysis on the quasi-landlord port financing model in China, not only its mechanism, but also the resource allocation.
The paper is divided into seven chapters.
Chapter one is the introduction, mainly about the basic concept, research content, research method, technology roadmap and innovations.
Chapter two reviews the literature on port financing and landlord port model. There are many controversies on the port financing mode selection problem, due to the location characteristics, historical development, institutional environment difference of world port areas, as well as the complexity and limitations of port financing. After1970s, the landlord port model that makes government and private capital co-participation, gradually becomes a reference transformation model of the world's major ports. However, academic research on the landlord port financing is insufficient. The detailed analysis on the internal mechanism of the landlord port financing and port land leasing as a new type of port financing methods is to be further explained.
Chapter three explores the evolution of port infrastructure financing and the origin of landlord port financing mode. We try to find the theoretical and empirical evidence of port being controlled by public capital for a long time in the history, based on the port's strategic importance of coastal defense and its social welfare function. Then we examine the wave of port reforms influenced by the neo-liberalism and the evolution logic of private capital participation, with the new environment of international port in the late20th century. Furthermore, we summarize the port infrastructure financing mode selection principles from the controversies on public and private capital participation in port infrastructure.
Chapter four examines the relevant facts and characteristics of the port land leasing as a port financing mode, from the practical experience of international landlord port financing. This chapter first summarizes landlord port financing and port land leasing practices according to the world port geographic distribution. Then we study the characteristics of the landlord port financing contract signed by "landlord" and port operator in terms of rents, lease term, sublease, sublet and subcontracting and restricted conditions, so as to provide the empirical basis for the following research.
Chapter five resolves the landlord port lease financing contract from the contract theory. The optimal contract criteria is analysed based on forms of the landlord port lease financing contract and different influencial factors, especially transaction costs and risk factors. This chapter also examines the role of transaction costs and risks in the contract period choice in landlord port lease financing contract.
Chapter six explores the optimization and incentives of the landlord port lease financing contract by a more specific contract relationship model on the basis of the chapter five model. The impact of transaction costs and risk factors in different circumstances of the landlord port lease financing contract and the optimal conditions both maximize the interests of the landlord and the lessee are studied through the one-time and multi-phase contractual relationship models. Then we try to make a conclusion on that what incentive mechanisms should be the landlord (port authority) designed to promote the lessee's port infrastructure investment and provide more funds for port development in the landlord port lease financing contract.
Chapter seven studies the quasi-landlord port financing mode in China and its contract relationships on the basis of the above theoretical and empirical analysis on the mainstream landlord port financing model and the international comparison.
The last part is the conclusion.
The main conclusions in this paper are:
(I) The landlord port is a kind of port infrastructure financing mode characterized by the land leasing as a medium to make public and private sector co-investment.
(II) Transaction costs and risks have important influence on the optimization of landlord port lease financing contract and the best choice of different port financing contracts. In the presence of transaction costs, a risk aversion lessee will choose mixed rent landlord port lease financing contract, with the optimum result of the port authority and the lessee sharing gains and risks.
The optimal sharing proportion that the port authority set in the incentive contract depends on the tenant's operating ability, the effort cost, the degree of risk aversion and some exogenous risk factors the tenant facing. When the tenants operate well, the cost that the tenants need to pay for their effort is low, the degree of their risk aversion and the impact of exogenous risk factors is small, the port authority should give tenants higher sharing rate.
(III) The term of port land leasing depends on the tradeoffs of risks and motivations. The choice of the contract duration is the comparation result under the transaction costs of different period contracts.
(IV) The quasi-landlord port financing model implementing in China is largely a variant of the international mainstream landlord port financing mode. The contract is a tripartite body participating in the port investment, double principal-agent relationship and two-level distribution of profits, involved by the government land management department, port investment companies and terminal operators. However, it is essentially a kind of resource allocation which the local government monopolizes total port land income, relying on its port land ownership. So it is not an ideal port financing model and violates the original intention of landlord port financing which tries to attract private sector participation in port infrastructure construction.
Compared with previous studies, the innovations of this paper are mainly the following points:
Firstly, this paper examines a new landlord port land lease financing contract in the framework of contract theory, which different from farmland leasing but with combination characteristics of farmland tenancy and other land leasing.
Secondly, this paper extendes the tenancy theory to a multi-contract framework that involves in public service port and variant forms of landlord port, and forms a theoretical framework of the optimal port financing contract choice, according to the characteristics and objectives of different port financing modes.
Thirdly, the inner mechanism is explained theoretically by one-time and multi-phase landlord port lease financing relationship models. These models depend on the special financing characteristics as well as the behavior of contract parties and involve in both the incentive and constraint functions of the landlord port financing contract. They are of some reference value to the extension of equilibrium analysis of the quasi-landlord port financing with the characteristic of double profit distribution in China.
为什么地主港融资模式取代公共服务港在实践中最终取得了广泛的适用性?这种在世界范围内被广泛应用的港口融资安排,其内在的作用机理如何?在中国现阶段的国情特征下,中国目前推广和实施的地主港融资模式,很大程度上属于国际主流地主港模式的一种变体,那么,地主港融资模式在中国的移植嫁接了哪些“中国特征”?中国的地主港融资模式又体现为一种怎样的作用机制?研究地主港融资的内在机理,挖掘其内在的微观作用机制及经济学依据,无论对于涉海金融和海洋经济理论的丰富和完善、租佃理论和土地租赁理论在海洋经济领域延伸的适用性诊断,还是落实到作为微观“地主”的港务局的具体行为操作以及不同市场环境和制度条件下港务局规制方式的选择,都具有重要的参考价值和指导意义。
本文从合约经济学的角度解释地主港的融资机理问题。在对港口基础设施融资理论论争及历史发展脉络综述和评述的基础上,从历史视角追溯港口基础设施融资理论的演进逻辑和地主港融资模式的起源问题；基于国际地主港融资的实践经验以及合约的产权特征和订约双方的交易行为,考察国际主流地主港融资合约的形式特征和合约选择问题；进而通过合约的激励约束机制分析,考察地主港土地租赁合约的融资治理和最优资源配置问题；最后,结合中国制度环境下地主港融资模式的变异特征,对中国“准地主港”融资模式的作用机制及合约资源配置问题给予理论和实践双重层面的探讨。
本文共分七章内容。
第一章为引言部分。主要概述本文的基本概念范畴、研究内容、研究方法、技术路线和创新之处。
第二章对国内外有关港口融资和地主港模式的相关研究成果进行综述和评价。由于世界不同港口区位、历史发展、制度环境方而的差异,以及港口融资系统的复杂性和各项融资方式本身的局限,学术界在港口融资模式选择问题上存在很大争议。20世纪70年代以后,政府资本和私人资本合作参与的地主港模式,逐渐成为世界主要港口转型探索的参考模式。但有关地主港融资的学术研究方面较为缺乏,地主港融资的内在机理以及港口土地租赁作为一种新型港口融资方式等方面的问题,缺乏系统的经济学研究。
第三章从历史视角追溯港口基础设施融资模式的改革和发展,以及地主港融资模式的起源问题。基于港口对国民经济和国家海防的战略重要性和社会福利功能,分析历史上港口长期由公共资本控制的理论和经验证据：结合20世纪中后期国际港口经济发展的新环境,考察新自由主义思想影响下港口改革浪潮和私人资本参与的演进逻辑；进一步地,从公共资本和私人资本参与港口基础设施建设的争议中,总结得出各国港口基础设施融资模式选择的经验原则。
第四章从国际地主港融资的实践经验出发,考察港口土地租赁作为一种港口融资方式的相关事实与特征。基于世界上采用地主港模式进行港口基础设施融资的港口地理分布,概述世界主要地区地主港融资实践和土地租赁情况。在此基础上,通过对这些港口中“地主”和经营者签订的“港口土地租赁”合同的具体条款分析,分别从租金、租赁期限、分租、转租与转包和限制性条款等方而,考察地主港融资模式下港口土地租赁合约的特征,为下文对地主港口土地租赁融资合约的经济分析提供事实依据和经验基础。
第五章从合约经济学的角度解析地主港模式下的这份港口土地租赁融资合约。在对地主港口土地租赁融资合约的租约形式及不同形式选择的影响因素分析基础上,将交易费用和风险因素引入港口融资的各种不同合约中,研究港口最优融资合约的选择条件。另外,本章还对交易费用和风险对地主港口地租赁融资合约期限选择的影响进行了分析。
第六章在第五章模型的基础上,通过一个更为具体的契约形式表述,探讨地主港上地租赁融资合约的最优配置和合约激励问题。通过建立地主港土地租赁融资的单期和多期合约关系模型,研究不同情形下交易费用和风险因素对地主港土地租赁融资合约最优配置的影响,以此得到合约同时满足地主和承租方利益最大化的最优条件。并探讨在地主港土地租赁融资合约中,作为地主的港务局,应设计一种怎样的激励机制,来促进承租方进行港口基础设施投资,以为港口提供更多的发展资金。
第七章承接以上关于国际主流地主港融资模式的理论和经验分析,在对中国地主港融资模式与国际主流地主港融资模式运作特征比较的基础上,考察中国“准地主港”融资模式中的合约关系及合约资源配置问题。
最后为结论部分。
本文研究主要得出以下结论：
(1)地主港本质上是一种以土地租赁为媒介连接公共部门和私人部门共同投资港口基础设施建设的融资模式。
(2)不同港口融资模式选择和地主港土地租赁融资合约的最优配置取决于交易费用和风险因素的综合影响：在存在交易费用情况下,风险厌恶型的承租者会选择混合租金的地主港土地租赁融资合约,合约的最优配置为港务局和承租者共同分享收益,共担风险。
港务局最优激励合约中的分成比例设置应综合考虑承租者的经营能力、努力成本、风险厌恶程度,以及承租者面临的外生风险等因素。在承租者经营效果好、承租者努力需要付出的成本低、风险厌恶程度低和外生风险因素影响小的情况下,港务局应给予承租者较高的租金分成。
(3)地主港融资中土地租赁期的长短主要基于风险和激励两方面的选择,合约期限的选择取决于不同期限合约下的交易费用比较。
(4)中国目前实施“准地主港”融资模式,属于国际主流地主港融资模式的一种变异形式。这种由国土资源管理部门、港口投资公司和码头经营者间形成的一个三方主体参与、双重委托代理和双层利润分配的合约关系,并非一种理想的港口融资模式,其实质上是一种地方政府依靠土地所有权完全垄断港口土地增值收益的资源配置方式,是与地主港融资模式的实施初衷,即吸引私人部门资金,激励其共同参与港口基础设施建设相悖的。
与以往研究相比,本文的创新之处主要体现在：
第一,结合国际地主港融资实践的运行特征,考察一个与陆域土地租赁不同、基于农地租佃和陆域其他土地租赁功能扩展的港口土地租赁融资的合约特征,并以此为基础,将其纳入到合约经济学的分析框架下加以解释。
第二,根据不同港口融资方式的合约特征以及行为主体的目标差异,将租佃理论的分析框架扩展到公共服务港和地主港等不同港口融资方式代表的多种合约情形下,形成一个多合约条件选择下资源配置比较分析及最优资金配置模式求解的理论框架。
第三,基于港口土地租赁融资资金特殊的流转特征以及合约经济主体的行为特征,分别构建了具有激励约束功能的单期和多期地主港口土地租赁融资的合约关系模型,从而给予地主港融资模式的内在作用机理以经济学解释。该融资合约关系模型的参照意义在于,其可以通过在中国条件下的推广“及均衡态分析,用于诊断中国双重利润分配下“准地主港”融资模式的合约资源配置问题。
In the port economy history, public service port that the public sector is responsible for port infrastructure financing dominates for a long time. However, landlord port financing based on port land leasing has been widely successful during the port reform and liberalization waves in the seventies and eighties of the20th century. Many western ports, especially large and medium-sized container ports chose landlord port to be the mainstream financing model. In the landlord port financing mode, the port authority or government concessioned public enterprises to be a landlord, leasing port land to the private operators and charging rents to be the port infrastructure revolving funds. Nowadays most of the world's top100container ports are landlord ports, and many other ports are constantly transforming to the landlord ports. In China, many ports such as the Shanghai Port, Nantong Port, Guangxi Qinzhou Port, Jiaxing Port, Zhejiang Zhapu Port, North port area in Dalian Dayao and Qingdao Dongjiakou Port, have also explored landlord port to be the propective financing model.
This raises many questions:Why the landlord port financing models eventually replaced the public service port and achieved broad applicability in practice? What is this worldwide port financing arrangements'mechanism? The landlord port financing model currently implemented in China is largely a variant of the international mainstream landlord port model, what about these Chinese characteristics? What about the landlord port financing mechanism in China? Exploring the landlord port financing mechanism and its economic theoretic basis, is not only of great significance to the marine finance and marine economic theory, but also to the practice of the port authority ("landlord") and its regulations in different market environment and conditions.
The paper explains the financing mechanism of the landlord port from the contract theory. Firstly, this paper gives a review on theoretical debate of the port infrastructure financing and its historical development, by which to explore the evolution and origin of landlord port financing model. Secondly, we examine the forms and characteristics of landlord port financing contract and the contract choice, based on the international experience, the property rights of the contract and behaviors of the parties. Thirdly, we analyse the financing governance and optimal resource allocation of the landlord port lease contract from the contract incentive and restraint perspective. Finally, we give a further analysis on the quasi-landlord port financing model in China, not only its mechanism, but also the resource allocation.
The paper is divided into seven chapters.
Chapter one is the introduction, mainly about the basic concept, research content, research method, technology roadmap and innovations.
Chapter two reviews the literature on port financing and landlord port model. There are many controversies on the port financing mode selection problem, due to the location characteristics, historical development, institutional environment difference of world port areas, as well as the complexity and limitations of port financing. After1970s, the landlord port model that makes government and private capital co-participation, gradually becomes a reference transformation model of the world's major ports. However, academic research on the landlord port financing is insufficient. The detailed analysis on the internal mechanism of the landlord port financing and port land leasing as a new type of port financing methods is to be further explained.
Chapter three explores the evolution of port infrastructure financing and the origin of landlord port financing mode. We try to find the theoretical and empirical evidence of port being controlled by public capital for a long time in the history, based on the port's strategic importance of coastal defense and its social welfare function. Then we examine the wave of port reforms influenced by the neo-liberalism and the evolution logic of private capital participation, with the new environment of international port in the late20th century. Furthermore, we summarize the port infrastructure financing mode selection principles from the controversies on public and private capital participation in port infrastructure.
Chapter four examines the relevant facts and characteristics of the port land leasing as a port financing mode, from the practical experience of international landlord port financing. This chapter first summarizes landlord port financing and port land leasing practices according to the world port geographic distribution. Then we study the characteristics of the landlord port financing contract signed by "landlord" and port operator in terms of rents, lease term, sublease, sublet and subcontracting and restricted conditions, so as to provide the empirical basis for the following research.
Chapter five resolves the landlord port lease financing contract from the contract theory. The optimal contract criteria is analysed based on forms of the landlord port lease financing contract and different influencial factors, especially transaction costs and risk factors. This chapter also examines the role of transaction costs and risks in the contract period choice in landlord port lease financing contract.
Chapter six explores the optimization and incentives of the landlord port lease financing contract by a more specific contract relationship model on the basis of the chapter five model. The impact of transaction costs and risk factors in different circumstances of the landlord port lease financing contract and the optimal conditions both maximize the interests of the landlord and the lessee are studied through the one-time and multi-phase contractual relationship models. Then we try to make a conclusion on that what incentive mechanisms should be the landlord (port authority) designed to promote the lessee's port infrastructure investment and provide more funds for port development in the landlord port lease financing contract.
Chapter seven studies the quasi-landlord port financing mode in China and its contract relationships on the basis of the above theoretical and empirical analysis on the mainstream landlord port financing model and the international comparison.
The last part is the conclusion.
The main conclusions in this paper are:
(I) The landlord port is a kind of port infrastructure financing mode characterized by the land leasing as a medium to make public and private sector co-investment.
(II) Transaction costs and risks have important influence on the optimization of landlord port lease financing contract and the best choice of different port financing contracts. In the presence of transaction costs, a risk aversion lessee will choose mixed rent landlord port lease financing contract, with the optimum result of the port authority and the lessee sharing gains and risks.
The optimal sharing proportion that the port authority set in the incentive contract depends on the tenant's operating ability, the effort cost, the degree of risk aversion and some exogenous risk factors the tenant facing. When the tenants operate well, the cost that the tenants need to pay for their effort is low, the degree of their risk aversion and the impact of exogenous risk factors is small, the port authority should give tenants higher sharing rate.
(III) The term of port land leasing depends on the tradeoffs of risks and motivations. The choice of the contract duration is the comparation result under the transaction costs of different period contracts.
(IV) The quasi-landlord port financing model implementing in China is largely a variant of the international mainstream landlord port financing mode. The contract is a tripartite body participating in the port investment, double principal-agent relationship and two-level distribution of profits, involved by the government land management department, port investment companies and terminal operators. However, it is essentially a kind of resource allocation which the local government monopolizes total port land income, relying on its port land ownership. So it is not an ideal port financing model and violates the original intention of landlord port financing which tries to attract private sector participation in port infrastructure construction.
Compared with previous studies, the innovations of this paper are mainly the following points:
Firstly, this paper examines a new landlord port land lease financing contract in the framework of contract theory, which different from farmland leasing but with combination characteristics of farmland tenancy and other land leasing.
Secondly, this paper extendes the tenancy theory to a multi-contract framework that involves in public service port and variant forms of landlord port, and forms a theoretical framework of the optimal port financing contract choice, according to the characteristics and objectives of different port financing modes.
Thirdly, the inner mechanism is explained theoretically by one-time and multi-phase landlord port lease financing relationship models. These models depend on the special financing characteristics as well as the behavior of contract parties and involve in both the incentive and constraint functions of the landlord port financing contract. They are of some reference value to the extension of equilibrium analysis of the quasi-landlord port financing with the characteristic of double profit distribution in China.
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