PPP/BOT项目的资本结构选择研究
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摘要
PPP/BOT项目公司资本结构的选择直关项目的实施效率，其主要考虑有：如何准确把握资本结构的影响因素，合理选择项目的发起人（即投资者），合理确定项目公司的股权结构和债务水平等。目前，国内外关于PPP/BOT项目资本结构选择的系统性研究较少。我国基础设施和公用事业建设需求庞大，全面梳理和构建出PPP/BOT项目资本结构选择的框架，将极大提高私人方（发起人）、公共方（政府）、放贷方（银行）等方面的项目运作效率，促进实现各方的最佳价值。
论文首先通过文献调研、理论研究和国际典型案例分析，总结了PPP/BOT项目资本结构选择的研究背景、现状和不足，梳理了PPP/BOT项目资本结构的相关理论，归纳了国际PPP/BOT项目资本结构选择的特点、经验和教训，在此基础上，指出了PPP/BOT项目的资产特征与发起人能力需求、影响因素、投融资行为、股权结构、债务水平等是本文研究PPP/BOT项目资本结构选择的重点。
其次，通过文献调研、国内典型案例分析、问卷调研等，调查了我国PPP/BOT项目资本结构选择的实际情况，总结了不同项目类型对发起人关键能力需求的差异，指出了对PPP/BOT项目公司而言，金融机构和政府的态度、确保股东控股地位、控制财务风险和平衡委托代理成本等是资本结构选择的重要影响因素，同时指出了我国债务融资渠道单一、权益资本短缺、直接融资渠道受限等现状，这些结论，为后续研究PPP/BOT项目公司的股权结构和债务水平奠定了基础。
之后，论文重点研究了资本结构之“股权结构”和“债务水平”两方面内容：通过梳理PPP/BOT项目的潜在股东构成，基于委托代理理论一般原理，推导出了3类项目（固定资产投资类、核心设备技术类、综合运营管理类）在2个阶段（发起阶段、运营阶段）合理股权结构的“两阶段”选择和调整方法；通过梳理PPP/BOT项目的基本债务特征，基于财务原理、AHP思路和熵权理论，提出了发起人、公共方和放贷方等3方利益目标下的资本结构-债务水平：“提出初步方案—筛出建议可行方案—综合评价最优方案—动态调整与优化”的“四步法”选择流程。
最后，综合上述研究成果，论文构建了一套相对完整和系统的资本结构选择框架，即“评估影响因素—确定股权结构—确定债务水平—调整优化股权结构—调整优化债务水平”的“五步法”框架。为提高研究的可应用性，论文还总结了具有可操作性的资本结构选择和政策优化建议，如合理调整我国的资本金制度等。
Questions such as what factor affects capital structure, how to choose projectsponsors, how to determine equity structure and debt levels, and how to adjust capitalstructure afterwards will have a direct impact on the efficiency of implementingPPP/BOT projects. Not many systemic researches related to PPP/BOT capital structureselections have been done up to the present both in domestic and overseas academicfields. Considering the great demand in civil infrastructure and public utilities in China,building the frame of capital structure in PPT/BOT projects will greatly improve theoperation efficiency and help to optimize the benefits of the private, the public as wellas the creditor.
Based on documentary research, theories and international typical cases, thispaper concludes the researching background of PPP/BOT capital structure selections,current situations as well as deficiencies. By analyzing relevant theories with regard toPPP/BOT capital structure, major characteristics of international PPP/BOT capitalstructure selections, this research aims at dealing with the following significantproblems: that capital features and sponsors’ demands, affecting factors of capitalstructure, behaviors of financing as well as the selection of equity structure and debtlevel.
The second stage of this paper focuses on the current situations of PPP/BOTprojects capital structure selection in China, by the means of documentary research,domestic typical cases analysis, questionnaires and interviewing regarding experts. Inthe research, the gap in critical ability demands of sponsors between different types ofprojects has been summarized. It points out that the attitude of financial institutionsand governments, certifications of shareholders’ holding positions, controls of financialaccounting risks and balances of the cost of principal-agent are the most significantfactors in dealing with the capital structure debt financing scale. In addition, thereexists problems of insufficient debt financing channel, short equity capital and limiteddirect financing channel in China. This part serves as the basis of the subsequentresearch on capital-equity structure and debt level
Using principal-agent model, this paper categorizes composition of the potential shareholders and derives a ‘Two Stages Method’ of rational equity structure andadjustment for three types of projects (fixed assets, core technical equipment, complexoperational management) in two different phases (starting phase, operating phase).Based on case analysis, financing principles, AHP theory and entropy theory, the paperfocuses on the capital structure-debt level research and reaches to the conclusion aboutthe ‘Four Steps Method’(Preliminary program-screened out the suggest possiblesolutions-comprehensive evaluation of the optimal solution-Dynamic adjustmentand optimization) calculating processes in capital structure-debt level selections underthe different goals of benefits among the sponsors, the public and the creditors.
Finally, with all the results in the paper, a relatively complete ‘Five Steps Frame’of capital structure selection method is built up, that is ‘Observe and evaluate factors-determine the equity structure-determine the level of debt-adjust and optimize theequity structure-adjust and optimize the level of debt’. In order to improveapplicability, this paper introduces some feasible suggestions on capital structureselections and policies, such as suggestion to adjust or optimize project capital systemfor Chinese government etc.
论文首先通过文献调研、理论研究和国际典型案例分析，总结了PPP/BOT项目资本结构选择的研究背景、现状和不足，梳理了PPP/BOT项目资本结构的相关理论，归纳了国际PPP/BOT项目资本结构选择的特点、经验和教训，在此基础上，指出了PPP/BOT项目的资产特征与发起人能力需求、影响因素、投融资行为、股权结构、债务水平等是本文研究PPP/BOT项目资本结构选择的重点。
其次，通过文献调研、国内典型案例分析、问卷调研等，调查了我国PPP/BOT项目资本结构选择的实际情况，总结了不同项目类型对发起人关键能力需求的差异，指出了对PPP/BOT项目公司而言，金融机构和政府的态度、确保股东控股地位、控制财务风险和平衡委托代理成本等是资本结构选择的重要影响因素，同时指出了我国债务融资渠道单一、权益资本短缺、直接融资渠道受限等现状，这些结论，为后续研究PPP/BOT项目公司的股权结构和债务水平奠定了基础。
之后，论文重点研究了资本结构之“股权结构”和“债务水平”两方面内容：通过梳理PPP/BOT项目的潜在股东构成，基于委托代理理论一般原理，推导出了3类项目（固定资产投资类、核心设备技术类、综合运营管理类）在2个阶段（发起阶段、运营阶段）合理股权结构的“两阶段”选择和调整方法；通过梳理PPP/BOT项目的基本债务特征，基于财务原理、AHP思路和熵权理论，提出了发起人、公共方和放贷方等3方利益目标下的资本结构-债务水平：“提出初步方案—筛出建议可行方案—综合评价最优方案—动态调整与优化”的“四步法”选择流程。
最后，综合上述研究成果，论文构建了一套相对完整和系统的资本结构选择框架，即“评估影响因素—确定股权结构—确定债务水平—调整优化股权结构—调整优化债务水平”的“五步法”框架。为提高研究的可应用性，论文还总结了具有可操作性的资本结构选择和政策优化建议，如合理调整我国的资本金制度等。
Questions such as what factor affects capital structure, how to choose projectsponsors, how to determine equity structure and debt levels, and how to adjust capitalstructure afterwards will have a direct impact on the efficiency of implementingPPP/BOT projects. Not many systemic researches related to PPP/BOT capital structureselections have been done up to the present both in domestic and overseas academicfields. Considering the great demand in civil infrastructure and public utilities in China,building the frame of capital structure in PPT/BOT projects will greatly improve theoperation efficiency and help to optimize the benefits of the private, the public as wellas the creditor.
Based on documentary research, theories and international typical cases, thispaper concludes the researching background of PPP/BOT capital structure selections,current situations as well as deficiencies. By analyzing relevant theories with regard toPPP/BOT capital structure, major characteristics of international PPP/BOT capitalstructure selections, this research aims at dealing with the following significantproblems: that capital features and sponsors’ demands, affecting factors of capitalstructure, behaviors of financing as well as the selection of equity structure and debtlevel.
The second stage of this paper focuses on the current situations of PPP/BOTprojects capital structure selection in China, by the means of documentary research,domestic typical cases analysis, questionnaires and interviewing regarding experts. Inthe research, the gap in critical ability demands of sponsors between different types ofprojects has been summarized. It points out that the attitude of financial institutionsand governments, certifications of shareholders’ holding positions, controls of financialaccounting risks and balances of the cost of principal-agent are the most significantfactors in dealing with the capital structure debt financing scale. In addition, thereexists problems of insufficient debt financing channel, short equity capital and limiteddirect financing channel in China. This part serves as the basis of the subsequentresearch on capital-equity structure and debt level
Using principal-agent model, this paper categorizes composition of the potential shareholders and derives a ‘Two Stages Method’ of rational equity structure andadjustment for three types of projects (fixed assets, core technical equipment, complexoperational management) in two different phases (starting phase, operating phase).Based on case analysis, financing principles, AHP theory and entropy theory, the paperfocuses on the capital structure-debt level research and reaches to the conclusion aboutthe ‘Four Steps Method’(Preliminary program-screened out the suggest possiblesolutions-comprehensive evaluation of the optimal solution-Dynamic adjustmentand optimization) calculating processes in capital structure-debt level selections underthe different goals of benefits among the sponsors, the public and the creditors.
Finally, with all the results in the paper, a relatively complete ‘Five Steps Frame’of capital structure selection method is built up, that is ‘Observe and evaluate factors-determine the equity structure-determine the level of debt-adjust and optimize theequity structure-adjust and optimize the level of debt’. In order to improveapplicability, this paper introduces some feasible suggestions on capital structureselections and policies, such as suggestion to adjust or optimize project capital systemfor Chinese government etc.
引文
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