摘要
在PPP模式下,政府和社会资本以PPP合同作为契约,来约定各参与方在项目全生命周期的权利义务,由于人的有限理性、外部环境的不确定性、信息的不完整性和PPP合同的不完全性,再谈判现象时有发生,再谈判产生的主要结果之一是社会资本退出。畅通的退出渠道、健全的退出机制是社会资本参与PPP项目的重要保障之一。本文主要针对基础设施PPP项目的再谈判及再谈判导致的社会资本退出进行探讨,分析了当前退出机制的现状和障碍,对常见的退出方式的利弊进行了分析,结合案例,讨论退出路径的多元化选取、给予社会资本更多的选择和保护等问题,减少各参与方的后顾之忧,同时总结了选取退出方式时应考虑的影响因素。
for a Public-Private Partnership(PPP) project,the government and private investors will use PPP contract to stipulate the rights and obligations of all participants in the project life cycle. Due to the bounded rationality of human beings,the uncertainty of external environment,the incompleteness of information and the PPP contract,renegotiation occurs frequently. One outcome of the renegotiation is the exit of private investors.The smooth and sound withdrawal mechanism is one of the important guarantees for the participation of private investors into the PPP project. This article mainly discusses the private investors' withdrawal in infrastructure PPP projects caused by the renegotiation,analyzes the status quo and obstacles of the current withdrawal mechanism,and explores the diversification of exit channels to give more choice and protect private investors. And also,a portfolio decision-making factors is established to provide a reference for selecting the appropriate withdrawal method.
引文
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(1)国发[2014]60号、财金[2014]156号、发改投资[2016]1744号。