【摘要】：PPP項(xiàng)目貸款契約的不完全性會(huì)導(dǎo)致項(xiàng)目公司在費(fèi)用風(fēng)險(xiǎn)發(fā)生時(shí)和銀行進(jìn)行再談判,此時(shí)再談判的結(jié)果及項(xiàng)目融資的有限追索權(quán)屬性一方面可能誘發(fā)項(xiàng)目公司在事前選擇危險(xiǎn)項(xiàng)目策略(資產(chǎn)替代),另一方面,則可能出現(xiàn)項(xiàng)目公司無(wú)法獲得銀行追加貸款從而導(dǎo)致項(xiàng)目提前中止的情形。針對(duì)以政府付費(fèi)為回報(bào)機(jī)制的PPP項(xiàng)目,運(yùn)用不完全契約理論構(gòu)建貸款契約模型,分析無(wú)政府擔(dān)保情形下再談判對(duì)資產(chǎn)替代和項(xiàng)目提前中止的影響機(jī)制,進(jìn)而分析政府擔(dān)保對(duì)事前(項(xiàng)目公司和銀行再談判前)和事后(項(xiàng)目公司和銀行再談判后)項(xiàng)目效率的影響,最后討論同時(shí)引入政府擔(dān)保和契約保證金制度的效果。研究結(jié)果表明:在無(wú)政府擔(dān)保情形下,通過(guò)競(jìng)爭(zhēng)招標(biāo)不能同時(shí)抑制資產(chǎn)替代和項(xiàng)目中止問(wèn)題;政府擔(dān)保雖然能夠避免事后項(xiàng)目中止實(shí)現(xiàn)事后效率,但無(wú)法抑制事前資產(chǎn)替代問(wèn)題;同時(shí)引入政府擔(dān)保和契約保證金制度可以保證同時(shí)實(shí)現(xiàn)PPP項(xiàng)目的事前和事后社會(huì)效率,并且能夠提高政府的財(cái)務(wù)效率。研究結(jié)果為政府決策提供了理論支持,以期為實(shí)踐中的PPP項(xiàng)目實(shí)施提供指導(dǎo)意義。
[Abstract]:The incomplete nature of the PPP project loan contract will lead the project company to renegotiate with the bank at the time of the expense risk. On the one hand, the result of renegotiation and the limited recourse attribute of project financing may induce the project company to choose dangerous project strategy (asset substitution) in advance, on the other hand, The project company may not be able to obtain additional bank loans, leading to early suspension of the project. Aiming at the PPP project with government payment as the return mechanism, this paper uses incomplete contract theory to construct the loan contract model, and analyzes the influence mechanism of renegotiation on asset substitution and project termination in the case of anarchic guarantee. Then it analyzes the effect of government guarantee on the efficiency of the project before and after the renegotiation between the project company and the bank, and finally discusses the effect of introducing the system of government guarantee and contract guarantee at the same time. The results show that in the case of anarchic guarantee, competitive bidding can not restrain the problem of asset substitution and project suspension at the same time; Although the government guarantee can avoid the ex post project suspension to realize the ex post efficiency, but can not restrain the ex ante asset substitution problem; At the same time, the introduction of government guarantee and contract guarantee system can ensure the social efficiency of PPP project both before and after, and can improve the financial efficiency of the government. The results provide theoretical support for government decision-making and provide guidance for the implementation of PPP projects in practice.
【作者單位】： 大連理工大學(xué)建設(shè)管理系;大連理工大學(xué)管理與經(jīng)濟(jì)學(xué)部;
【基金】：國(guó)家自然科學(xué)基金資助項(xiàng)目(71372084,71672017)
【分類(lèi)號(hào)】：F283

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