【作者】 刘琦；

【导师】 徐莉萍； 杜荣华；

【作者基本信息】 湖南大学 ， 会计硕士（MPAcc）（专业学位）， 2021， 硕士

【摘要】 随着我国城镇化进程的不断加快,民生领域基础设施的短板日益凸显,地方政府亟待寻找出一种可以解决资金、管理能力缺口和与日俱增的基础设施建设需求之间矛盾的办法。传统PPP模式的运用,在一定程度上缓解了融资难题,但难以满足高质量发展背景下片区综合协同发展的要求,开发性PPP在促进区域整体协同发展上具有独特优势,有助于促进城镇化高质量发展。湘潭雨湖产业新城PPP项目是较为典型的开发性PPP项目,该项目在推进运行中,存在不小的财务风险,要推动项目有序、健康发展,必须及时对项目进行财务风险管理。首先,文章对城镇综合开发性PPP项目和财务风险的管理及分担进行阐述,并对PPP项目财务风险的识别、评估和应对等相关制度和国内外研究进行综述;其次,介绍了湘潭雨湖产业新城PPP项目的实施背景、建设内容、交易结构和项目建设运营的特点,发现该项目在建设运营中存在融资风险、成本超支风险、投资风险、资金回收风险等四个方面的财务风险;再次,结合专家问卷调查,通过层次分析法对项目的财务风险进行评估打分,发现项目财务风险整体可控,但仍需要引起重视,究其原因,主要是由于该项目未建立科学完整的财务风险管理体系、融资渠道缺乏多样性、前期论证不完善和政策缺乏稳定性等原因造成的;针对项目存在的财务风险和原因,在融资方面,着力盘活存量、扩大增量;在投资方面,通过完善投资策略、提升项目竞争力、加强汇款周期管控;在成本控制方面,内外协同发力,一方面完善内控,另一方面,转移风险;在资金回收方面,进一步完善风险的动态分担和财政承受能力论证;最后,提出推动试点和经验总结、明确项目指导方向及定位、加强政策制度稳定性、提高绩效考核科学性等启示建议。文章为雨湖产业新城PPP项目设计了财务风险管理方案,一方面,有利于项目参与主体规避财务风险,推动项目后续的健康建设运营,另一方面,雨湖产业新城项目本身体量大,并且处于地方政府债务问题较为突出的湘潭,具有较大的典型性,研究该项目,能在一定程度上为全国缓解地方政府债务和推动新型城镇化高质量发展提供参考。更多还原

【Abstract】 With the acceleration of urbanization process in our country,the downsides of infrastructure for people’s livelihood have become increasingly significant.The local government urgently need to find a way to resolve the conflicts between funding,management capacity gaps and the increasing demand for infrastructure construction.The application of the traditional PPP model has alleviated financing problems to a certain extent,but it is difficult to meet the requirements for comprehensive and coordinated development of the area against the current backdrop of high-quality development.Developmental PPP has unique advantages in promoting the overall coordinated development of the region and helps promote urbanization High-quality development.The Xiangtan Yuhu Industrial New City PPP project is a typical developmental PPP project.The project has a portion of financial risks during its advancement and operation.To promote the orderly and healthy development of the project,the financial risk management of the project must be carried out in a timely manner.Firstly,the article elaborates on the management and sharing of urban comprehensive development PPP projects and financial risks,and summarizes relevant systems and domestic and foreign research on the identification,evaluation and the response of financial risks of PPP projects;secondly,it introduces the implementation background,construction content,transaction structure and characteristics of the project construction and operation of The Xiangtan Yuhu Industrial New City PPP project,which founded that the project has four financial risks in the construction and operation of the project,including in financing,cost overrun,investment,and capital recovery;thirdly,Combined with expert questionnaire surveys,the financial risk of the project was evaluated and scored through the the AHP method(analytic hierarchy process),and it was found that the project’s financial risk was in general controllable,but it still needs much attention.The main reason lies in the unestablished scientific and complete financial risk management system,the lack of diversification of financing channels,the imperfect demonstration process in previous time of the project,as well as the lack of stability in policies;in view of the financial risks and reasons behind the project,we will increase the use of existing resources in terms of financing,enhance the competitiveness of the project and strengthen the management and control of remittance cycle in the field of investment.In terms of cost control,we need to not only make the internal and external efforts to improve the internal control,but also reduce and shift risks;in terms of fund recovery,we needs to further improve the dynamic sharing of risks and the demonstration of financial tolerance;Finally,it puts forward some inspiring suggestions to promote pilot projects and experience,clarify the guidance and position of the project,strengthen the stability of policies and systems,and improve the rationality and reasonableness of performance appraisal.The article provides a financial risk management plan for the Yuhu Industrial New City PPP project.On the one hand,it can help the project participants to avoid financial risks and promote the smooth and orderly implementation of the project.On the other hand,located in Xiangtan,where the local government has major problem in financial situation,the Yuhu Industrial New City project with a large economy is more typical as a case study.the study and research of this project can help the authority to alleviate local government debt and promote the high-quality development of new urbanization across the country to a certain extent as a reference.更多还原