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LS公司江阳区公路PPP项目资金风险管理研究_MBA毕业论文DOC

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文本描述
摘要
20世纪80年代中期,PPP项目引入国内,但是直到近两年才开始被重视,被
运用到各个领域,目前己超过千余个项目采用了该模式。但是由于项目涉及的主
体较多,投资比较大,而且建设周期比较长,建设及运营过程中存在很多不确定
因素,会给项目带来资金风险,因此,防范PPP项目中的资金风险就是一个值得
深入研宄的问题。本文将以LS公司江阳区公路PPP项目为案例,研究其资金风险
管理问题,必然具有重要意义。
本文在研宄过程中采用了文献研宄、案例分析等方法,将研宄内容分为四个
部分:第一部分是论文的绪论(即第1章),主要介绍了本文的研宄背景和研宄
意义、国内外相关文献综述及本文研宄的切入点、研究内容和方法、创新之处等。
第二部分是相关理论基础(即第2章),首先介绍PPP项目的含义、基本构成和
运作思路,然后分析PPP项目资金风险的含义和表现形式、风险来源(发生原因)
等,最后阐述PPP项目资金风险管理的含义和内容、策略和方法等。第三部分是
LS公司江阳区公路PPP项目资金风险管理的案例分析(包括第3-5章)。这部分
首先介绍LS公司江阳区公路PPP项目资金运作情况;然后是对LS公司江阳区公
路PPP项目资金进行风险识别,分析了江阳区公路资金风险的主要表现、资金风
险的影响因素,并进行敏感性分析;最后是提出LS公司江阳区公路PPP项目资金
风险管理措施。第四部分(即第6章),主要对研宄结果进行总结,同时对研究
进行展望。
本文通过对LS公司江阳区公路PPP项目资金风险管理案例的研宄,得出了以
下几点结论:(1)通过对LS公司资金风险的识别,LS公司在建设江阳区公路PPP
项目时,由于各种各样的因素可能会出现投资增加,导致资金不足;而在运营期,
也可能会出现实际的运营成本超过预计运营成本,运营成本增加;由于该项目建
设不属于收费项目,当补贴收入不足时,也会导致收入不足的资金风险。(2)采
用了德尔菲法及头脑风暴法对风险因素进行识别与打分,得出影响资金风险的主
要因素。(3)采用敏感性分析,对建设期投资增加、运营期成本增加、运营期收
入下降的敏感性进行了分析,通过分析发现建设投资及补贴收入对投资收益的影
响更为敏感。(4)针对资金风险管理,LS公司在遵循经济性原则、系统性原则、
全过程原则的基础上,明确资金风险分担主体、选择资金风险应对策略、在不同
I阶段采取有效的资金风险应对方法。最后,要想确保资金风险管理达到效果,还
需要完善组织结构、建立内部控制体系、健全风险监管机制。
本文的创新之处是:(1)以LS公司江阳区公路PPP项目作为研究对象,符
合时代特点,有助于为PPP项目提供理论指导;(2)以资金风险管理作为切入点,
目前专门对PPP项目资金风险管理的研宄比较少,可以有效降低江阳区公路PPP
项目资金风险,具有重要现实意义。
关键词:PPP项目;资金风险;风险识别;风险管理;LS公司
IIAbstract
In mid 1980s, the PPP (Public~Private—Partnership) project has been introduced
in China. However, PPP has been attention until recent two years. It is applied to
various fields. At present,there are more than 1000 projects to use this model. Because
the PPP involves more main body, investment is relatively large, and the construction
cycle is relatively long, there are many uncertain factors in the process of the
construction and operation. The factors will bring financial risks to the project.
Therefore, the prevention of financial risk in PPP project is an problem that is worthy to
further study. The paper chooses the PPP project of LS Company Jiangyang Road to
study its financial risk management. It has great significance.
The paper mainly uses the literature method, case analysis method and other
methods. The research content is divided into four parts. The first part is the
introduction. It mainly introduces the research background and research significance,
literature review at home and abroad and research breakthrough point, research contents
and methods , research innovation, etc.. The second part is the related theoretical basis
(is the second chapter). Firstly it introduces the meaning, basic structure, and operation
ideas of PPP project, then analyzes the meaning and contend, strategies and methods of
the capital risk management of PPP project. The third part is the case analysis of the
capital risk management of PPP project of LS Company Jiangyang Road (including
chapter 3-5). This part firstly introduces the capital operation of PPP project of LS
Company Jiangyang Road; then identifies the capital risk of PPP project of LS
Company Jiangyang Road, analyzes the main performance and influence factors of
capital risk of Jiangyang Road, adopts the sensitivity analysis; finally the paper puts
forward the capital risk management measures of PPP project of LS Company
Jiangyang Road. The fourth part is the chapter 6. It mainly summarizes the results of the
research, and the research prospects.
Based on the research of the capital risk management case to the PPP project of LS
Company Jiangyang Road Jiangyang Road, the main conclusions are as follows: (1)
The paper mainly identifies the capital risk of LS Company. When LS Company
constructs the PPP project of Jiangyang Road, because of variety of factors may lead to
hian increase in investment, and to lead to the lack of capital. In the operation phase, it
will occur the situation that the actual operation cost is over expected operating cost, so
it leads to the operating cost increase. Otherwise, as the project is not belong to the
construction of the project, when the subsidy income is not enough, it will lead to
insufficient capital risk. (2) The paper understands the main factors affecting the
financial risk by using Delphi method and brainstorming method to identify the risk
factors and scoring. (3) The paper analyzes the sensibility of increasing investment in
construction period, increasing the costs in operating period, and declining the income
in operating period by sensitivity analysis method. It finds that the construction
investment and subsidy income is more sensitive to influence investment returns. (4) In
view of financial risk management, LS Company clears the main body of financial risk
sharing,chooses the coping strategies to financial risk, and takes the effective measures
to deal with financial risks in different stages on the principle of economy, systematic
and whole process. Finally, LS Company needs to improve the organizational structure,
establish the internal control system,and sound risk management mechanism to ensure
the effectiveness of financial risk management.
The innovation of the paper is: (1) taking PPP project of LS Company Jiangyang
Road as the research object, in accordance with the characteristics of the times. It helps
to provide the theoretical guidance for the PPP project. (2) taking the capital risk
management as the breakthrough point. There are few research aiming at the risk
management of PPP project. It is helpful to effectively reduce the capital risk of PPP
project of LS Company Jiangyang Road. It has important practical significance.
Key words: PPP project, capital risk, risk identification, risk management, LS
Company
IV目录
m ^I
Abstract
;
Ill
第1章绪论1
1.1选题背景和意义
1
1.1.1选题背景
1
1.1.2研宄意义
2
1.2国内外文献综述
3
1.2.1国外文献综述
3
1.2.2国内文献综述
5
1.2.3本文研宄的切入点
1.3研宄方法
7
1.4研宄思路与研宄内容
8
1.4.1研宄思路
8
1.4.2研宄内容
&
1.5创新之处
9
第2章PPP项目资金风险管理概论
if
2.1PPP项目的构成及运作思路
11
2.1.1PPP项目的含义
11
2.1.2PPP项目的基本构成
12
2.1.3PPP项目的运作思路
13
2.2PPP项目资金风险管理概述
14
2.2.1PPP项目资金风险的内涵及表现形式
14
2.2.2PPP项目资金风险来源分析
14
2.2.3PPP项目资金风险管理的含义和内容
16
2.2.4PPP项目资金风险管理的策略
16
第3章LS公司江阳区公路PPP项目资金运作情况
19
3.1 LS公司公路PPP项目概况
19
V3.1.1 LS公司基本情况
19
3.1.2江阳区公路PPP项目介绍
20
3.1.3江阳区公路PPP项目可行性分析
21
3.2LS公司江阳区公路PPP项目的投资预算
21
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3.2.1建设阶段投资预算
21
3.2.2运营阶段投资预算
22
3.3LS公司江阳区公路PPP项目的资金筹集
22
3.4LS公司江阳区公路PPP项目的资金回报
23
第4章LS公司江阳区公路PPP项目资金风险识别
25
4.1资金风险的主要表现
25
4.1.1建设期投资增加
25
4.1.2运营期成本增加
25
4.1.3运营期收入不足
25
4.2资金风险的影响因素识别
26
4.2.1建设期投资增加的风险因素
27
4.2.2运营期成本増加的风险因素
30
4.2.3运营期收入不足的风险因素
31
4.3风险敏感性分析
32
4.3.1建设期投资增加的敏感性分析
33
4.3.2运营期成本增加的敏感性分析
33
4.3.3运营期收入不足的敏感性分析
34
4.3.4敏感性分析汇总
35
第5章LS公司江阳区公路PPP项目资金风险管理和实施效果........37
5.1PPP项目资金风险管理的原则
37
5丄1经济性原则
37
5.1.2系统性原则
37
5.1.3全过程原则
37
5.2江阳区公路PPP项目资金风险管理机制的确定
37
5.2.1明确资金风险分担主体
37
5.2.2选择资金风险应对策略
39
5.2.3采取有效的资金风险应对方法
42
VI5.3江阳区公路PPP项目资金风险管理的实施
46
5.3.1完善组织架构
46
5.3.2完善内部控制体系
46
5.3.3健全风险监管机制
47
5.4江阳区公路PPP项目资金风险管理的