在实践中,PPP 模式下引入产业投资基金成为一种有效的融资方式,许多省市以
地方政府财政出资作为启动资金,吸引社会资本设立 PPP 产业投资基金。该类产
业投资基金一般通过股权、债权、融资担保等方式,为难以获得市场融资的 PPP
项目提供资金支持,在项目条件改善后择机退出,有利于解决 PPP 项目融资难的
问题。产业投资基金有 3 个独特优势:一是可直接进行股权投资,满足我国法律
对项目资本金比例的强制要求;二是可以降低项目公司及其股东的资产负债率;
三是有利于通过结构化设计和灵活的内部管理机制引入社保资金、保险资金等长
期优质资本,满足 PPP 项目的长期、大量资金需求,以及投资回报需求
本文结合云南省环保行业发展情况以及投融资机制机构存在的问题,对产业
基金参与 PPP 模式意义进行阐释,参考国内外 PPP 环保产业基金的实践经验,研
究分析了产业投资基金对 PPP 模式运用、基金运作机制、风险管理等方面,在此
基础上提出 PPP 环保产业基金的模式方案。以 TH 县杞麓湖生态综合治理 PPP 项
目案例分析,该项目打破常规的招商引资模式,采用政企合作、利益共享、风险
共担的 PPP 模式,并在 PPP 模式结构设计中引入产业投资基金,不仅解决中低利
润环保项目的融资难问题,也是一种商业模式的创新,通过基金把政府、社会资
本、金融机构的利益进行捆绑,为推动项目实施起到非常关键的作用。基于理论摘要
II
研究和案例分析,最后提出了环保领域引入 PPP 产业投资基金的对策和建议,以
期对 PPP 项目在云南的发展有所启发和提供借鉴经验
关键词:PPP 模式;产业投资基金;生态环保;风险管理Abstract
III
Abstract
Since 2015, the State Council and the relevant ministries and commissions have
issued a series of policy documents to encourage and promote the PPP model. Local
governments have actively followed up and launched various PPP projects. It can be
said that 2015 was the first year of PPP. As of June 30, 2016, according to the notice
on the norms of government and social capital cooperation integrated information
platform operation requirements, the audit included in the project PPP integrated
information platform library project 9285, a total investment of 10 trillion and 600
billion yuan, the implementation phase of the project a total of 619, total investment
reached 1 trillion yuan; the Ministry of Finance 232 demonstration projects, a total
investment of 802 billion 540 million yuan, the implementation phase of the project
105, a total investment of 307 billion 800 million yuan. In the face of such a huge
amount of PPP project financing needs, the current advance of landing PPP project is
poor, according to statistics, various provinces and cities PPP project signing rate is
10%-20%, far below expectations, the main reason is the PPP project investment, long
period, low income, bank loans are still the main financing way of the existing and the
lack of participation of social capital attraction, PPP project financing difficulties. In
practice, the introduction of industrial investment funds into the PPP model has
become an effective means of financing. Many provinces and municipalities use local
government financial contributions as starting funds to attract social capital to
establish PPP industry investment funds. The general industrial investment funds
through equity, debt, financing guarantees, as the market is difficult to obtain
financing PPP projects to provide financial support, improve the conditions in the
project after choose the exit, to solve the difficult problem of PPP project financing.
Industrial investment fund has 3 unique advantages: one is the direct equity
investment, meet the mandatory requirements of China&39;s laws on the proportion of
capital projects; two is to reduce the rate of assets and liabilities of item company andAbstract
IV
its shareholders; three is conducive to the structural design and flexible internal
management mechanism into the social security funds, insurance funds and other
long-term quality capital, meet PPP project long-term, a lot of money demand, and
return on investment demand.
In this paper, combined with the development of environmental protection
industry in Yunnan province and the problems of environmental protection investment
and
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