河北省拥有丰富和优质的旅游资源，拱卫京津、处于联通三北核心地带，旅游市场 需求巨大。河北省文旅厅高度重视旅游业发展，明确提出全面发展和提高旅游业质量， 将旅游业作为河北省实现产业结构调整和升级的动力性抓手。河北省围绕建设旅游强省 的目标，以旅游供给侧改革为主线、以旅游业综合改革为动力、以全域旅游示范为载体、 以旅游产业发展大会平台为抓手、以产业融合发展为路劲，大力提升河北省旅游业专业 化和规范化水平。经过河北省旅发委和文旅厅采取的一系列措施，河北省旅游业不断发 展，旅游收入逐年上升。但是旅游产品开发和创新与其本身具有的旅游资源、区位优势、 市场需求相比还具有较大的差异，旅游基础设施、服务设施以及旅游产品供给等方面存 在严重不足。 在 2017 年习近平总书记视察河北时明确指出“河北省、张家口市要抓住历史机遇， 紧密结合十三五规划，紧密结合推进京津冀协同发展，通过筹办冬奥会带动各方面建设， 努力交出冬奥会和本地发展两份优异答卷”。但是，河北省旅游业的开发与建设大多依 靠政府财政投入和银行贷款，随着旅游业发展，政府财政支持和银行贷款方式已不能满 足旅游业的发展需求，资金缺口已经成为河北省旅游业发展的最大障碍。PPP 融资模式 通过政府与社会资本合作，共同开发旅游项目，提供优质旅游项目，借助社会资本力量 发展旅游业，减轻政府财政压力。因此，将河北省旅游业 PPP 融资模式作为报告研究对 象，运用规范分析和案例分析的方法，分析研究河北省旅游业 PPP 融资模式可行性。 在河北省旅游业快速发展的背景下，将研究的焦点聚集在河北省旅游业PPP融资上。 首先总结 PPP 融资模式的国内外研究现状和 PPP 融资模式的概念，在此基础上分析文章 所用的相关理论，为下文 PPP 融资模式引入旅游业提供理论支撑。随后对河北省旅游业 投融资现状进行分析，主要分析河北旅游业投融资现状及河北省旅游业投融资目前存在 的问题，并且针对河北省投融资现状和存在的问题，提出将 PPP 融资模式引入河北省旅 游业。其次分析河北省旅游业 PPP 融资模式的必要性与可行性，在河北省旅游业投融现 状的基础上，分析河北省旅游业 PPP 融资模式的必要性，从河北省旅游业发展 PPP 融资 模式的政策环境、河北省拥有的旅游资源、经济实力三个方面分析河北省旅游业 PPP 融 资的可行性，并探讨河北省旅游业 PPP 发展的制约因素。最后对河北省灵寿县五岳寨 PPPIV 项目进行分析，说明河北旅游业适合运用 PPP 融资模式，并结合前文的分析，总结河北 省旅游业 PPP 融资模式发展的政策建议。将 PPP 融资模式推广到旅游领域，将会为旅游 业提供新的融资方式，促进河北省旅游业发展。对河北省旅游业 PPP 融资模式的探讨不 仅具有理论意义，更加具有重要的现实意义。 关键词：旅游业 PPP 融资 投融资 现金流量模型V Abstract Hebei Province has the rich and high-quality tourism resources, surrounding the Beijing and Tianjin, located in the core area of North, Northeast and Northwest China. Its tourism market is in great demand now. The Hebei Provincial Department of culture and Tourism attaches great importance to the development of its tourism and explicitly sets forth the comprehensive development of tourism and the improvement of tourism quality. It regards tourism as the driving force of the adjustment and upgrading of industrial structure in Hebei Province. Aimed at building as the strong tourism province, Hebei Province is to take the tourism supply- side structural reform as the main line, the comprehensive tourism reform as the driving force, the global tourism demonstration as the carrier, the tourism industry development conference platform as the key point, and the industrial integration development as the approach, so as to greatly enhance the professionalization and standardization of tourism. Since a series of measures were taken by the Hebei Provincial Tourism Development and Reform Commission, the tourism has constantly get developed and its revenue has increased year by year. However, the development and innovation of tourism product are also quite different from its own tourism resources, location advantages and market demand. What’ more, there are still some serious shortcomings in tourism infrastructure, servicing facilities and tourism product supply. General Secretary Xi Jinping inspected Hebei in 2017, when he clearly pointed out that Hebei Province and Zhangjiakou City should seize the historical opportunity, closely comply with the thirteenth Five-Year Plan, promote the integrated development of Beijing, Tianjin municipalities and Hebei Province, drive the construction of various aspects during the preparation of the Winter Olympics, and hand over two outstanding answers to the Winter Olympics and local development. However, the development and construction of tourism in Hebei Province mostly depend on the government financial investment, which increases the financial pressure of the government. Meanwhile, with the development of tourism, relying solely on government’s financial support cannot meet the development needs of the tourism. The funding gap has become the biggest obstacle. The PPP model provides the high-qualityVI tourism projects according to the capital cooperation between the government and society and according to the common development of the tourism. It also uses the social capital to develop tourism in order to reduce the government financial pressure. Therefore, this paper will take the feasibility of PPP financing in Hebei tourism industry as the research object, and use the methods of normative analysis and case analysis to analyze this feasibility. This paper focuses on the tourism PPP financing in Hebei Province under the rapid development of tourism in Hebei Province. It firstly summarizes the domestic and international research status, the PPP financing concepts and related theories in order to providing the theoretical support for bringing the PPP financing concepts into the tourism. Secondly, it also analyzes the current situation of the tourism investment and financing in Hebei Province, which mainly analyzes the current situation and the current problems of Hebei tourism investment and financing, and concludes the realistic necessity of the tourism investment and financing in Hebei Province. Thirdly, it analyzes the necessity and feasibility of tourism PPP financing in Hebei Province from the PPP financing policy, the economic environment and the tourism resources owned by itself. It also discusses its restrictive factors. Finally, it studies the PPP project of Wuyuezha, Lingshou County, Hebei Province, concludes that Hebei tourism is suitable to use the PPP model, and summarize some suggestions according to the previous analysis. Extending the PPP model to the tourism sector will provide the new financing methods for the tourism industry, and will promote the tourism development of Hebei Province. Thus, this study of the feasibility of PPP financing for tourism in Hebei Province is not only of importantly theoretical significance, but also of greatly practical significance. Keywords: tourism PPP financing investment and financing cash flow modelVII Abstract.................................................................. V 1 绪论................................................................... 1 1.1 研究背景与研究意义 ................................................. 1 1.1.1 研究背景 ....................................................... 1 1.1.2 研究意义 ....................................................... 2 1.2 国内外研究现状 ..................................................... 3 1.2.1 国外研究现状 ................................................... 3 1.2.2 国内研究现状 ................................................... 4 1.3 研究内容与研究方法 ................................................. 6 1.3.1 研究内容 ....................................................... 6 1.3.2 研究方法 ....................................................... 7 1.4 创新与不足 ......................................................... 7 1.4.1 创新点 ......................................................... 7 1.4.2 不足点 ......................................................... 8 2 PPP 融资模式相关内容及理论 ............................................. 9 2.1 PPP 融资模式概念界定 ............................................... 9 2.2 PPP 融资模式的特征 ................................................ 10 2.3 PPP 融资模式的分类 ................................................ 11 2.4 相关理论 .......................................................... 13 2.4.1 委托-代理理论 ................................................. 13 2.4.2 公共选择理论 .................................................. 13 2.4.3 准公共产品理论 ................................................ 14 2.4.4 旅游地生命周期理论 ............................................ 14 3 河北省旅游业投融资现状及问题分析...................................... 16 3.1 河北省旅游业投融资现状 ............................................ 16 3.1.1 A 级景区稳步增长，质效显著上升................................. 16 3.1.2 投资结构优化，综合项目受欢迎 .................................. 16 3.1.3 单体项目向整体化发展，10 亿元以上规模占比逐步提高.............. 17 3.1.4 入选全国优选项目位居第一，品牌建设初见成效 .................... 17 目 录 摘要.................................................................... IIIVIII 3.2 河北省旅游业投融资存在的问题 ...................................... 17 3.2.1 市场主体发育不足，缺少实力雄厚的战略发展商 .................... 17 3.2.2 上市旅游公司少，直接融资能力弱 ................................ 18 3.2.3 融资渠道窄，旅游业投融资服务体系不完善 ........................ 19 3.2.4 旅游项目缺少独特性设计，投资价值未充分挖掘 .................... 20 4 河北省旅游业采用 PPP 融资模式的必要性及可行性分析...................... 21 4.1 河北省旅游业采用 PPP 融资模式的必要性分析 .......................... 21 4.1.1 吸引社会资本，缓解旅游业融资难问题 ............................ 21 4.1.2 发挥专业优势，提高项目开发效率 ................................ 21 4.1.3 兼顾利益，推动旅游项目公共利益最大化 .......................... 22 4.2 河北省旅游业采用 PPP 融资模式的政策可行性分析 ...................... 22 4.2.1 国家政策对旅游业 PPP 融资模式的支持 ............................ 22 4.2.2 河北省政策对旅游 PPP 融资模式的支持 ............................ 23 4.3 河北省旅游业采用 PPP 融资模式的资源优势可行性分析 .................. 25 4.3.1 河北省旅游业 PPP 融资模式自然资源可行性分析 .................... 25 4.3.2 河北省旅游业 PPP 融资模式历史文化资源可行性分析 ................ 25 4.4 河北省旅游业采用 PPP 融资模式的经济可行性分析 ...................... 26 4.4.1 社会资本雄厚 .................................................. 26 4.4.2 社会资本占主导地位 ............................................ 27 5 河北省旅游业 PPP 融资模式制约因素分析.................................. 29 5.1 河北省旅游业 PPP 项目融资法律不完善 ................................ 29 5.2 河北省旅游业 PPP 项目融资渠道单一 .................................. 29 5.3 河北省缺少旅游 PPP 项目专业人才 .................................... 30 5.4 河北省旅游业 PPP 项目融资风险管理机制不健全 ........................ 30 5.5 河北省旅游业 PPP 项目融资社会资本参与度低 .......................... 30 6 五岳寨 PPP 项目案例分析................................................ 32 6.1 五岳寨及五岳寨 PPP 项目基本情况 .................................... 32 6.1.1 五岳寨基本情况 ................................................ 32 6.1.2 五岳寨 PPP 项目基本情况 ........................................ 32IX 6.2 五岳寨 PPP 项目预测现金流分析 ...................................... 33 6.2.1 五岳寨 PPP 项目成本支付款预测 .................................. 33 6.2.2 五岳寨 PPP 项目收入预测 ........................................ 36 6.2.3 五岳寨 PPP 项目现金流量预测 .................................... 40 6.3 五岳寨 PPP 项目成效 ................................................ 43 7 政策建议............................................................. 44 7.1 强化 PPP 项目投融资模式地方法律法规制度建设 ........................ 44 7.2 创新旅游业 PPP 项目投融资，拓宽渠道 ................................ 44 7.3 引进和培养旅游业 PPP 融资专业人才 .................................. 45 7.4 建立 PPP 项目投融资风险管控机制 .................................... 45 7.5 激发社会资本参与旅游业 PPP 项目融资积极性 .......................... 45