及关键词 II 摘要 公共交通是我国基础设施的重要组成部分，随着财政体制变革及交通管理制 度改革的不断深化，尤其是政府还贷二级公路取消、2009 年开始的成品油价格 税费改革、收费公路专项清理及地方政府性债务严控等因素的影响，交通基础设 施建设融资方面临很大困难。运输行业处于一个关键的过渡时期。在此背景下， 探索 PPP 投融资模式在高速公路项目中的应用，对于化解地方政府债务风险、缓 解财政压力、打通交通建设融资渠道具有重要的现实价值。PPP 模式强调公有制 经济与私营经济的全过程合作、“专业的人做专业的事”、各方共赢、提高效率。 政府将某些专业领域的内容如项目运营交由企业，充分发挥企业的能动性和创造 性，有助于提高项目的设计和施工质量，优化项目投资和维护方案，降低项目生 命周期成本；政府本身则更侧重规则的制定和监管，承担合作中的政策变动、经 济变动、土地审批等风险。 本文基于上述背景，主要采用文献研究、社会调研及案例研究法，针对高速 公路项目 PPP 投融资模式展开研究，在阐述公共产品及投融资相关理论基础上， 立足我国高速公路投融资发展现状及问题，分析 PPP 模式在我国高速公路项目建 设中应用必要性及可行性，以临双高速公路项目 PPP 模式应用为例，对典型案例 进行深入剖析，发现项目的特色和创新，推广案例的成功经验，并分析项目存在 的问题和不足，继而给出完善对策。 本文的研究结论是：在高速公路项目中引入 PPP 模式，在加大政府部门的财 政压力条件下，以更低的成本建设更多高速公路项目，为公众供给更高质量服务、 公共产品，同时又给私人部门带来扩大市场、技术革新两大优势。基于政府部门 和私人部门看 PPP 模式的优势，有利于化解地方政府债务，加快推进交通建设需 要，激活民间资本。本文以临双高速公路项目为例，从临双高速公路项目面临的 条件着手分析 PPP 模式的可行性，设计临双高速公路项目的 PPP 方案，从项目造 价估算与筹集资金、项目股东构成、项目投资回报机制、项目 PPP 融资模式风险 控制等方面，加强对临双高速公路项目的全方案设计。通过对临双高速公路项目 PPP 模式的方案设计，发现该项目方案具有政府出资人代表不参与分红、预测车中文摘要及关键词 III 流保底不兜底、征地拆迁风险合理分担兜底三大亮点，同时在这三方面也面临实 施问题和不足，并结合案例方案的设计给出推广价值，需要建立健全交通 PPP 制度规范，引入激励约束机制，培育社会资本投资环境，加强专业化管理。 关键词:高速公路， PPP 模式，项目投融资英文摘要及关键词 IV Abstract Public transportation is an important part of China's infrastructure. With the reform of the financial system and the continuous deepening of the reform of the traffic management system, especially the cancellation of the government's repayment of secondary roads, the reform of refined oil prices and taxes and the special cleaning of toll roads started in 2009. As a result of factors such as strict control of local government debt, financing for transportation infrastructure construction faces great difficulties. The transportation industry is in a critical transition period. Under this background, exploring the application of the PPP investment and financing model of the expressway project has important practical value for resolving local government debt risks, reducing financial pressures, and opening up financing channels for transportation construction. The PPP model emphasizes the full cooperation of the public and private sectors, professional people do professional things, win-win for all parties, and improve efficiency. The government handed over the contents of certain professional fields, such as project operations, to enterprises, giving full play to the initiative and creativity of the company, helping to improve the design and construction quality of the project, optimizing project investment and maintenance programs, and reducing project life cycle costs. The government itself More emphasis is placed on the formulation and supervision of rules, and the risk of policy changes, economic changes, and land approvals in cooperation. Based on the above background, this paper mainly uses literature research, social research and case study method to study the PPP investment and financing mode of expressway project. Based on the theory of public goods and investment and financing, based on the development status and existence of highway investment and financing in China The problem is to analyze the necessity and feasibility of applying PPP mode in the construction of highway project in China. Taking the application of PPP mode of Linshuang Expressway as an example, the typical case is deeply analyzed, and the characteristics and innovation of the project are discovered.英文摘要及关键词 V Successful experience, and analyze the problems and deficiencies of the project, and then give a sound countermeasure. After the research, this paper believes that the introduction of PPP mode in the expressway project will build more highway projects at a lower cost without increasing the financial pressure of the government departments, and provide the public with higher quality public goods and services. Bringing the private sector two advantages: expanding the market and technological innovation. Based on the advantages of the government department and the private sector to see the PPP model, it is conducive to the resolution of local government debt, accelerate the need for transportation construction, and activate private capital. Taking the Linshuang Expressway project as an example, this paper starts the analysis of the feasibility of the PPP model from the conditions faced by the Linshuang Expressway project, and designs the PPP plan for the Linshuang Expressway project, from project cost estimation and fund raising, project shareholder composition, and project. Investment return mechanism, project PPP financing mode risk control, etc., strengthen the full program design of the Linshuang Expressway project. Through the design of the PPP model of the Linshuang Expressway project, it is found that the project plan has three highlights: the government funder's representative does not participate in the dividend, the predicted traffic flow guarantee is not the bottom, and the land acquisition and demolition risk is reasonably shared. At the same time, it also faces implementation in these three aspects. Problems and deficiencies, combined with the design of the case plan to give promotion value, need to establish and improve the traffic PPP system norms, introduce incentive and restraint mechanisms, foster social capital investment environment, and strengthen professional management. Keywords: expressway, PPP mode, project investment and financing目录 VI 目录 摘要..........................................................................................................II Abstract....................................................................................................IV 第一章 绪论................................................................................................1 第一节 研究背景...................................................................................................1 第二节 研究目的及意义.......................................................................................2 第三节 研究思路与研究内容...............................................................................2 第四节 研究方法...................................................................................................3 第二章 相关概念与理论基础...................................................................5 第一节 相关概念的界定.......................................................................................5 一、公共产品的内涵及分类..................................................................................................5 二、高速公路的公共产品属性及特征..................................................................................5 三、公共产品项目的融资渠道与融资方式..........................................................................7 第二节 国内外研究现状.......................................................................................8 一、国外研究现状..................................................................................................................8 二、国内研究现状.......................................................................................