如今，我国人口老龄化问题日益严重，老年人口数量不断增加，并且已经成为了世界上老 年人最多的国家。我国在2014年发布了首部老龄产业发展蓝皮书，即 《中国老龄产业发展报 告》，报告明确指出我国已经正式开启了老龄化社会。我国老龄化基本特点为：规模庞大、增速 快且未富先老。而我国养老产业的现状是：与老年市场的巨大潜在需求相比，国内养老市场的 供给能力并未能与之相配。 首先，本文着重介绍了医养结合、PPP的概念、特点以及我国当前的发展状况，针对N市 医养结合PPP项目PPP运作模式做了梳理分析。之后，按照财务评价有关的定义，财务评价的 内容以及追求的目标予以了总结，重点围绕着跟项目有关的财务评价进行了研究，研究集中在 财务评价的主体、特点以及必要性等。这部分内容至关重要，并为之后医养结合项目财务可行 性评价指标体系的构建夯实了基矗构建财务可行性评价指标体系前，本文确定了5个利益主 体以及他们之间的权利和职责，还着重解析出每一个利益主体对参与项目有何种利益的需要， 为后文指标体系的构建带来了依据。在明确了利益主体后，成功构建起一整套完善的可用于医 养结合项目参与者对项目可行性予以分析的财务评价指标。即按照本文选择出的利益者的利益 需要，构建起一整套全方位的、综合性的财务可行性评价体系。最后根据N市医养结合PPP项 目的具体实际，收集跟项目有关的数据，并进行了整理和分析，针对项目利益主体实现了财务 可行性的评价。 在本文建立的财务可行性评价体系下N市某医院医养结合PPP项目财务可行。并且本文研 究，可以为相关建设单位、主管部门、投资机构评估医养结合PPP项目财务可行性，提供一定 的参考。 关键词：医养结合，PPP模式，财务可行性 N市某医院医养结合PPP项目财务可行性研究 II ABSTRACT Nowadays, China's population aging problem is becoming more and more serious, the number of the elderly population is increasing, and it has become the country with the largest number of elderly people in the world. In 2014, China issued its first blue book on the development of the aging industry, the "Report on the Development of China's Aging Industry", which clearly points out that China has officially opened an aging society. The basic characteristics of China's aging are: large scale, rapid growth and old before rich. The current situation of China's pension industry is that compared with the huge potential demand of the elderly market, the supply capacity of the domestic pension market can not match it. Firstly, this paper introduces the main concepts and characteristics related to medical integration and PPP and their development in China. Then, it analyzes the PPP operation mode of N city, and then according to the concept of financial evaluation. The specific content of the financial evaluation and the objectives to be achieved in the financial evaluation are summarized, mainly to study the necessity, main body and characteristics of the financial evaluation related to the project. This part of the content paved the way for the establishment of the financial feasibility evaluation index system for medical and nursing projects.Before the establishment of the financial feasibility evaluation index system, this paper clarifies the rights and responsibilities of the five stakeholders set up in this paper, and analyzes in detail the interest needs of different stakeholders to participate in this project. The financial feasibility evaluation index system of the medical and nursing project provides the basis.Aiming at the financial evaluation related to the PPP project in this paper, a set of financial evaluation indicators that can be used for the analysis of the feasibility of the project can be successfully established. That is to say, according to the interests of the stakeholders selected in this paper, a relatively multi-angle, more comprehensive and highly reliable financial feasibility evaluation system is established. Different project participants have different financial feasibility evaluation systems and evaluation indicators. This paper describes the acquisition process of some specific indicators. Finally, according to the specific reality of N city medical combined with PPP project, through the collection and analysis of the data related to the project, the financial feasibility evaluation of the main stakeholders participating in the project was obtained for this project. Under the financial feasibility evaluation system established in this paper, the PPP project of a hospital in N city is financially feasible. And this study can provide some reference for the relevant construction units, competent authorities and investment institutions to evaluate the financial 南京航空航天大学硕士学位论文 III feasibility of the medical and maintenance PPP project. Keywords:Combination of medical and medical care，PPP mode，Financial feasibility analysis 南京航空航天大学硕士学位论文 V 目录 第一章 绪论 ......................................................................................................................... 1 1.1 研究背景及意义 ...............................................................................................................1 1.1.1中国人口老龄化现状 ......................................................................................... 1 1.1.2我国养老产业的现状 ......................................................................................... 1 1.1.3研究意义 .......................................................................................................... 1 1.2 文献综述 .................................................................................................................. 2 1.2.1 PPP模式国内外研究与发展 ............................................................................... 2 1.2.2医养结合养老模式国内外研究与发展 ................................................................ 3 1.2.3医养结合PPP项目财务可行性评价 ................................................................... 5 1.3 研究内容及研究框架（技术路线图) ......................................................................... 6 第二章 基本概念及相关理论及方法概述 ............................................................................... 8 2.1 概念界定.............................................................. ............................................................. 8 2.1.1 医养结合模式的概念 ........................................................................................ 8 2.1.2 PPP模式的概念 ................................................................................................ 8 2.1.3 养老机构引入PPP模式的优势.........................................................................10 2.1.4 项目财务可行性研究的概念............................................................................. 11 2.2 相关理论 ..................................................................................................................13 2.2.1 福利多元理论..................................................................................................13 2.2.2 需求理论.........................................................................................................13 2.2.3 财务评价方法综述...........................................................................................14 第三章 N市某医院医养结合PPP项目简介 ..........................................................................16 3.1 交易结构...................................................................................................................16 3.1.1 项目具体运作模式...........................................................................................17 3.1.2 项目付费.........................................................................................................18 3.2 投融资结构 ...............................................................................................................18 3.3 PPP合同体系............................................................ ........................................................19 3.3.1 《合资协议》.............................................................................................. …19 3.3.2 《特许经营协议》...........................................................................................19 3.3.3 风险分配基