Shallow the PPP financing mode that talks about orbit traffic.doc

shallow the ppp financing mode that talks about orbit traffic summary at present traffic of our country orbit builds capital to still be given priority to with governmental investment, without the action of capital of society of very good play, the idea that the article carries mode of introductory ppp financing, run train of thought, analyse its advantage, join our country real case, raise the method that its use in domain of traffic of our country orbit and the question that should note. keyword urban orbit traffic; ppp mode; financing mode one, foreword urban orbit traffic is one of the mainest vehicle in world big city, have operation orderly, speed fast, punctual, accessibility good, passenger traffic volume is large wait for an advantage, change according to chinese country hair appoint the data that provides with construction ministry shows, “15 “ during, chinese orbit traffic builds investment to amount to 200 billion yuan, build overall length to spend the route of urban orbit traffic that 450 kilometers control, “915 “ during predict each city builds a respect to still will invest many yuan 2000 in orbit traffic, our country builds the city of orbit traffic to be able to amount to 30 above, newly-built orbit traffic total course will achieve 2000 3000 kilometers, system of urban orbit traffic assumes the urban traffic passenger flow of 80 of 50 to measure. the rapid development certainly will of orbit traffic needs what build capital in great quantities to send a person, but because its invest an amount,low, pay back period grows big, profit and make its raise money construction financing is relatively difficult. from subway of domestic and international city (mrt) and light course (lrt) project looks, use bot, blt(to build more - rent - operation) wait for means. circuit manages concessionary right of administration to contain along the line relevant development counterpoises. in the meantime, the government offers subsidy, seek circuitry manages the ego of income and expenses to balance. 4 lines of the line austral railroad of high speed of london subway, holand, beijing, shenzhen 4 lines used ppp to throw financing way. shenzhen and beijing subway drop the financing attempt to ppp mode, cast financing fashion innovation to undertake beneficial exploration for domestic course traffic, to how perfecting ppp system, introduce social capital to participate in orbit traffic to cast financing, alleviate the capital requirement with large-scale construction giant period, improve orbit traffic construction and operation efficiency, offer efficient traffic service to wait have active sense. 2, the overview of ppp financing mode ppp(public-private-partnership) mode, namely public government sector and mode of cooperation of civilian battalion company, it is one kind is participated in with each square “ double win “ or “ win more “ the contemporary financing mode that is cooperative concept, it is substantially a kind of long-term associate concerns between public sector and private branch. its typical structure is: government sector or local government are purchased through the government form and win the bid the special end company that the unit forms signs concessionary contract (the inc. ) that special end company builds company, service to manage company or the tripartite composition that have investment to the project by what win the bid commonly, be in charge of raising fund by special end company, construction and manage. the government reachs a direct agreement with the financial orgnaization that provides loan normally, this agreement is not the agreement that has assuring to the project, however the agreement that to leasehold orgnaization acceptance will press the contract that signs with special end company one to pay concerned fee, this agreement makes special end company obtains the loan of financial orgnaization smoothly. ppp mode is a whole project financing idea, but not be pair of project financing is complete change, offerred a new model to the origanization construction setting in project lifecycle process however. it is enterprise of government, productiveness and blame productiveness enterprise be based on a certain project and form with “ double win “ or “ win more “ the mutual collaboration form that is a concept, participate in each to just can be achieved with anticipate separate operation photograph compares more favorable result, come true “ paleituo “ effect, namely social benefit is the greatest change, this is apparent more the tenet that accords with public infrastructure construction. if the graph is shown 1 times,its run mode. ppp mode makes government sector and civilian battalion enterprise can make full use of respective advantage, namely capital of the poineering spirit of the social responsibility the government sector, far seeing plan, harmonious ability and civilian battalion enterprise, folk and administrative efficiency are united in wedlock. the advantage of ppp mode is as follows: (1) eliminates cost overspend. the project such as research of the identifying that in initiative phase private company and government participate in a project jointly, feasibility, establishment and financing builds a course, made sure the project is in technology and economically feasibility, shorten early days job is periodic, make project cost is reduced. after ppp mode has been finished when the project only and getting governmental approval is used, private sector ability begins to achieve earnings, because this ppp mode is helpful for rising,efficiency is mixed reduce project cost, can remove an item finishing risk and capital risk. consider to make clear, compare with traditional financing mode photograph, ppp project is a government sector on average managing the charge of 17 , and build time limit for a project can finish on time. (2) is helpful for changing governmental function, reduce finance burden. the government can come out from the extricate oneself in heavy work, from the infrastructure in the past the offer person of public service becomes a superintendency part, assure quality thereby, also can ease governmental pressure in finance budget respect. (3) promoted the diversity that invests principal part. use private sector to offer asset and service to be able to provide more capital and technical ability for the government sector, promoted cast financing system reform. in the meantime, private sector participates in a project to still can promote the innovation that waits for a respect in process of project design, construction, establishment government, rise handle affairs efficiency, transmit optimal management concept and experience. (4) government sector and civilian branch can learn from otherss strong points to offset his weakness, play government is communal the advantage with orgnaization and civilian battalion respective orgnaization, make up for the inadequacy on body of the other side. both sides can form the long-term goal of mutual benefit, can provide the service of high quality for the public with the most effective cost. (5) makes the project participates in alliance of strategy of each square integrated composition, the profit target that just differs to coordinating each has crucial effect. (6) risk allocation is reasonable. differ with the mode such as bot, ppp can realize risk allocation in project initial stage, one part venture partakes as a result of the government in the meantime, make risk allocation more reasonable, decreased bear establish business and investment business venture, reduced financing difficulty thereby, raised the possibility with project successful financing. the government also has proper control to counterpoise while cent takes risk. (7) application range is wide, this mode broke through a variety of current restriction that introduce private company to participate in origanization construction of public infrastructure project, wait for of all kinds and municipal public utility and road, railroad, airport, hospital, school at urban heat addition applicably. 3, ppp and orbit traffic (one) urban orbit traffic is important urban infrastructure, have apparent economic feature1, urban orbit traffic is accurate communal product. look from economics angle, subway project holds the character that provides communal product and personal product concurrently, namely the blame that the subway carries a service to have consumption is emulative with the main feature that has certain exclusiveness, belong to accurate communal product. theoretic pure communal product is offerred by the government, pure personal product should be offerred through the market by civilian branch. accurate communal product can be offerred directly by the government already, below the condition that also can offer allowance in the government, offer through the market by private branch, namely the means of government and civilian partnership. 2, the exterior effect of urban orbit traffic basically is exterior effect. construction of urban orbit traffic can cause land of along the line to appreciate, the development of the industry such as estate of stimulative along the line, commerce. tell from this one meaning, urban orbit traffic can increase socioeconomy welfare of the city, bring tremendous exterior effect. 3, have apparent dimensions economy feature. urban orbit traffic develops dimensions of network of road of in order to to be premise, cover a range bigger, efficiency of urban orbit traffic is taller. although the social benefit of project of urban orbit traffic is more than economic benefits, but the zhang face earnings that the gross income that project of urban orbit traffic brings estimates investor of melt into project impossibly entirely. nevertheless, rights and interests of urban orbit transportation has enlarge sex, the capability of the appreciation that keep a cost of asset is strong. develop as the society, population flow increases, road network increases, and those who serve a level rise, urban orbit traffic will attract more passenger flow, bill money income has certain growth tendency in the long run; and the hole body of urban orbit traffic uses fixed number of year to be as long as hundred years, as the elapse of time, of asset of urban orbit traffic appreciate potential is tremendous. accordingly in the long run, the rights and interests of asset of urban orbit traffic need not break enlarge, asset has capacity of very strong the appreciation that keep a cost. (2) the ppp mode that chooses to suit traffic of orbit of our country city to build a projectaccording to the characteristic that at present urban orbit traffic builds china, the linchpin that its build is to solve the capital problem when building infrastructure of urban orbit transportation. home has the ppp of project of iron of two cultivate land to run mode. 1, before compensate mode. sb - o - the particular way of t mode: whole urban course builds a project to break up two parts. namely commonweal sex part (include the construction work such as body of station, orbit, hole) with profitability part (include the equipment) such as car, signal. commonweal sex part is in charge of building by the investment firm with contributive public sector, and profitability part criterion by private sector contributive the ppp project company that establish will finish. after building entirely, sign concessionary operating agreement with private sector, long-term government is become to give ppp project the company free of commonweal sex part or symbolistic rental hire in the project, with making sure its are normal accrual is in collection of project autumn government is certain proportional hire, calling in the super profit that private sector avoids while the government invests. the project is concessionary after expiring, ground of free of ppp project company transfers project asset the government or add signs a contract. 2, hind compensate mode. b - so - the particular way of t mode: after determining a project jointly, be in charge of investment, construction and operation by private sector. the government sector is a foundation with forecasting guest discharge and actual fare, beforehand the operation cost of company of project of check and ratify and income, offer corresponding subsidy to the operation deficit of generation. government with of year of a of average increase rate of discharge of the guest inside operation period to control a standard. after the project throws operation, if real objective flow-rate ratio forecasts extent of guest discharge reductive to exceed a , the government offers private sector corresponding subsidy according to contract provision. if real objective discharge achieved the 1+a above that calculates passenger flow amount, so exceed a part to will be shared according to certain proportion by government sector and private sector. mode is here medium, forecast guest discharge to undertake adjustment for a cycle with 3a. anyhow should control private sector to generate super profit namely, make sure its are normal accrual. 4, the requirement of mode of financing of ppp of implementation of urban orbit traffic (one) the guidance that strengthens pair of subway financing, establish more perfect government measure and policy codepip regards the investment of pattern of a kind of contract as means, need has a more perfect law clause to serve as a basis, make bilateral negotiation has zhang ke follow and standard standard. current, related home professional policy code is diseased still, processing lacks authoritative guidance when specific issue, concerned government sector should clutch the standardization that studies the fundamental industry such as orbit traffic casts each respect such as financing, construction, operation to run operates circuit, reduce the cost of industry of transportation of social investor orbit, facilitate at the same time the science of the government sector, reasonable decision-making with management. (2) accelerate pre-construction job, abound project reserve. do good project to packthe course is run in specific project in, mode needs to attract social capital, in the mode of investment of be in harmony that invests main body diversity in the project, must want what undertake commercializing to project itself to pack, commercial specification is made on the foundation of investigation and study, undertake to broad and potential investor through professional orgnaization the way develops, the utmost ground mining, profitability that reveals an item, feasibility, determine science, reasonable financing structure finally. (3) venture of reasonable configuration projectreasonable risk allocates need to follow certain principle, these principles must have two functions: (the loss that after 1) distributive result can reduce the probability of risk happening, risk happening, causes and risk government cost make ppp project is opposite each to have appeal, the risk that any one party do not need to did not solve him good to should be assumed for another and pay price. (2) is inside project cycle, distributive result can foster each square reason and careful behaviour, this means each to just want capable control to allocate his risk, be the success of the project and work effectively. (4) the cost system that builds subway project and fare adjust a mechanismcurrent, domestic subway lacks objective, reasonable cost data, the industry internal standard that waits for a respect like subway operation, maintenance is accurate, the important parameter such as guest discharge. but, build scientific and reasonable cost effectiveness curve only, ability makes of allowance of capital gold investment of the government, finance put in moderately have according to can be being depended on, investor ability makes proper investment decision-making, also commercialize for the subway at the same time run provide the fundamental data such as technology, finance affairs. additional, problem of subway the price of a ticket is the core that subway project commercializes, if why be the commonweal sex that assures a project in the government and between the own price that the governmental price that implement and subway project commercialize a need, build science, reasonable, agile fare to adjust a mechanism, also be the requirement that subway project has commercializing operating. (5) establish the business pattern that is a foundation with market competition mechanismthe basic task of ppp of orbit traffic project is to provide traffic service, include to build the service of operation of infrastructure, organization, maintenance that begins establishment and car to wait to safeguard among them et