摘要
PPP模式对于社会资本参与基础设施建设项目具有积极的推动作用。然而,由于基础设施建设周期长、回报低,社会投资方将面临较高的收益风险,因此,我国大部分PPP项目的社会资本方为国企或国企与民企的联营体,纯粹的私人资本参与PPP项目的积极性并不高。为了激发私人资本参与基础设施项目建设的投资热情,当政府与不同投资方合作时,有必要基于项目参与方的公平偏好程度设置相应风险分配机制,一方面降低私人资本投资方所面临的收益风险,另一方面改变政府承担项目付费的现状,实现风险的合理分配:基于委托代理理论模拟项目收益风险分配机制,在考察投资方公平偏好的前提下,对传统的收益函数进行了调整,构建了基于公平偏好理论的PPP项目收益风险分配模型。通过数据分析得出,社会效益会随着投资方公平偏好的增大而增加,投资方承担风险比例亦与其公平偏好正相关。
PPP (public-private partnership) model has a positive effect on social capital participation in infrastructure construction projects. However, social investors will face high income risk due to the long construction duration and low returns. Therefore, most social capital of PPP projects in China are state-owned enterprises or state-owned and private joint enterprises. The enthusiasm of pure private capital to participate in PPP projects is not high. To stimulate investment enthusiasm of private capital to participate in the construction of infrastructure projects, it is necessary to set the corresponding risk allocation mechanism based on the fairness preferences of project participants when the government cooperates with different investors. On the one hand, this reasonable risk sharing mechanism will reduce the income risk of private capital investors. On the other hand, it will change the status that government pays for projects to achieve a reasonable risk allocation. Based on the principal-agent theory, this paper simulates the project's income risk allocation mechanism. The traditional income function is adjusted based on examining the fairness preference of the private investor, and the PPP project income risk allocation model based on the fairness preference theory is constructed. The social benefits increase with the growing of investors' fairness preferences through the data analysis. The risk proportion of the investor is also positively related to its fair preferences.
作者
王颖林
傅梦
陈玲
卢舒琦
WANGYing-lin;FU Meng;CHEN Ling;LU Shu-qi(College of Transportation and Civil Engineering, Fujian Agriculture and Forestry University, Fuzhou 350001, China)
出处
《工程管理学报》
2019年第2期97-101,共5页
Journal of Engineering Management
基金
福建省社会科学规划项目(FJ2016B114)
关键词
风险分配
PPP项目
公平偏好理论
委托一代理理论
risk allocation
public-private partnership projects
fairness preference theory
principal-agent theory
