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Financing a PPP Project: Sources and Financial Instruments—Case Study from China

机译:PPP项目融资:来源和金融工具-来自中国的案例研究

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The Public-Private Partnership (PPP) model is often referred to as a new effective way in funding issue solving for infrastructure development and management. A PPP model project involves numerous of stakeholders and the most typical and basic PPP model comprised of three actors: Government, the private sector and financial institutions. Based on the features of PPPs, the differences between PPP model and traditional financing methods are clearly demonstrated through the financing period; investment and financing subject; property ownership; financing credit basis; financing purposes; source of repayment; guarantee; and degree of financing risk. On the other hand, the selection of a suitable structure from the financial source is based on the choice of the best combination of equity and debt. In terms of project financing structure, it can be divided into three main sections: equity contributions, debt contributions and mezzanine/Subordinated contributions. Moreover, according to the characteristics of different PPPs, the financial structure of the project will be determined to optimize the financial benefits of the project. Furthermore, for each stage of the project, financial instruments will be used appropriately. This paper will deliver a summary and review of PPP projects, as well as the stakeholders involved in implementing a project under a basic PPP model. In addition, this paper will discuss the financial structure of a project, and the PPP project financial instruments that commonly used will also be clearly analyzed. Based on the in-depth knowledge of the PPP model, the paper will depend on the development situation of the PPP model in some countries, especially China, to provide visual examples of each financial instrument.
机译:公私伙伴关系(PPP)模型通常被称为为基础设施开发和管理中的问题解决提供资金的一种新的有效方法。 PPP模式项目涉及众多利益相关者,而最典型和最基本的PPP模式由三个参与者组成:政府,私营部门和金融机构。根据购买力平价的特点,在整个融资期内,购买力平价模型与传统融资方式之间的差异清晰可见。投融资主题;财产所有权;融资信贷基础;融资目的;还款来源;保证;和融资风险程度。另一方面,从财务来源中选择合适的结构是基于对股权和债务的最佳组合的选择。就项目筹资结构而言,它可分为三个主要部分:股权出资,债务出资和夹层/次级出资。此外,根据不同PPP的特征,将确定项目的财务结构,以优化项目的财务收益。此外,对于项目的每个阶段,将适当使用金融工具。本文将对PPP项目以及在基本PPP模式下实施项目的利益相关者进行总结和回顾。此外,本文还将讨论项目的财务结构,还将对常用的PPP项目财务工具进行清晰的分析。基于对PPP模型的深入了解,本文将视某些国家(尤其是中国)PPP模型的发展情况,提供每种金融工具的直观示例。

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