PPP (public-private-partnership) is the abbreviation of public-private-partnership, which means that in order to provide some public products and services, the government and private organizations make clear their rights and obligations by signing contracts based on franchise agreements, so as to ensure the smooth completion of cooperation, and finally make the cooperative parties achieve more favorable results than expected through individual actions.
Public-private partnership (PPP) has attracted wide attention at home and abroad because of its government's participation in the whole process of operation. PPP mode transfers part of the government's responsibilities to social subjects (enterprises) in the form of franchising, and the government and social subjects establish a * * relationship of "benefit sharing, risk sharing and full cooperation", thus reducing the financial burden of the government and the investment risk of social subjects. PPP mode is more suitable for garbage disposal with strong public welfare or one of its links, such as hazardous waste disposal and domestic garbage incineration and landfill disposal. This model needs to reasonably choose cooperation projects and consider the form, procedure, channel, scope and degree of government participation, which is worth exploring and puzzling.
By the end of [1] 20 15438+0 in 2005, among the first batch of 1043 PPP projects publicly recommended by the National Development and Reform Commission, 329 projects have been signed, accounting for 3 1.5% of the recommended projects.
PPP mode, also known as PPP financing, or PPP.
With the development of project financing, the word PPP (public-private partnership or joint venture, also known as public-private partnership) began to appear and became more and more popular, especially in Europe. This term was first put forward by the British government in 1982, which refers to the long-term agreement between the government and private companies, authorizing private companies to build, operate or manage public infrastructure and provide public services instead of the government. This paper aims to summarize various definitions of purchasing power parity and explore its theoretical basis.
narrow sense
Judging from the understanding of PPP by countries and international organizations, PPP can be divided into broad sense and narrow sense. In a broad sense, PPP refers to various cooperative relationships established between the public sector and the private sector to provide public goods or services, while in a narrow sense, PPP can be understood as the floorboard of a series of project financing models, including BOT, TOT and DBFO. Narrow PPP emphasizes the risk sharing mechanism and ValueForMoney principle in the process of cooperation.
Generalized definition
PPP is the abbreviation of "Public-Private Partnership" in English, which is literally translated as "public-private partnership" in Chinese. In short, it refers to a way for the public sector to provide public goods or services by establishing partnerships with the private sector. Although the private sector has been involved in providing public goods or services for a long time, the emergence of PPP terms is only a matter of nearly ten years. Prior to this, concepts, BOT and PFI were widely used. PPP itself is a very broad concept, and with different ideologies, it is difficult for countries all over the world to reach a * * * understanding of the exact connotation of PPP. German scholar NorbertPortz even thinks that it is almost meaningless to try to summarize what PPP is or should be. It has no fixed definition, so it is difficult to study the origin of this vague English word. The exact meaning of PPP should be determined according to different situations.
Classification method
Different countries in the world are at different stages of PPP development, which leads to different terms used in different countries or different understandings of the same term, which brings great trouble to the classification of PPP. According to the information consulted by the author, countries or international organizations have more than a dozen classifications of PPP.
Various modes of PPP and their significance
Generalized PPP can be divided into three categories: outsourcing, franchising and privatization, among which:
Outsourcing class
PPP projects are generally invested by the government, and the private sector contracts one or several functions in the whole project, such as only being responsible for project construction, or being entrusted by the government to manage and maintain facilities or provide some public services, and realizing the benefits through government payment. In outsourcing PPP projects, the risks borne by the private sector are relatively small.
Franchise category
The project requires private participation in part or all of the investment, and it is divided with the public sector through a certain cooperation mechanism.
Take project risks and enjoy project benefits. According to the actual income of the project, the public sector may charge a certain franchise fee or compensate the franchise company, which requires the public sector to coordinate the balance between the profits of the private sector and the public welfare of the project, so the success of the franchise project depends largely on the management level of the relevant government departments. By establishing an effective supervision mechanism, franchise projects can give full play to their respective advantages, save the construction and operation costs of the whole project, and improve the quality of public services. The assets of the project are ultimately retained by the public sector, so there is generally a transfer process of the right to use and ownership, that is, the private sector is required to transfer the right to use or ownership of the project to the public sector after the end of the contract.
Privatized class
PPP project requires the private sector to be responsible for all the investment of the project, and under the supervision of the government, it can realize profit by charging users to recover the investment. Since the ownership of privatized public-private partnership projects is permanently owned by private individuals and there is no limited recourse, the private sector bears the greatest risk in such public-private partnership projects.
The way they operate.
In developed countries, PPP is widely used, which can be used for infrastructure investment (such as water plants and power plants) and many non-profit facilities (such as prisons and schools). Beijing is going to build six Olympic venues through legal tender, and we think PPP is an excellent way. It is difficult for Olympic venues to balance their own funds, and the government needs to invest in an appropriate way to make the project commercialized. Similarly, Beijing is preparing to build urban railways on a large scale, and PPP is also the most effective way.
Main advantages
Is to introduce market mechanism into infrastructure investment and financing. Not all urban infrastructure projects are commercially viable.
It should be said that most of the infrastructure cannot be commercialized. The government cannot think that operating infrastructure projects through the market mechanism means that the government completely withdraws from the investment field. In the process of marketization of infrastructure, the government will have to continue to invest some money in infrastructure. For the government, the investment in PPP projects is less than that in the traditional way, and the difference between them is the income of the government adopting PPP.
(1) Eliminate cost overruns. In the initial stage, the public sector and private enterprises, private enterprises and the government jointly participate in the project establishment, feasibility study, facilities, financing and other project construction processes, which ensures the technical and economic feasibility of the project, shortens the preliminary work cycle and reduces the project cost. Only after the project is completed and approved by the government can the private sector begin to benefit. Therefore, PPP mode is conducive to improving efficiency, reducing project cost, and eliminating project completion risk and capital risk. The research shows that compared with the traditional financing mode, PPP projects can save 17% of the cost for government departments on average, and the construction period can be completed on time.
(2) is conducive to the transformation of government functions, reduce the financial burden. The government can get rid of the heavy work and change from the provider of infrastructure services in the past to the role of supervisor, thus ensuring quality and reducing the pressure on the government's budget.
(3) Promoting the diversification of investors. Using private sector to provide assets and services can provide more funds and skills for government departments and promote the reform of investment and financing system. At the same time, private sector participation in the project can also promote the innovation of project design, construction and facility management processes, improve work efficiency and spread the best management ideas and experiences.
(4) Government departments and the private sector can learn from each other's strong points, give full play to their respective advantages and make up for each other's shortcomings. The two sides can form a long-term goal of mutual benefit and provide high-quality services to the public at the most effective cost.
(5) Integrating all parties involved in the project into a strategic alliance plays a key role in coordinating the different interests of all parties.
(6) Reasonable risk allocation. Different from BOT and other modes, PPP can realize risk sharing in the early stage of the project. At the same time, because the government shares some risks, the risk distribution is more reasonable, which reduces the risks of contractors and investors, thus reducing the difficulty of financing and improving the possibility of successful project financing. While sharing risks, the government also has certain control rights.
(7) Wide application range. This model breaks through various restrictions on the introduction of private enterprises to participate in public infrastructure projects, and can be applied to urban heating and various municipal utilities such as roads, railways, airports, hospitals and schools.
meaning
Peter F. Drucker, a management scientist, once pointed out: "The government must face the fact that it really can't do or is not good at social or community work." In the era of knowledge economy, the absorption and distribution of resources should be carried out in an efficient way. The government is responsible for policy formulation and planning, and the implementation of policies is carried out by non-governmental communities or the private sector. This can not only reduce the long-term financial burden of the government, but also introduce the power of the community and the people into the process of public service, thereby strengthening civic awareness and social identity, and at the same time improving the efficiency of resource use and construction and operation. Therefore, in the development of modern society, the research of PPP has realistic and positive significance.
prerequisite
Government support
Strong support from government departments. In the PPP model, the roles and responsibilities of public and private partners will vary from project to project, but the overall role and responsibility of the government (providing the best public facilities and services) will remain unchanged. PPP mode is an effective way to provide public facilities or services, but it cannot replace effective government governance and decision-making. In any case, from the standpoint of protecting and promoting public interests, the government should be responsible for the overall planning of the project, organize bidding, straighten out the authority and relationship between participating institutions, and reduce the overall risk of the project.
2065438+05101On October 20th, the National Development and Reform Commission and the All-China Federation of Industry and Commerce held a video conference to promote PPP projects in Beijing. Seven provinces including Jiangsu, Anhui, Fujian, Jiangxi, Shandong, Hubei and Guizhou have launched 287 projects with a total investment of about 940 billion yuan, involving municipal administration, highways, rail transit, airports and other fields.
Zhang Yong, deputy director of the National Development and Reform Commission, said at the meeting that promoting the implementation of PPP model is of great significance for deepening the reform of investment and financing system, stimulating the vitality of private investment, improving the supply efficiency of public goods and services, and expanding effective investment. At present, from central to local, from government to enterprises, the enthusiasm for promoting the implementation of PPP model is very high, and positive progress has been made.
But at the same time, the participation of private capital is still insufficient. According to experts' analysis, private capital still has problems such as lack of confidence and weak will, and at the same time, due to lack of understanding of policies, there are still problems such as decentralized and disorderly investment. Opening projects with good profit expectations to private capital will help mobilize the enthusiasm of private capital. [2]
Sound laws
Sound laws and regulations. The operation of PPP project needs to clearly define the responsibilities, obligations and risks that government departments and enterprise departments need to bear in the project at the legal level to protect the interests of both parties. Under the PPP mode, all stages of project design, financing, operation, management and maintenance can adopt the mode of public-private cooperation, and effectively restrain both parties through perfect laws and regulations, which is a powerful guarantee to maximize the advantages and make up for the shortcomings.
On June 2065438+2005 1 day, China's "Measures for the Administration of Infrastructure and Public Utilities Franchising" came into effect. The measures are clear. Franchising is carried out in infrastructure and public utilities such as energy, transportation, water conservancy, environmental protection and municipal administration. Domestic and foreign legal persons or other organizations can participate in the investment, construction and operation of infrastructure and public utilities within a certain period and scope through open competition, and get benefits. The Measures for the Administration of Franchising of Infrastructure and Public Utilities establishes the institutional innovation that social capital can participate in franchising, and the industry defaults to "PPP Basic Law".
professional
Support from professional organizations and talents. The operation of PPP mode widely adopts the way of project franchising for structural financing, which requires complex legal, financial and financial knowledge. On the one hand, policy-making participants are required to formulate standardized and standardized PPP transaction processes to provide technical guidance and relevant policy support for project operation; On the other hand, specialized intermediaries are needed to provide specific and specialized services.
developmental pattern
The typical structure of PPP mode is: government departments or local governments sign franchise contracts with special purpose companies composed of the winning bidders through government procurement (special purpose companies are generally joint-stock companies composed of the winning construction companies, service management companies or third parties investing in projects), and special purpose companies are responsible for financing, construction and operation. Governments usually reach direct agreements with financial institutions that provide loans. This agreement is not an agreement to guarantee the project, but an agreement to promise the lending institution to pay the relevant fees according to the contract signed with the special purpose company. The agreement enables special purpose companies to obtain loans from financial institutions more smoothly. The essence of adopting this financing form is that the government gives private companies long-term franchise rights and income rights in exchange for the accelerated construction and effective operation of infrastructure.
practical application
PPP mode is widely used in various projects. PPP mode has been widely used. 1992 Britain's most
Apply PPP mode as soon as possible. 75% of government managers in the UK believe that projects under PPP mode meet and exceed the requirements of the relationship between price and quality, and can save 17% of funds. 80% of engineering projects are completed within the specified time limit, while only 30% of conventional bidding projects are completed on schedule; 20% can't be completed on schedule, and the longest delay is no more than 4 months. At the same time, 80% of the project cost is within the budget, and the general traditional bidding method can only reach 25%; 20% exceeded the budget because the government proposed to adjust the project plan. According to British experience, projects suitable for PPP mode include: transportation (roads, railways, airports, ports), health (hospitals), public security (prisons), national defense, education (schools) and public real estate management. Chile introduced PPP model in 1994 to balance infrastructure investment and public utilities. As a result, the modernization of infrastructure has been improved and sufficient funds have been obtained to invest in social development plans. 36 projects have been completed with an investment of 6 billion US dollars. Among them, there are 24 traffic projects, 9 airports, 2 prisons and reservoirs 1. The annual investment scale increased from $300 million before the implementation of the model to $654.38+700 million. Portugal started the PPP model from 1997, which was first applied to the construction of expressway network. During 2006 10, the expressway mileage doubled. In addition to roads, ongoing projects include the construction and operation of hospitals, the construction of railways and urban subways. On June 5438+February, 2004, Brazil passed the "Public-Private Partnership (PPP) Model" bill, which made specific provisions for national management departments to conduct project bidding and sign project contracts under PPP model. According to the Ministry of Planning of Brazil, 23 highway, railway, port and irrigation projects that have been included in the four-year development plan from 2004 to 2007 will be the first bidding projects of PPP mode, with a total investment of R $65.438+03.067 billion.
Promote the privatization of infrastructure construction projects in China. It is of great practical value to introduce PPP mode in the field of infrastructure construction in China. The government also began to realize these important values, and provided some support for the development of PPP model in China at the level of national policies and laws and regulations.
;