摘要
科学测算高速公路PPP项目的各项财政支出责任,合理评估项目实施对当前及今后年度财政支出的影响是PPP项目成功运作的关键。财金[2015]21号文件中的可行性缺口补助计算公式涉及的参数较多,计算过程较复杂,在高速公路领域应用中有其局限性。结合大量高速公路投资评估项目经验,对可行性缺口补助的计算参数进行了详细解读,包括合理利润率、年度折现率、年度运营成本、当年使用者付费等,指出社会资本合理回报率必须通过现金流量表中的历年净现金流量进行计算得到;财政运营补贴周期,是政府和社会资本商榷的运营期给予财政补贴的年数,可与项目运营期限不一致,原则上不超过特许经营期限;年度运营成本应包括项目日常养护、大中修费用、运营管理费、短期借款利息和税费。在参数分析基础上,结合中西部某高速公路PPP项目,提出了可行性缺口补助计算的思路和步骤,确定了相关的参数,在确保社会资本自筹资金财务内部收益率达到社会资本合理回报率的前提下,采用支出测算法计算了财政运营补贴周期各年可行性缺口补助。依据中西部某高速公路案例分析与多年PPP项目经验,提出了高速公路PPP项目可行性缺口补助计算中参数内涵、数据来源、可行性缺口补助的判定指标和标准存在的主要问题和相应建议。
Abstract： It is the key to operating PPP project successfully that estimate the fiscal expenditure responsibilities of expressway PPP projects scientifically and reasonably evaluate the impact of project implementation on current and future fiscal expenditure. The feasibility gap subsidy formula involves many parameters in Document No. 21, Financial and Economics [2015 ], and its calculation process is much complex, which have limitations in the applications of expressway. Based on a lot of evaluation experience in expressway investment projects, the calculation parameters of feasibility gap subsidy, including reasonable profit rate, annual discount rate, annual operating cost, users-pay for the year, are analyzed in detail as follows ： （ ] ） the reasonable rate of return of social capital must be calculated by the net cash flow of each year in the cash flow statement ; （2） the financial operation subsidy period is the number of financial subsidy years within the operation period that government and social capital negotiated, which can be unequal to the term of the project operation period, but in principle, it should not exceed the franchise operation period; （3） the annual operating cost should includes daily maintenance, repair and overhaul cost, management fee,short-term loan interest and tax of the project. On the basis of parameter analysis, combining with the PPP project of a certain expressway in the Midwest, the thoughts and steps for the calculation of the feasibility gap subsidy are put forward, relevant parameters are determined, and in the premise of ensuring financial internal rate of return of funds raised by social capital can reach a reasonable rate of return, the annual feasibility gap subsidy within the financial operation subsidy period is calculated by expenditure estimation method. According to the analysis of the case of a certain expressway in the Midwest and many years of PPP project experience, the main problems and corresponding suggestions to expressway PPP projects, such as, the connotations of parameters, the sources of data, the judge indexes as well as the standard in feasibility gap subsidy calculation are proposed.
出处
《公路交通科技》
CAS
CSCD
北大核心
2018年第2期41-47,共7页
Journal of Highway and Transportation Research and Development
关键词
道路工程
可行性缺口补助
支出测算法
高速公路
PPP
road engineering
feasibility gap subsidy
expenditure estimation method
expressway
PPP
