《金融市场研究》2020.07 VOL.98 32 专 题: Special Topic:How Reform and Innovation Complement the 'Six Priorities' and 'Stability in Six Areas' 以机制改革与创新服务“六稳”“六保” PPP项目资本金融资:问题与 对策 Capital Financing Problems of PPP Projects 作者单位:李锋森、黄亚捷,中国人民银行广州分行;薛长深,中国财政科学研究院。本文仅代表作者个人观点,与所 在机构无关。 Abstract: Tighter regulatory requirements on financing for public-private partnerships have become a significant hurdle to implementing PPP projects. Debt participation, once the main source of funding for PPP projects, was banned in 2018. Meanwhile, enthusiasm for equity investment was limited. Since then, it has become increasingly apparent that there are insufficient incentives and investment channels for equity capital participation. In order to solve this problem, we should optimize income recognition and increase the rate of return for financial participation in PPP projects. It is important to ensure relatively steady income over the entire life cycle of a project and expand the application of equity financial instruments. Keywords: PPP Project Funding, Debt Participation, Equity Participation 摘 要:随着财政部门对PPP项目资本金监管要求趋于严格,项目资本金融资难成为影响PPP落 地的一个重要因素。作为早期PPP项目资本金的主要来源,2018年之后,债务性资金曲线参与PPP项目 资本金投资的做法被禁止;此后,权益性资金参与PPP项目资本金投资的积极性不高、渠道不通畅的问 题日益凸显。为此,建议优化PPP项目公司的收入确认方式实现项目利润在全生命周期的相对平滑,适 当提高金融资本参与PPP项目投资的收益水平增强其风险管控能力,探索和扩大权益型、股权类金融工 具在PPP项目资本金融资的应用。 关键词:PPP 项目资本金 债务性资金 权益性资金 李锋森 黄亚捷 薛长深