摘 要

随着我国城市化社会进程的发展和人们对公共的交通需求增加，包括地铁、轻轨、有轨电车、磁悬浮列车等交通工具的城市交通设施项目在各大城市迅速发展起来，城市轨道交通具有运量大、方便快捷、时间准、环保低碳等特点，能极大促进城市经济的发展，方便人们的生活和出行。由于城市基础设施建设不同于常规项目建设，它高投入、高消耗、低产出，适宜使用PPP模式进行项目开展。因此，随着近年来PPP融资模式在基础设施领域的应用和发展，其已成为解决轨道交通项目和其他城市基础设施项目资金短缺的一种主要途径。但由于PPP融资模式结构复杂、相关利益者众多，项目潜在的风险巨大等的缺点，只有对PPP融资模式进行全面、系统的风险管理研究，才能保证该融资模式在城市基础设施项目中能够成功运用并保持良好的运转，进而促进城市基础设施项目的发展。本文具体以基础设施中的轨道交通设施为研究，以米兰地铁5号线建设项目为例。本文在查阅了大量资料的基础上对城市轨道交通 PPP 项目的融资模式及有关风险管理进行了概述，包括风险的识别与风险的分担等。然后阐述了PPP模式的应用存在的问题及解决对策。其中，以米兰地铁建设项目的PPP项目风险管理研究为案例进行分析，为 PPP融资项目风险管理提供了良好经验。

关键词：城市轨道交通; PPP融资模式; 风险识别; 风险评估; 风险分担

Abstract

With the development of urbanization and the increasing demand of public transport, the urban rail transit project, which includes subway, light rail, tram and maglev train, has developed rapidly in many cities. Urban rail transit has these following qualities such as the large traffic volume, convenient, punctuality, less pollution, etc. These advantages make it greatly boost the development of economy as well as facilitate people's lives and travel. However, the large-scale investment, poor profitability and large sunk cost make it hard to meet the need of its development by only counting on government’s investment and borrowing. With the application and development of PPP financing model in the field of infrastructure, the PPP model has become an important way to solve the problem of funds in rail transit projects. However, the complex structure, large number of participants and huge potential risk still lie as the shortages of the PPP financing model. Therefore, only by making comprehensive and systematic risk management research on PPP financing model can we ensure that it can be used successfully in the rail transit project and then play as a active role in the development of urban rail transit projects.

This paper first states the background, purpose and research status of the thesis by studying the public goods and project theory, And then defines the urban rail transit PPP project financing model including its characteristics and its various types. Secondly, the article introduces the risk identify of urban rail transit PPP project financing model and explains the classification, identifying methods and identifying process regarding the risks. Finally, this paper proposes the general risk sharing measures based on the identified risk factors and risk sharing results in the PPP project. Meanwhile, it also use Milan Metro PPP project as an example to illustrate the principles and factors of risk managing.

Key Words： PPP financing model; urban rail transit; risk identification; risk assessment; risk sharing

目 录

第1章 绪论 6

1.1研究背景 6

1.2研究目的及意义 6

1.3国内外研究现状 7

第2章 PPP模式阐述 9

2.1 PPP模式定义 9

2.2 PPP模式特征 9

2.3 PPP模式基本结构 9

2.4 PPP模式分类.................................................11

第3章 PPP模式的风险特征及其识别 13

3.1 PPP模式的风险特征 13

3.2 PPP模式的风险识别方法 14

3.3 PPP模式的风险识别步骤 14

第4章 基础设施PPP模式的风险分类 16

4.1 不可抗力风险 16

4.2 国别风险 16

4.3 特定项目风险 16

第5章 基础设施PPP模式的风险分担 18

5.1基础设施PPP模式的风险分担主体 18

5.2基础设施PPP模式风险分担的原则 18

5.3基础设施PPP模式风险分担的影响因素 19

第6章 应用PPP模式存在的现状问题和相应对策 21

6.1基础设施建设项目中应用PPP模式存在的问题 21

6.2应用PPP模式的对策 21

第7章 PPP模式的风险管理研究——以米兰地铁建设项目为例............23

7.1 米兰地铁建设项目与主要参与者介绍.............................23

7.2 米兰地铁建设项目主要风险及其对应措施.........................24

第8章 结语........................................................27

参考文献 28

致 谢 29