采煤塌陷地复垦项目PPP融资模式应用研究

Application of PPP Financing Model in Land Reclamation Project in Coal Mining Subsidence

摘要:

探索PPP融资的运作模式与双方合作机制，促进PPP融资模式在采煤塌陷地复垦项目中的应用。研究基于风险-收益均衡原则，从私人资本与政府的风险偏好特点出发，建立了项目总成本最小的最优风险分担模型；在风险分担系数已知的情况下，建立了Shapley值模型对双方收益进行合理分配。结果表明：私人投资主体的综合风险系数略大，双方基本上均担风险；私人投资主体承担绝大部分的项目资金投入，所获收益略大于政府。因此引入PPP模式进行采煤塌陷地复垦，对于政府而言，可以解决资金压力，分散不擅长的项目与金融、市场风险；对于私人投资主体而言，可以避免过多的政策与不确定性风险，获得较高的投资收益。该研究为采煤塌陷地复垦项目PPP融资谈判提供了理论依据，对加快塌陷区复垦进程具有非常重要的现实意义。

Abstract:

In this paper, the operation mode and cooperation mechanism of PPP financing, and the application of PPP financing model in land reclamation projects in coal mine subsidence have been introduced. Based on risk-benefit equilibrium principle, from the aspects of private capital and government risk, the optimal risk sharing model with minimum total cost has been established. Under the conditon of knowing constant risk sharing coefficient, the Shapley value model has been established to distribute the benefits. It is showed that the comprehensive risk coefficient of private investors is slightly larger. Thus, the risk should be shared by both sides. Private investors bear most of the project capital investment, and the profit is slightly larger than that of the government. The introduction of PPP model for coal mining subsidence land reclamation can solve the fund pressure, reduce financial abd market risk of the projects for the government. For private investment subject, it can avoid too much policy and uncertainty risk, and obtain higher investment income. This study will provides a theoretical basis for the PPP financing negotiation of land reclamation projects in the coal mining subsidence. It has a very important practical significance for accelerating the reclamation process in the subsidence area.