Financing mode of ppt project
BOT mode means that domestic and foreign investors or consortia, as project sponsors, obtain the construction and operation concession of infrastructure projects from a local government of a country, and then set up a project company to be responsible for the financing, design, construction and operation of the project construction. BOT financing is a way for private enterprises to participate in infrastructure construction and provide public services to the society. BOT has different names in different countries, and it is generally called "franchising" in China. The advantages of BOT financing mainly include the following aspects: First, reduce the impact of projects on the government budget, so that the government can still launch some infrastructure projects under the condition of insufficient funds. The government can concentrate resources and invest in projects that are not favored by investors but are of great strategic significance to local governments. BOT financing does not constitute the government's foreign debt, but it can improve the government's credit, and the government does not have to worry about repaying the debt. Secondly, introducing the efficiency of private enterprises into public projects can greatly improve the quality of project construction and accelerate the progress of project construction. At the same time, the government has also transferred all project risks to private sponsors. Thirdly, attracting foreign investment and introducing foreign advanced technology and management methods will have a positive impact on local economic development. BOT investment is mainly used to build infrastructure projects such as toll roads, power plants, railways, sewage treatment facilities and urban subways.
BOT is very important In addition to the above general modes, BOT has more than 20 evolution modes. Common ones are: BOO (build-operate-own), BT (build-transfer), TOT (transfer-operate-transfer), BOOT (build-operate-own-transfer), BLT (build-lease-transfer) and so on.
TOT financing
TOT(Transfer-Operate-Transfer) is the abbreviation of "transfer-operation-transfer", which means that after the government signs a franchise agreement with investors, it will hand over the profitable public facilities that have been put into operation to private investors for operation, and in the next few years, it will get a lump sum of money from investors for the construction of new infrastructure projects with the benefit of the facilities; After the franchise expires, investors will hand over the facilities to the government for free.
TOT mode is obviously different from BOT mode. It does not require investors to directly invest in infrastructure construction, so it avoids a lot of risks and contradictions in the process of infrastructure construction and makes it easier for the government and investors to reach an agreement. TOT mode is mainly suitable for the construction of transportation infrastructure.
In foreign countries, there is a financing mode that combines TOT with BOT project financing mode, but mainly BOT, which is called TBT. In TBT mode, the implementation of TOT is auxiliary, mainly used to promote BOT. There are two ways of TBT: first, public institutions transfer the management right of existing construction facilities with compensation through TOT, and after financing, invest the funds into BOT project companies to participate in the construction and operation of new BOT projects, and finally recover the management right. The second is free transfer, that is, public institutions will transfer the management right of the constructed facilities to investors in the form of TOT, provided that they share the operating income of the proposed project with the BOT project company in an increasing proportion. Of these two modes, the former is relatively rare.
For a long time, the development of transportation infrastructure in China has lagged behind the development of national economy, and the contradiction between capital shortage and investment demand is very prominent. TOT model can find a realistic way to alleviate the contradiction between supply and demand of transportation infrastructure construction funds in China and accelerate the construction and development of transportation infrastructure.
PPP financing model
PFI model and PPP model are two foreign models that have developed rapidly in recent years. Although it is still in the initial stage in China, it has a good reference function and is also a development direction of investment and financing system reform in the field of public investment in China.
PPP(Public Private Partnership) is a cooperative model of public and private enterprises, and it is a project financing model of public infrastructure. Under this model, private enterprises are encouraged to cooperate with the government and participate in the construction of public infrastructure.
Its Chinese meaning is: public * * *, private, partner. The framework of PPP mode is: starting from the needs of public undertakings, using the industrialization advantages of private resources, developing, investing and building through the cooperation between the government and private enterprises, and maintaining the cooperation mode of operating public undertakings, that is, the partnership between the government and private economy in the public sector. Through this form of cooperation, all parties can achieve more favorable results than expected by individual actions. When partners participate in a project, the government does not transfer all the responsibilities of the project to private enterprises, but all parties involved in the cooperation share the responsibilities and financing risks. This is a worldwide topic, which has been officially approved by the tripartite meeting of the State Planning Commission, the Ministry of Science and Technology and the United Nations Development Programme, and has been included in the ongoing China Local Agenda 2 1 century capacity building project.
PFI financing model
The essence of PFI is that the government buys services from private individuals. At present, this method is mostly used in social welfare construction projects. It is not difficult to see that this method is mostly adopted by developed countries with relatively perfect hardware infrastructure. Comparatively speaking, due to the limitation of economic level, developing countries invest more resources in places that can directly or indirectly generate economic benefits, and the importance of these infrastructures in national production makes it difficult for the government to give up the ultimate ownership.
PFI projects always have a certain emphasis in the application fields of developed countries. Take Japan and Britain for example. In terms of quantity, Japan's key areas are social welfare, environmental protection and infrastructure, while Britain's key areas are social welfare, infrastructure and environmental protection. From the perspective of capital investment, Japan only accounts for 7%, 52% and 1% of Britain's infrastructure, social welfare and environmental protection, which shows that its scale is far smaller than that of Britain. At present, there are many PFI projects in Britain, and the biggest one comes from the Ministry of National Defense, such as air-to-air refueling tank program, military flight training program and airport service support. More typical projects are relatively small facilities construction, such as education or civil buildings, police stations, hospital energy management or road lighting, while larger projects include roads, prisons and hospital buildings.
securitization of corporate assets
Namely asset securitization financing. It is a kind of project financing method that issues bonds in the capital market to raise funds through a set of plans to improve credit rating with the expected return of project assets as the guarantee. The specific operation process is: (1) set up a special target company. (2) The target company chooses the object that can carry out asset securitization financing. (3) Transfer the rights of future cash income of government projects to the target company by means of contracts and agreements. (4) The target company directly issues bonds in the capital market to raise funds or is guaranteed by the target company's credit and issued by other institutions, and the raised funds are used for project construction. (5) The target company repays the principal and interest of bonds through the cash inflow of project assets.
Many countries and regions focus on ABS financing of railway, highway, port, airport, bridge and tunnel construction projects in the transportation field; Power, gas and natural gas infrastructure construction projects in the energy field; Health care in public institutions. Good results have been achieved in the construction of public facilities such as water supply, power supply and telecommunication network.
Connotation of ppt project financing
first
PPP is a new project financing model. Project PPP financing is a project-oriented financing activity and a realization form of project financing. Financing is mainly arranged according to the expected income of the project, assets and the strength of government support measures, rather than the credit of the project investors or sponsors. The direct income from project operation and the benefits transformed through government support are the sources of funds to repay the loan, and the assets of the project company and the limited commitment given by the government are the security guarantee of the loan.
second
PPP financing mode can make private capital participate in projects more, thus improving efficiency and reducing risks. This is what the current project financing model lacks. The government, public departments and private enterprises cooperate in the whole process on the basis of franchise agreement, and both parties are responsible for the whole cycle of project operation. The operating rules of PPP mode enable private enterprises to participate in the preliminary work such as the confirmation, design and feasibility study of urban rail transit projects, which not only reduces the investment risk of private enterprises, but also introduces more efficient management methods and technologies of private enterprises in investment and construction into the project, effectively controls the construction and operation of the project, thus helping to reduce the investment risk of project construction and better safeguard the interests of all parties of the state and private enterprises. This is of practical significance for shortening the project construction period, reducing the project operating cost and even the asset-liability ratio.
third
Can PPP model guarantee private capital to a certain extent? Profitable? . The investment goal of the private sector is to seek projects that can repay loans and return on investment, and unprofitable infrastructure projects cannot attract private capital investment. Using PPP model, the government can give private investors corresponding policy support as compensation, thus solving this problem well, such as tax incentives, loan guarantees, giving private enterprises priority in developing land along the route, and so on. By implementing these policies, the enthusiasm of private capital to invest in urban rail transit projects can be improved.
fourth
PPP mode can improve the service quality of urban rail transit on the premise of reducing the burden and risk of government initial construction investment. Under PPP mode, the public sector and private enterprises jointly participate in the construction and operation of urban rail transit, and private enterprises are responsible for project financing, which may increase the capital amount of the project, thus reducing the excessive asset-liability ratio, saving the government's investment and transferring some project risks to private enterprises, thus reducing the government's risks. At the same time, the two sides can form a long-term goal of mutual benefit and better serve the society and the public.
Development mode of ppt project financing
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 [3]. 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.
PPP mode has been widely used. 1992 PPP mode was first applied in Britain. 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 transportation projects, 9 airports, 2 prisons and 1 reservoir/kloc-0. 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. Adopted by Brazil in February 2004? Public-private partnership (PPP) model? The bill makes specific provisions for the national management department to implement project bidding and sign project contracts under PPP mode. 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. China government has also begun 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.