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PPP新政酝酿推出 今年项目签约率或大幅提升

记者获悉,为加快PPP(政府和社会资本合作)模式的推广进度、提高项目签约率,相关部门正酝酿推出一系列政策措施,包括完善物有所值评价指引、PPP法征求意见稿等顶层设计,预计今年PPP项目签约落地率将大幅提升。

财政部政府和社会资本合作中心副主任焦小平日前表示,财政部将于今年启动“财政部国家PPP管理平台”,着力保护社会资本方利益。该平台投入运行后,PPP项目签约情况将被及时跟踪,社会资本可更方便地选择投资机遇。

项目规模可观

去年9月,财政部公布第二批共206个PPP示范项目名单,总投资额6588.64亿元。项目数量是第一批项目的7倍,总投资额是第一批项目的4倍。去年12月,发改委公布第二批共1488个推介的PPP项目,预计总投资额2.26万亿元,数量和金额分别比第一批项目高42.9%和13.9%。

据公开信息统计,发改委公布推介PPP项目2529个,总投资额约4.24万亿;财政部总计推出PPP示范项目233个,总投资额约8170亿元。二者合计投资额约4.95万亿元。

民生证券研究院执行院长、首席宏观研究员管清友表示,实际上,PPP的“蛋糕”不止这么大。目前推出的示范、推介项目与已签约但未纳入中央项目库的项目之和超过3100个,总投资额近6万亿元,约为2014年基建投资额的60%。

管清友表示,通常各地都会筛选出几十个项目报送发改委和财政部,但最终只会选择部分项目作为示范项目或推介项目,同时为部分项目提供财政支持。对于未被选中的项目,地方可以自己的财政力量支持其发展。

关于PPP项目的领域,从财政部公布的第二批PPP示范项目名单可以看出,在全国范围内,市政类项目和水务类项目占比最高,分别为29%和24%;交通类项目次之,占18%;其他类型项目占比差别不大。

管清友认为,如果今年继续发布PPP示范、推介项目,那么未来PPP项目相对于基建项目总量的占比可能超过其他国家惯常使用的15%的标准,“PPP化”将成为我国基建项目融资模式设计的主流。

焦小平日前表示,财政部将采用新的、更加透明可预期的方式推出第三批示范项目。

部分地方签约率待提升

相关部门发布的数据显示,PPP项目签约分布不均,部分地方存在PPP项目签约难的问题。

广发证券分析师郭鹏表示,如果PPP法、预算管理等得到有效落实,再加上商业银行、保险资金对PPP项目的融资支持,社会资本对PPP项目的参与热情将大幅提升。

分析人士认为,部分地区PPP项目签约率低主要是PPP项目签约流程多,容易发生变数。通常PPP项目从前期调研、物有所值研究、评估风险、建立财务模型、设计PPP模式到最后正式合同的准备至少需要半年时间。各地PPP项目推介会上项目的签约实际情况通常是,社会资本方简单了解项目后觉得有投资价值,于是确定初步投资意向,从“意向约”到“合同约”可能还存在一些变数,项目是否能落地要以最终的合同为准。

在管清友看来,PPP项目签约数量与地区经济社会发展水平有较强相关性。华东地区的浙江、江苏和山东是PPP项目签约率较领先省份,分别占全国总签约数的7%、10%、6%。在全国范围内,占比在5%以上的省份仅有7个,其中华东地区就有3个,这与经济发达、政府信誉较好、债务与或有债务偿还能力可靠有关。

一系列新政酝酿出台

为加快推进PPP项目落地,提高项目签约率,相关部门正酝酿推出新政策。

焦小平日前表示,财政部对PPP的预算管理政策正在酝酿中,今年有望问世。该政策将打消社会资本的忧虑,使PPP的示范项目的标杆作用得到充分体现。此外,财政部今年将启动财政部国家PPP管理平台,届时所有项目的项目描述、签约情况、实施进展情况、地方政府债务与或有债务情况都将会在平台上公布,着力以全透明的信息披露充分保护社会资本方的利益。

平台投入运行后,PPP项目的签约情况将被及时跟踪,社会资本可通过该平台提供的大数据分析服务选择有价值的投资机会。

分析人士认为,PPP预算管理政策将PPP纳入地方财政预算可消除社会资本对回款等因素的担忧,特别是对于海绵城市、地下管廊等投资大、回报期长、外部性特征明显、需要政府财政支付的领域将有较大促进作用。

业内人士表示,除PPP预算管理政策酝酿推出外,物有所值评价指引、PPP法征求意见稿等顶层设计正在完善。预计PPP模式将更多地转向执行层面,预计今年PPP项目的签约落地率将大幅提升。

财政部日前公布的PPP项目“以奖代补”政策从今年开始实施。平安证券分析师魏伟表示,该政策将从根本上改变地方政府对PPP项目的认识,从将PPP项目视为向中央要政策、要钱的融资通道转变为主动吸收社会资本,保证项目顺利推进。同时,引导和鼓励地方融资平台公司将存量公共服务项目转型为PPP项目,将在一定程度上化解地方政府存量债务,减轻地方政府财政压力。

魏伟认为,伴随PPP项目的逐步实施,PPP经典案例将逐渐增多,形成可复制模式加以推广势在必行。

Reporter learned that, in order to speed up the PPP mode of government and social capital cooperation to promote the progress and increase the rate of project contract, related departments are preparing to launch a series of policies and measures, including perfecting value evaluation guidance, the PPP method to draft the top-level design, the PPP project signing this year be born rate is expected to increase greatly.

Treasury JiaoXiaoPing deputy director of the government and social capital cooperation center, said that the Treasury will start this year "the Treasury country PPP management platform", to protect the interests of the social capital. The platform after put into operation, the PPP project contract conditions will be timely tracking, social capital can be more easily to choose investment opportunities.

Project size

Last September, the ministry of finance announced the second batch of a total of 206 PPP demonstration project list, total investment of 658.864 billion yuan. Project number is 7 times the amount of the first project, total investment is one of the first project of 4 times. In December last year, the national development and reform commission announced the second batch of a total of 1488 introduction of PPP project, is expected to total investment 2.26 trillion yuan, the number and amount respectively 42.9% and 13.9% higher than the first project.

According to public information, development and reform commission announced the introduction of PPP project 2529, total investment of about 4.24 trillion. The Treasury launched a total of PPP demonstration project 233, a total investment of about 817 billion yuan. The total investment of about 4.95 trillion yuan.

Executive director of the people's livelihood securities research institute, chief researcher at macro GuanQing friend said, in fact, the PPP's not such a big "cake". Currently launched demonstration, promotion project and has signed but not included in the project library projects more than 3100, the sum of the total investment of nearly 6 trillion yuan, about 60% of the infrastructure investment in 2014.

GuanQing says, usually around will filter out dozens of projects submitted to the national development and reform commission and the ministry of finance, but in the end will only choose part of the project as a demonstration project or promotion, at the same time provide financial support for some items. For the chosen project, places to their financial strength to support its development.

Areas of the PPP project from the ministry of finance announced the second batch of PPP demonstration projects list, you can see that across the country, municipal projects and water projects accounted for the highest, 29% and 24%, respectively; Traffic class project times, accounting for 18%; Other types of projects accounted for the difference is not big.

GuanQing friends think, if continue to issue the PPP model, to promote projects this year, so in the future the PPP project relative to the proportion of the total infrastructure projects could be more than other countries used to use 15% of the standard, "PPP" will become the mainstream of infrastructure project financing pattern design in our country.

JiaoXiaoPing said yesterday, the ministry of finance will adopt a new, more transparent, predictable way to launch the third batch of demonstration project.

Parts of contract rate for ascension

Related department released figures showing that the PPP project contract distribution, parts of PPP project signing difficult problems.

Cumt-ger wide hair negotiable securities analyst said that if the PPP method to effectively implement, budget management, coupled with the commercial Banks, insurance funds for the PPP project financing support, social capital of the PPP project participation would increase greatly.

Analysts believe the lower parts of the PPP project signing rate is mainly the PPP project signing process, more prone to variables. Usually the PPP project from prophase research, value research, assess risk, financial model, design the PPP mode at the end of the formal contract to prepare at least half a year. Around the PPP projects conference promoting the signing of the actual situation is often, social capital, the simple understanding feel after project investment value, then determine the initial investment intention, from the "intention about" to "contracts" may also exist some variables, if the project is to be born to the final contract shall prevail.

In GuanQing friend point of view, the PPP project contract number and level of regional economic and social development have strong correlation. In east China's zhejiang, jiangsu and shandong is a leading province, the PPP project signing rate is respectively 7%, 10%, 6% of the country's contract number. Across the country, accounting for more than 5% in only seven provinces, including in east China has three, this has to do with developed economy, good government credit and debt related to or have debt repayment ability is reliable.

A series of New Deal brewing

To accelerate the PPP projects, improve project signing rate and related departments are preparing to launch a new policy.

JiaoXiaoPing said yesterday, the ministry of finance budget management policy is in the making of the PPP, is expected to come out this year. This policy will dispel the worries of social capital, so the demonstration project of PPP benchmark function can be fully embody. In addition, the ministry of finance this year will start the PPP management platform of state of ministry of finance, then all the project description, contract conditions, implementation of the project progress, local government debt and contingent liabilities will be announced on the platform, strength in a completely transparent information disclosure fully protect the interests of the social capital.

Platform after put into operation, the PPP project contract will be timely tracking, social capital can be through the platform to provide large data analysis service selection valuable investment opportunities.

Analysts believe that the PPP budget management policy to the PPP into local fiscal budget can eliminate worries about debt collection factors such as social capital, especially for the sponge cities, underground pipe gallery outside features such as large investment, long return period, obviously, need to pay the government's fiscal field would be a big boost.

The personage inside course of study says, besides the PPP developing budget management policy, value evaluation draft guidance, the PPP method such as the top design is perfect. The PPP model is expected to more toward the execution level, the signing of the PPP projects this year be born rate is expected to increase greatly.

The ministry of finance has released the PPP project of "replace subsidies with awards" policy since the beginning of the year. Wei ping an securities analyst, said the policy will fundamentally change the understanding of the PPP projects, local governments from the PPP project is regarded as central to policy, the financing channels for the money to take the initiative to absorb the social capital, guarantee the project smoothly. At the same time, guide and encourage local financing platform company stock to the public service project into the PPP projects, will dissolve the stock of local government debt to a certain extent, reduce the pressure of local government finances.

Wei believes that with the implementation of the PPP project, the PPP classic case will gradually increase, it is imperative to promote replicable model).



来源:中国招标信息网(www.cnbidding.com)


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