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论文编号：	10618
作者编号：	2120162815
上传时间：	2018/12/7 14:55:19
中文题目：	ZX信托HL综合治理PPP项目的投资策略研究
英文题目：	Investment research of ZX Trust Company on PPP Project of HL’s comprehensive treatment
指导老师：	王曼舒
中文关键字：	信托公司；政府与社会资本合作；股权投资；
英文关键字：	trust company；PPP model；Equity investment；
中文摘要：	本文从信托公司角度研究PPP项目的股权投资策略问题。 PPP是“Public-Private Partnership”的缩写，直译为“公私合作伙伴关系”；在我国被译为“政府与社会资本合作”。2014年以来，我国政府先后出台了各种政策，大力推进PPP模式的发展。PPP模式是我国推动城镇化健康发展的需要，是规范地方政府举债方式的需要。PPP模式使大量社会资本有机会参与基础设施建设，也为金融机构向服务实体经济转型提供契机。信托公司等非银机构，充分发挥全产业链综合服务实力和跨市场的资源整合优势，充分设计创新金融服务方式，鼎力支持区域经济发展，推动了PPP市场规范健康发展。 本文在阐述我国积极推进PPP模式的背景和意义、研究方法和创新点、写作内容和方法后，介绍了PPP概念、PPP项目融资概述以及信托公司投资PPP项目遵循的风险收益理论，并对相关文献进行综述从而加强对PPP理论的理解。紧接着本文从信托公司投资PPP项目的角度对我国PPP模式现状和融资问题进行分析并阐述H市HL综合治理PPP项目的现状，并提出ZX信托在投资该项目过程中面临的困境。随后，本文在分析PPP信托风控原则的基础上引出H市HL综合治理PPP项目投资策略的优化。最后，本文在上述一系列分析的基础上介绍ZX信托投资该项目时对项目公司的设立和签约安排、信托计划发行计划以及项目风控措施。本文的结尾阐述了研究结论与建议研究的局限性以及对未来的展望。 本文认为，PPP模式不仅是政府在基础设施建设和公共服务建设中的一种创新模式，更是国家治理现代化的一个突出体现。PPP模式中最关键的问题是项目融资问题，PPP项目融资涉及股权结构、债权结构、现金流、风控措施以及多种灵活的融资工具。信托公司作为资管机构，有着比单一金融机构更多的综合性和灵活性，是最有可能成为投资PPP模式的主力军。
英文摘要：	This paper studies the equity investment strategy of PPP projects from the perspective of trust companies. PPP is the abbreviation of "Public-Private Partnership”, translated into "Government and Social Capital Cooperation" in China. Since 2014, our government has successively issued various policies to vigorously promote the development of the PPP model. The PPP model is necessary to promote our country’s healthy development of urbanization and is necessary to regulate the way of local governments’ debt. It is an opportunity for a large amount of social capital to participate in infrastructure construction by the PPP model, and for financial institutions to service entity economy. Non-bank institutions such as trust companies will give full play to the comprehensive service strength of the whole industry chain and the advantages of resource integration across markets, fully design innovative financial service methods, fully support regional economic development, and promote the healthy development of the PPP market. After the introduction of the background and significance of the PPP model, the research methods and innovations, and the writing content and methods, this paper explains the PPP concept, the overview of PPP project financing and the risk-return theory followed by the trust company's investment PPP project, and reviews the relevant literature to enhance the understanding of PPP theory. Subsequently, based on the analysis of the status quo and financing problems of China's PPP model, this paper expounds the financing status of PPP project of HL comprehensive treatment, and finally puts forward the difficulties faced by ZX Trust Company in the process of investing in the project. Afterwards, based on the analysis of the principles of PPP risk control, the optimization of the investment strategy of PPP project in H city HL comprehensive management is introduced. The thesis introduces the establishment and contracting arrangements of the project company, the trust plan issuance plan and the project risk control measures after above .The end of this paper describes the limitations of research conclusions and recommendations and the outlook for the future. This paper believes that the PPP model is not only an innovative model of the government in infrastructure construction and public service construction, but also a prominent manifestation of the modernization of state governance. The most critical issue in the PPP model is financing. PPP financing involves equity structure, debt structure, cash flow, risk control measures and a variety of flexible financing tools. As a financial institution, Trust companies are more comprehensive and flexible than a single financial institution, and are most likely to become the main force of PPP financing.
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