公私營(yíng)伙伴關(guān)系模式

PUBLIC-PRIVATEPARTNERSHIP

公私營(yíng)伙伴關(guān)係模式廖美薇RichardFELLOWSTheUniversityofHongKong香港大學(xué)Widespreadrequirements

普遍要求Non-decreasingstreamsofdividends 不降低分紅/利潤(rùn)Developmentaladvancementplusgovernmentalexpenditurereduction 要求政府減少開支，但同時(shí)保持發(fā)展Pursueprinciplesofjoint-venturing 探求聯(lián)營(yíng)體模式的原理OrganisationalArrangements

組織方式FormalStructures（正式的架構(gòu)形式）︰BOT(Build,Own,Transfer) BOT（建造、擁有、移交）BOO(Build,Own,Operate) BOO（建造-擁有-營(yíng)運(yùn)）BOOT(Build,Own,Operate,Transfer) BOOT（建造-擁有-營(yíng)運(yùn)-移交）DFBO(Design,Finance,Build,Operate) DFBO（設(shè)計(jì)-建造-融資-營(yíng)運(yùn)）DCMF(Design,Construct,Manage,Finance) DCMF（設(shè)計(jì)-施工-管理-融資）PFI(PrivateFinanceInitiativeUK) PFI（私人融資計(jì)畫英國(guó)）ConcessionObjective

特許經(jīng)營(yíng)的目標(biāo)Asset(s)providedbythePrivateSector 資產(chǎn)由私營(yíng)部門提供PublicSectorpurchasestheservicesrequiredfromtheasset(s)butwithouttheneedforcapitalinvestment. 公共部門/機(jī)構(gòu)採(cǎi)買此類資產(chǎn)所產(chǎn)生的服務(wù)，無需資本投入 Thus,transferscapitalfunding(andrisks)tothePrivateSector 這樣，將資本融資及其風(fēng)險(xiǎn)轉(zhuǎn)移給私營(yíng)部門Whataboutrevenuepriceperunitofserviceprovision? 收入-提供每單位服務(wù)的價(jià)格是怎么樣的？供應(yīng)商Figure1:Typicalorganizationalarrangementsforconcessionprojects

圖1︰特許經(jīng)營(yíng)項(xiàng)目的典型組織方式

After（根據(jù)）MernaandSmith(1994).項(xiàng)目主辦方(政府/公共機(jī)構(gòu))發(fā)展商(私人機(jī)構(gòu)/聯(lián)營(yíng)體)特許經(jīng)營(yíng)合約債款方(出資人)投資方(出資人)用戶營(yíng)運(yùn)商建造商ConcessionContract

特許經(jīng)營(yíng)合同Distributesrisks 分發(fā)/分散風(fēng)險(xiǎn)Stipulatesperformanceparameters(targets) 規(guī)定表現(xiàn)/績(jī)效參數(shù)（目標(biāo)）Specifiesprocedures 明確程式Prescribesrecourses 規(guī)定追索程式RisksandUncertainties

風(fēng)險(xiǎn)及不確定性

(categories/分類)Contractform 合約形式Financingrequirements 融資要求Timeperiod(s) 期限Typeofproject(function(s)) 項(xiàng)目類型（功能）Projectlocation 項(xiàng)目位置ConcessionArrangements

特許經(jīng)營(yíng)模式Contract-led 以合約為主導(dǎo)Market-led 以市場(chǎng)為主導(dǎo)ProjectFinance

項(xiàng)目融資Banks（銀行）Risksecurity（風(fēng)險(xiǎn)-安全性）Recoursenon-recourse（追索權(quán)-無追索權(quán)）Period（期限）Institutionalinvestors（機(jī)構(gòu)投資者）Bonds（債券）Security（安全保證）Capitalappreciation（資本增值）Income（收入）Promoters（發(fā)展商）Bonds（債券）-inflexible（硬性（缺少?gòu)椥裕?“up-front”funding（預(yù)先融資）-interestistaxdeductible（利息可稅前扣除）Claim

觀點(diǎn)ExpenditureforcapitalprovisionandprojectoperationarelowerthaniftheprojectwereprovidedandoperatedbythePublicSector 項(xiàng)目融資及項(xiàng)目營(yíng)運(yùn)的開支要比由公共部門提供及營(yíng)運(yùn)項(xiàng)目低Figure2:CostsofBorrowingandRisk

圖2︰借款成本及風(fēng)險(xiǎn)

(Source源自:Waites,1996)Reward回報(bào)Risk風(fēng)險(xiǎn)PrivatesectorfinancingcostsGovernmentborrowingcosts政府借款成本私人機(jī)構(gòu)融資成本Figure3:VFMandRisk

圖-3資金價(jià)值及風(fēng)險(xiǎn)

(Source源自:Waites,1996)ValueForMoney(VFM)資金價(jià)值VFMCriteria資金價(jià)值基準(zhǔn)線Risk風(fēng)險(xiǎn)Debt負(fù)債Equity資產(chǎn)ProblemsforContractors

承包商面對(duì)的問題Projectsevaluatedonalife-cyclebasis 基于生命週期對(duì)項(xiàng)目進(jìn)行評(píng)價(jià)Amalgamofdisparateorganizations 不同組織的融合Highcostsofbidding 投標(biāo)成本高“fitnessforpurpose”requirement “與目的相適應(yīng)”的要求Changes 各種變化Investment 投資Contractor’sInvestmentProblems

承包商的投資問題Largeequityinvestment(contractor-led) 大量/額的資產(chǎn)投資（以承包商為主導(dǎo)的模式中）Alien 不熟悉Construction 施工Lowmargin 低利潤(rùn)率Cashgenerating 以現(xiàn)金支付（可直接產(chǎn)生現(xiàn)金）Equityextractionbycontractors

承包商抽取/收回資產(chǎn)Sell-onequityinterestfollowingcompletionofconstruction 項(xiàng)目建成后立即出售資產(chǎn)的利益Jointventures

聯(lián)營(yíng)體TeamTMO(temporarymulti-organization) 團(tuán)隊(duì)TMO（臨時(shí)多方組織）“oligopolisticpartners”(Dietrich,