去杠杆对参与PPP项目民企的融资影响研究——以东方园林为例.pdf

摘 要 近些年来，PPP 模式一直是个大热话题，从 2014 年进入高速发展阶 段后，各中小民企也是积极参与到该项业务中，可是随着去杠杆和 PPP 政策规范化的推进，2017 年粗放式的PPP 业务得到遏制。而前期疏于对 参与 PPP 项目的企业融资规划的企业，纷纷出现或大或小的融资问题。 而去杠杆和PPP 政策的变化对于参与PPP 项目的民企融资的影响有哪些？ 导致这些影响的原因是什么？是否有相应的应对措施？针对上述问题的 研究，有助于参与 PPP 项目民企的良性发展，为其融资规划提供参考借 鉴。 本文采用文献研究法和案例分析法，理清了 PPP 业务的运营模式， 并结合政策与行业背景进行分析。选取了具有代表性的东方园林股份有限 公司作为本研究的案例公司进行全面分析。研究发现，政策变化对于东方 园林的融资影响主要表现为融资能力下降、融资条件提高、融资成本升高， 融资方式被迫变更。究其原因，主要是由于其巨额资金需求量和过于单一 的融资方式之间的矛盾带来的融资风险。从而得出造成 PPP 民企业融资 问题不仅仅是外部的去杠杆和 PPP 政策的变化，更是由企业没遵循 PPP 业务的特点合理地规划所导致的结论。并针对该结论给出如下建议：1. 选择优质 PPP 项目，充分利用项目优势及政府背书；2.合理规化企业发 展及资金安排，做好融资规划;3.拓宽融资渠道，促进融资方式的多样化;4. 引入战略投资者。 关键词：去杠杆；PPP 模式；民营企业；融资；东方园林 I ABSTRACT In recent years, the PPP model has been a hot topic. Since entering the stage of rapid development in 2014, small and medium-sized private enterprises have also actively participated in this business. However, as deleveraging and PPP policy standardization progressed, PPP business was contained. In the early stage, companies that neglected to participate in the corporate financing planning of PPP projects have encountered large or small financing problems. What are the impacts of deleveraging and changes in PPP policies on private enterprise financing involved in PPP projects? What are the causes of these effects? Are there corresponding countermeasures? Research on the above issues will help the benign development of private enterprises participating in PPP projects and provide references for their financing planning. This article uses the literature research method and case analysis method to clarify the operation mode o