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What is PPP?

2015-05-27
PPP(公私合作关系:Public-private Partnership)

PPP(公私合作关系:Public-private Partnership)

广义PPP(Public-Private-Partnership)也称3P模式,即公私合作模式,是公共基础设施一种项目融资模式。在该模式下,鼓励私营企业、民营资本与政府进行合作,参与公共基础设施的建设。
按照这个广义概念,PPP是指政府公共部门与私营部门合作过程中,让非公共部门所掌握的资源参与提供公共产品和服务,从而实现合作各方达到比预期单独行动更为有利的结果。
与BOT相比,狭义PPP的主要特点是,政府对项目中后期建设管理运营过程参与更深,企业对项目前期可研、立项等阶段参与更深。政府和企业都是全程参与,双方合作的时间更长,信息也更对称。
三三大特征
伙伴关系
PPP具有三大特征,是伙伴关系,这是PPP最为首要的问题。政府购买商品和服务、给予授权、征收税费和收取罚款,这些事务的处理并不必然表明合作伙伴关系的真实存在和延续。比如,即使一个政府部门每天都从同一而公共部门则是以此目标实现公共福利和利益的追求。形成伙伴关系,首先要落实到项目目标一致之上。但这还不够,为了能够保持这种伙伴关系的长久与发展,还需要伙伴之间相互为对方考虑问题,具备另外两个显著特征:利益共享和风险分担。
利益共享
需明确的是,PPP中公共部门与私营部门并不是简单分享利润,还需要控制私营部门可能的高额利润,即不允许私营部门在项目执行过程中形成超额利润。其主要原因是,任何PPP项目都是带有公益性的项目,不以利润大化为目的。如果双方想从中分享利润,其实是很容易的一件事,只要允许提高价格,就可以使利润大幅度提高。不过,这样做必然会带来社会公众的不满,甚至还可能会引起社会混乱。既然形式上不能与私营部门分享利润,那么,如何与私营部门实际地共享利益呢?在此,共享利益除了指共享PPP的社会成果,还包括使作为参与者的私人部门、民营企业或机构取得相对平和、长期稳定的投资。利益共享显然是伙伴关系的基础之一,如果没有利益共享,也不会有可持续的PPP类型的伙伴关系。
风险共担
伙伴关系作为与市场经济规则兼容的PPP机制,利益与风险也有对应性,风险分担是利益共享之外伙伴关系的另一个基础。如果没有风险分担,也不可能形成健康而可持续的伙伴关系。无论是市场经济还是计划经济、无论是私人部门还是公共部门、无论是个人还是企业,没有谁会喜欢风险。即使具冒险精神的冒险家,其实也不会喜欢风险,而是会为了利益千方百计地避免风险。
在PPP中,公共部门与私营部门合理分担风险的这一特征,是其区别于公共部门与私营部门其他交易形式的显著标志。例如,政府采购过程,之所以还不能称为公私合作伙伴关系,是因为双方在此过程中是让自己尽可能小地承担风险。而在公私伙伴关系(PPP)中,公共部门却是尽可能大地承担自己有优势方面的伴生风险,而让对方承担的风险尽可能小。一个明显的例子是,在隧道、桥梁、干道建设项目的运营中,如果因一般时间内车流量不够而导致私营部门达不到基本的预期,公共部门可以对其提供现金流量补贴,这种做法可以在“分担”框架下,有效控制私营部门因车流量不足而引起的经营风险。与此同时,私营部门会按其相对优势承担较多的、甚至全部的具体管理职责,而这个领域,却正是政府管理层“官僚主义低效风险”的易发领域。由此,风险得以规避。
如果每种风险都能由最善于应对该风险的合作方承担,毫无疑问,整个基础设施建设项目的成本就能最小化。PPP管理模式中,更多是要突破简单化的“融资模式”理解,上升到从管理模式创新的层面上理解和总结。
P模式分类
融资性质
从广义的层面讲,公私合作(PPP)应用范围很广,从简单的,短期(有或没有投资需求)管理合同到长期合同,包括资金、规划、建设、营运、维修和资产剥离。PPP安排对需要高技能工人和大笔资金支出的大项目来说是有益的。它们对要求在法律上拥有服务大众的基础设施的来说很有用。公私合作关系资金模式是由在项目的不同阶段,对拥有和维持资产负责的合作伙伴所决定。PPP广义范畴内的运作模式主要包括以下几种:
(1)建造、运营、移交(BOT)
私营部门的合作伙伴被授权在特定的时间内融资、设计、建造和运营基础设施组件(和向用户收费),在期满后,转交给公共部门的合作伙伴。
(2)民间主动融资(PFI)
PFI是对BOT项目融资的优化,指政府部门根据社会对基础设施的需求,提出需要建设的项目,通过招投标,由获得特许权的私营部门进行公共基础设施项目的建设与运营,并在特许期(通常为30年左右)结束时将所经营的项目完好地、无债务地归还政府,而私营部门则从政府部门或接受服务方收取费用以回收成本的项目融资方式。
(3)建造、拥有、运营、移交(BOOT)
私营部门为设施项目进行融资并负责建设、拥有和经营这些设施,待期限届满,民营机构将该设施及其所有权移交给政府方。
(4)建造、移交(BT)
民营机构与政府方签约,设立项目公司以阶段性业主身份负责某项基础设施的融资、建设,并在完工后即交付给政府。
(5)建设、移交、运营(BTO)
民营机构为设施融资并负责其建设,完工后即将设施所有权移交给政府方;随后政府方再授予其经营该设施的长期合同。
(6)重构、运营、移交(ROT)
民营机构负责既有设施的运营管理以及扩建/改建项目的资金筹措、建设及其运营管理,期满将全部设施无偿移交给政府部门。
(7)设计建造(DB)
在私营部门的合作伙伴设计和制造基础设施,以满足公共部门合作伙伴的规范,往往是固定价格。私营部门合作伙伴承担所有风险。
(8)设计、建造、融资及经营(DB-FO)
私营部门的合作伙伴设计,融资和构造一个新的基础设施组成部分,以长期租赁的形式,运行和维护它。当租约到期时,私营部门的合作伙伴将基础设施部件转交给公共部门的合作伙伴。
(9)建造、拥有、运营(BOO)
私营部门的合作伙伴融资、建立、拥有并经营基础设施部件。公共部门合作伙伴的限制,在协议上已声明,并持续的监管。
(10)购买、建造及营运(BBO)
一段时间内,公有资产在法律上转移给私营部门的合作伙伴。建造、租赁、营运及移交(BLOT)
(11)只投资
私营部门的合作伙伴,通常是一个金融服务公司,投资建立基础设施,并向公共部门收取使用这些资金的利息。
非融资性质
(1)作业外包
政府或政府性公司通过签定外包合同方式,将某些作业性、辅助性工作委托给外部企业/个人承担和完成,以期达到集中资源和注意力于自己的核心事务的目的。一般由政府方给作业承担方付费
(2)运营与维护合同(O&M)
私营部门的合作伙伴,根据合同,在特定的时间内,运营公有资产。公共合作伙伴保留资产的所有权。
(3)移交、运营、移交(TOT)
政府部门将拥有的设施的移交给民营机构运营,通常民营机构需要支付一笔转让款,期满后再将设施无偿移交给政府方。
股权产权转让
政府将国有独资或国有控股的企业的部分产权/股权转让给民营机构,建立和形成多元投资和有效公司治理结构,同时政府授予新合资公司特许权,许可其在一定范围和期限内经营特定业务
合资合作
政府方以企业的资产与民营机构(通常以现金方式出资)共同组建合资公司,负责原国有独资企业的经营。同样,政府将授予新合资公司特许权,许可其在一定范围和期限内经营特定业务。

 

What is a P3?

In many Public-Private Partnerships (also known as PPPs or P3s), a private investor or consortium of companies pay the governmental entity to build or operate an asset in exchange for the right to collect user fees and other revenue streams associated with the asset.  P3's can be used to shift control of an existing asset like a government building, parking lots or roads.  They are also used to generate investment capital to build new infrastructure needed when public agencies are unable to raise sufficient public debt. Sales of existing assets allow a governmental entity to raise a large amount of funds for today's needs.  Because of this quick cash infusion, some cities and state are considering selling valuable assets to help fill in budget gaps.   In both cases there are several serious risks if the deal fails to include public interest and taxpayer protections.  P3 variations are discussed below in the Public-Private Partnership Models section.
What are the Risks?
Selling Cheap:  In many P3 deals, cities and states sell cheap because they are desperate to fill budget holes.  While the one-time cash infusion may help fill a budget hole for a year or two, the government has lost steady revenue from the asset for decades afterwards.  In the case of the privatization of the Chicago parking meters, anInspector General report found that "the City was paid, conservatively, $974 million less for this 75-year lease than the City would have received from 75 years of parking-meter revenue..."
Handing over Control:  When governmental entities hand over control of an asset to a private company, the public loses control over how it is operated.  When an asset is in public control, we can demand that the operations of the asset are transparent, accountable to the people, and adhere to important public interest standards.  Public-Private Partnerships typically involve giving up control in the following ways:
·                                 Long Contract Lengths:  These agreements typically last anywhere from 30 to 99 years, so the ramifications of these contracts last for generations.  Private companies, governmental entities, and the public's needs change through time, and what makes sense at the beginning of the contract may not be in the people's best interest 50 years from now.  P3s effectively allow a private contractor(s) to have a monopoly over a valuable asset for a long period of time.      
·                                 Unfavorable Contract Clauses: P3 contracts usually contain unfavorable contract clauses, such as compensation and non-compete clauses, which can significantly harm the public interest.  A compensation clause ensures that the governmental entity compensates the private operator when the government takes an action affecting how much revenue is generated by the asset.  For example, in September 2008, Indiana was required to reimburse the private Indiana Toll Road operator $447,000 for tolls that were waived for people being evacuated during a severe flood.  Non-complete clauses are just as dangerous - In Virginia, the state decided to promote carpooling on their highways to cut down on pollution, slow highway deterioration and lessen congestion. As a result of initiative, Virginia must reimburse the private contractor for lost revenues from carpoolers.  Since more people are carpooling and sharing cars, the private company must be reimbursed for this lost revenue.  These clauses result in an unfortunate loss of public policy and planning abilities. 
·                                 Loss of Public Interest Protections:  These arrangements hand over control of important public interest decisions to private companies.  For example, private operators may only adhere to minimum safety standards on a busy roadway, or they many have exclusive control over wages and benefits of employees who work on public works projects.  The public loses important control and accountability measures in P3 contracts.  
·                                 Increase in User Fees: Handing over control of valuable public assets usually means that private operators have the ability to raise user fees without input from the public.  In almost all P3 deals, user fees are increased under private operation.  This can be very burdensome for people who have to regularly use these assets, such as taking bridges and roads to get to work each day. 
Public-Private Partnership Models
Public-Private Partnership (or P3) contracts can take many different forms.  Below are a few of the most common models.
Long-Term Lease Agreement
This is an agreement where a private company (or consortium of companies) receives the right to collect revenues associated with an existing asset in exchange for an upfront fee to the governmental entity. Examples of this model include the long-term leases of the Chicago parking meters.
Sale/Leaseback
A sale-leaseback is a transaction in which the owner, in this case the government, sells public property and then leases it back from the private buyer. Examples of this model include the recently proposed and rejected sale/leaseback of numerous California state office buildings. 
Design-Build-Finance-Operate-Maintain
There are many variations of this model, such as Design-Build, Design-Build-Operate, etc., depending on the private entity's role. In this model, a private entity is involved in varying aspects of the financing, design, building, operation and maintenance of the asset, and is compensated for its investment by receiving the right to collect future revenues associated with asset, such as user fees. 
Availability Payment
In this model, the governmental entity provides regular payments, based on criteria such as project milestones or performance standards, to private investors, developers, and operators that design, build, finance, operate, and maintain the asset (or perform a subset of these activities). This project is similar to the design, build, finance, operate, and maintain-type contract described above, but uses an availability payment scheme to compensate the private companies. 

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