CAJ | 학술논문

引导民营资本投入基础设施建设领域是我国改革固定资产投融资结构的一项重要举措，使得我国基础设施建设的融资模式由过去的单一国家投资改为多方共同投资的混合融资模式。因此，探索混合融资模式下的 PPP 项目特许期如何计算的问题具有重要的现实意义。在对特许期的概念进行界定的基础上，根据财务管理理论提出了特许期计算方法。该方法可针对各方的不同投资比例，对在民营期内项目获得的收益，按预设分配比例进行分配的前提下，计算 PPP 项目的特许期。通过对实际案例的分析，说明了计算方法的应用过程，验证了方法的可靠性与适用性，这对于解决混合融资模式下特许期的计算问题具有较大的参考价值。
인도민영자본투입기출설시건설영역시아국개혁고정자산투융자결구적일항중요거조，사득아국기출설시건설적융자모식유과거적단일국가투자개위다방공동투자적혼합융자모식。인차，탐색혼합융자모식하적 PPP 항목특허기여하계산적문제구유중요적현실의의。재대특허기적개념진행계정적기출상，근거재무관리이론제출료특허기계산방법。해방법가침대각방적불동투자비례，대재민영기내항목획득적수익，안예설분배비례진행분배적전제하，계산 PPP 항목적특허기。통과대실제안례적분석，설명료계산방법적응용과정，험증료방법적가고성여괄용성，저대우해결혼합융자모식하특허기적계산문제구유교대적삼고개치。
It is an important measure to lead the private capital to invest on infrastructure construction for the reform of financing structure in fixed assets in China,which makes the financing mode transmit from state single investment to multilateral co-investment. Therefore,it is of great practical significance to explore the problem of calculating the concession period of PPP project in the mixed financing mode. According to the financial management theory,this paper puts forward the calculation method of concession period based on the definition of the concession period,which can determine the concession period for different proportions of contribution and the private gains should be allocated according to the preset proportions. An example is provided to illustrate the application procedure of the method,and verify the reliability and applicability of the proposed method,which provides a reference for determining the concession period in mixed financing mode. This paper also points out the limitation and the future direction of the study.