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分析私营企业在基础设施项目的不同金融安排下的投资情况
Qianxing Ding1, Shanshan Huang2, Guohua Fu2
1College of Management and Economics, Tianjin University, Tianjin, PR China.
PloS one
|February 16, 2024
概括
金融安排对公私合作伙伴关系 (PPP) 的私人投资产生重大影响. 长期债务融资鼓励早期投资,并影响私营部门的投资边界和最佳资本结构.
科学领域:
- 金融 金融 金融 金融 金融
- 经济学 经济学 经济学
- 项目管理 项目管理
背景情况:
- 公私伙伴关系 (PPP) 对基础设施发展至关重要.
- 了解私营部门的投资行为是成功的PPP的关键.
- 金融安排对项目的可行性和私人公司的承诺产生重大影响.
研究的目的:
- 分析不同融资结构如何影响私营企业在PPP项目中的投资决策.
- 确定债务到期和再融资风险对投资时间和资本结构的影响.
- 探索融资,现金流波动和私营部门退出策略之间的关系.
主要方法:
- 游戏理论模型被用来模拟私人公司的投资决策.
- 分析融资安排,包括长期债务,短期债务和股权融资.
- 检查诸如再融资风险概率和现金流波动性等因素.
主要成果:
- 与短期债务或股权相比,长期债务融资导致较早的私人投资.
- 投资边界对在不同的融资场景下获得长期债务的概率敏感.
- 短期债务下的最佳债务水平显示了与再融资风险的U形关系.
- 资本结构差异随着再融资风险降低和短期债务下现金流波动性变化而扩大.
- 私营企业可能会在短期债务融资下更早退出项目.
结论:
- 融资结构是PPP私人投资行为的关键决定因素.
- 战略债务管理和风险评估对于优化私人参与至关重要.
- 根据项目特定风险调整财务安排可以提高PPP项目成功率.
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