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资本结构与股权结构设计是PPP项目融资结构设计的核心内容。在回顾现有PPP项目资本结构、股权结构研究现状基础上,总结了国内外PPP项目主要合作模式,借助证券投资组合风险分担思想,提出基于马柯维茨模型的PPP项目股权结构决策模型,研究风险作用下PPP项目股权结构调整机制。M县“一水两污”PPP项目应用结果表明,该模型能够帮助政府在风险可控范围内选择合适的股东,确定各参与方投资比例,为地方政府确定股权结构提供决策参考。
Capital structure and ownership structure design is the core content of PPP project financing structure design. Based on the review of the current research status of the capital structure and ownership structure of PPP projects, this paper summarizes the main cooperation modes of domestic and international PPP projects. By using the risk sharing theory of securities investment portfolio, this paper proposes a decision model of PPP project ownership structure based on Markowitz model Adjustment Mechanism of Ownership Structure of PPP Project under the Risk Effect. The result of PPP project application in M County shows that the model can help the government choose the right shareholder within the controllable risk, determine the investment proportion of each participant, and provide a reference for the local government to determine the ownership structure.