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強監管下PPP何去何從?

事件:

11月30日,國家發改委發布《關于鼓勵民間資本參與政府和社會資本合作(PPP)項目的指導意見》,鼓勵民間資本規範有序參與基礎設施項目建設,促進政府和社會資本合作(PPP)模式更好發展,提高公共産品供給效率。

評論:

最近多個關于PPP項目的規範文件出台:11月10日財政部印發《關于規範政府和社會資本合作(PPP)綜合信息平台項目庫管理的通知》(“92號文”),11月17日國資委印發《關于加強中央企業PPP業務風險管控的通知》(”192號文”),11月30日國家發改委印發《關于鼓勵民間資本參與政府和社會資本合作(PPP)項目的指導意見》。

政策出台主要針對的是近年來PPP模式過度濫用,杠杆水平過高推升隱性風險,民間資本相較于國有資本參與度較低等問題,目的是嚴控地方政府和央企參與PPP項目的經營風險和債務風險,鼓勵民間資本多渠道多角度參與PPP項目,補齊民間資本參與率低的短板。

我們認爲,在PPP項目建設熱潮中,及時糾偏和防範PPP相關風險是必要的,規範PPP健康發展從長遠來說有助于提升PPP項目質量及發展的可持續性,也體現政府堅定不移推進PPP長遠發展的決心。在政策大力支持民間資本參與PPP的背景下,我們認爲PPP運營經驗豐富、質量水平較高的細分龍頭民企將有較大的發展空間,比如東方園林(002310.SZ),啓迪桑德(000826.SZ),北控水務(371.HK)。

撰稿: 王彥囡研究分析員
電話:
86 21 51699400-107

電郵地址:
wangyannan@phillip.com.cn
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