可转换公司债券在PPP模式中的创新运用研究

Innovative Application of Convertible Bonds in the PPP Model

摘要:

针对因PPP项目的公益性或准公益性与社会资本逐利性的矛盾而降低了社会资本投资PPP项目积极性的问题，创新运用可转换公司债券，在PPP项目实际发起人对合并报表需求不大的情况下邀请投资合作伙伴，由该伙伴全资或控股设立项目公司，然后由该项目公司向发起人发行可转换公司债券。研究发现，可转换公司债券这一创新运用，既能实现项目公司控制权进而项目资产所有权的转换，同时又利用PPP项目或项目公司的投资优惠、税收节约、报表合并乃至合并纳税等诸多好处，降低PPP项目经营风险和融资成本，增加PPP项目及其融资的吸引力。

关键词:项目融资;PPP模式;可转换公司债券;创新运用

Abstract:

The conflict between the nonprofit nature of PPP projects and the profit-driven nature of social capital reduces the enthusiasm of social capital. Using convertible bonds can help to solve this problem. If the project sponsors have no requirement of consolidated statements, they could invite their investment partners to set up a project company wholly owned or controlled by the partners. Then, the project company issues convertible bonds to the sponsor. This kind of innovative application can both transform the control of the project company and the ownership of project assets. It can also benefit from the preferential investment treatments, taxes saving, statements consolidating, consolidated payment of the taxes that the project or the project company has. Consequently, it reduces management risk and financing cost of the project and increases the appeal of both the PPP project and its financing.

Key words:project financing; PPP; convertible bonds; innovative application