近年来，尤其是受新冠疫情影响以来，我国经济运行遭受空前压力。经研究，基础设施领域的发展能够有效带动上下游产业链，进而带动经济发展，然而受国家及地方财政资金紧张影响，PPP这一新型项目运作模式被引入实践运用，2022年4月26日，习近平主持召开的中央财经委员会第十一次会议强调“要推动政府和社会资本合作模式规范发展、阳光运行”，而ppp是目前合规的政府和社会资本长期合作的主要模式。据统计，截至2022年3月底，全国PPP综合信息平台管理库项目累计10282个，总投资16.4万亿元。有效解决了地方短期内的财政压力和项目实施难题。然而在PPP项目实施过程中，尤其是纯政府付费项目，在具体落地环节往往因融资问题导致项目迟迟无法落地或影响工期等，小则影响项目进度、大则影响一方经济发展。故研究解决PPP项目在实施过程中的融资管理问题就显得尤为重要。

本文以FY公路PPP项目为研究对象。首先，通过图书馆、互联网等资源搜集了大量关于 PPP 项目融资的研究论文和书籍，了解了PPP项目融资管理国内外的研究现状，掌握了研究PPP融资管理问题的理论基础，从理论上深入了解PPP项目融资管理的内容和特征，明晰论文的写作框架及研究重心；其次通过实地调研等方式，对FY公路PPP项目在实施过程中存在的融资管理问题进行具体分析，总结出FY公路PPP项目融资管理存在的问题及原因；在此基础上结合相关理论知识和FY公路PPP项目的实际，制定了FY公路PPP项目融资管理的改进方案，以提升FY公路PPP项目的融资管理工作；最后详细制定FY公路PPP项目的融资管理改进的实施步骤和保障措施，确保改进方案的落地执行，并对本文的研究进行总结及展望。

通过以上问题的提出和相关研究方法和手段的使用，得出以下研究结果和结论。FY公路PPP项目融资管理存在包括资金缺口不明确、原股东出资动力不足或无追加出资意愿、再融资困难等问题，主要原因包括项目超概、资本回报率低、股东业务转型、资产负债率高等；结合相关理论知识和FY公路PPP项目的实际，通过对缺口资金的界定、融资结构及增资方式的设计、增量资金的定价以及融资渠道和方式的选择等四个方面，制定出FY项目融资管理的改进方案。

In recent years, especially since the impact of the COVID-19 pandemic, China's economic operation has faced unprecedented pressure. After research, it has been found that the development of infrastructure can effectively drive the upstream and downstream industrial chains, thereby driving economic development. However, due to the tight financial resources of the state and local governments, PPP, a new project operation model, has been introduced into practice. On April 26, 2022, the 11th meeting of the Central Committee of Finance and Economics chaired by Xi Jinping emphasized the need to promote the standardized development and sunny operation of the cooperation model between the government and social capital, PPP is currently the main mode of long-term cooperation between compliant government and social capital. According to statistics, as of the end of March 2022, there are a total of 10282 PPP comprehensive information platform management database projects in China, with a total investment of 16.4 trillion yuan. Effectively solved local short-term financial pressure and project implementation challenges. However, in the implementation process of PPP projects, especially pure government paid projects, financing issues often lead to project delays or delays in the implementation process, which can affect project progress in small cases and economic development in large cases. Therefore, it is particularly important to study and solve the financing management issues during the implementation process of PPP projects.

 

This article takes the FY highway PPP project as the research object. Firstly, a large number of research papers and books on PPP project financing were collected through resources such as libraries and the internet, and the current research status of PPP project financing management at home and abroad was understood. The theoretical basis for studying PPP financing management issues was mastered, and the content and characteristics of PPP project financing management were deeply understood from a theoretical perspective. The writing framework and research focus of the paper were clarified; Secondly, through on-site research and other methods, a specific analysis is conducted on the financing management problems that exist in the implementation process of the FY Highway PPP project, and the problems and reasons for the financing management of the FY Highway PPP project are summarized; Based on this, combined with relevant theoretical knowledge and the actual situation of the FY Highway PPP project, an improvement plan for the financing management of the FY Highway PPP project has been formulated to enhance the financing management work of the FY Highway PPP project; Finally, the implementation steps and guarantee measures for improving the financing management of the FY highway PPP project will be elaborated to ensure the implementation of the improvement plan, and the research in this article will be summarized and prospected.

 

Through the proposal of the above questions and the use of relevant research methods and means, the following research results and conclusions are drawn. The financing management of FY Highway PPP project has issues such as unclear funding gap, insufficient or no willingness of original shareholders to make additional capital contributions, and difficulties in refinancing. The main reasons include project over estimation, low return on capital, shareholder business transformation, and high asset liability ratio; Based on relevant theoretical knowledge and the actual situation of the FY Highway PPP project, an improvement plan for the financing management of the FY project is formulated through four aspects: the definition of gap funds, the design of financing structure and capital increase methods, the pricing of incremental funds, and the selection of financing channels and methods.

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