China: 10号文之后的PPP江湖

Last Updated: 8 August 2019
Article by Jiuchuan Wang and Niu Minghui

自2014年以来,PPP经历了"大起大落",发展之路"一波三折",先是在2014至2017年期间进入了野蛮生长期,后又于2018年进入了清库、低估期。PPP还能存续多久?什么是规范的PPP?PPP的核心功能到底是什么?PPP该何去何从?......等一些列问题都困扰着社会资本和地方政府等PPP项目的参与者。2019年3月份财政部《关于推进政府和社会资本合作规范发展的实施意见》(财金[2019]10号)(以下简称"10号文")的出台可谓是PPP项目市场环境的一剂强心剂,给PPP的未来发展释放了积极的信号!

  

PPP江湖还能"飞"多久?

  2019年3月5日,李克强总理在2019年《政府工作报告》中强调:"要创新项目融资方式,适当降低基础设施等项目资本金比例,用好开发性金融工具,吸引更多民间资本参与重点领域项目建设。落实民间投资支持政策,有序推进政府和社会资本合作。"

  2019年3月7日,财政部紧接着出台了10号文,这可以说是财政部对上述政府工作报告内容的完美回应,而且"10号文"开头就对将PPP模式定位为"中央、国务院的一项重大决策部署",这充分说明了国家上层对PPP模式发展的重大支持和期望。

  另外,李克强总理在2019年《政府工作报告》的2018年工作回顾中谈到比较多的就是一个"稳"字,比如"实现稳增长、防风险等多重目标"、"稳就业、稳金融、稳外贸、稳外资、稳投资、稳预期"、"面对新情况新变化,我们坚持不搞"大水漫灌"式强刺激,保持宏观政策连续性稳定性,在区间调控基础上加强定向、相机调控,主动预调、微调"等。这表明我国经济已经进入了稳定、规范发展期,我国的各项经济政策的制定必须具有一定的延续性,不能随意大调,要尽可能地避免政策的重大波动对市场信心的影响。因此,为贯彻落实中央政府工作报告中的"六稳"工作要求,补齐基础设施短板,推动经济高质量发展,这次10号文作为规范PPP发展的重要文件,也对PPP模式的发展从总体上提出了四要求,即规范运行、严格监管、公开透明和诚实履约。这些要求主要是为了解决PPP运行实践中出现的泛化滥用PPP、超出财政承受能力上项目甚至借PPP名义变相举债等问题,从而使PPP回归本源、规范发展。

  综上,不管是从中央政府工作报告的精神层面,还是从10号文的实施操作层面来看,国家对PPP模式的未来发展都是支持的,也就是说,PPP江湖不仅会飞,而且还会"飞"很久,很久。不过,社会资本和地方政府等PPP模式的参与主体要先给自己戴上10号文这个"紧箍咒",方能在PPP江湖中一路向西取得"真经"。

  问世间,PPP是何物?

  我们去取经,首先得知道"真经"的真实面貌。与财办金〔2017〕92号文只告诉我们"什么是PPP的异化物和如何清理不规范的PPP"不同,10号文首次从正面的角度向我们展示了PPP的"真身",即规范的PPP项目应当符合以下条件:1.属于公共服务领域的公益性项目,合作期限原则上在10年以上,按规定履行物有所值评价、财政承受能力论证程序;2.社会资本负责项目投资、建设、运营并承担相应风险,政府承担政策、法律等风险;3.建立完全与项目产出绩效相挂钩的付费机制,不得通过降低考核标准等方式,提前锁定、固化政府支出责任;4.项目资本金符合国家规定比例,项目公司股东以自有资金按时足额缴纳资本金;5.政府方签约主体应为县级及县级以上人民政府或其授权的机关或事业单位;6.按规定纳入全国PPP综合信息平台项目库,及时充分披露项目信息,主动接受社会监督。这有点像各大门派华山论道,先得亮明正身,避免"杂门异派"混乱其中。

  关于规范PPP项目需要符合的上述条件,第1条、第4条和第6条规定的比较明确,没有什么争议。第2条明确了社会资本和政府的风险责任分配,即让社会资本承担项目投资、建设、运营等风险,让政府承担政策、法律等风险,这种风险责任分配比较合理,符合"谁对风险最有控制力,谁承担风险责任"的基本原则。第3条延续了财办金〔2017〕92号文的基本精神(财办金〔2017〕92号文要求建设成本中参与绩效考核的部分占比不得低于30%),并进一步提出了更高的要求,即产出绩效标准要100%与补贴挂钩,这能够防止部分项目通过所谓"工程可用性付费"的方式,以"项目竣工即应支付"的名义,提前锁定政府对建设成本的无条件支付义务,但该条后半段"不得通过降低考核标准等方式"在实践中操作起来会非常困难,因为随着PPP模式的发展,采用PPP模式的产业也越来越多,其开始涉及的文化旅游、养老、健康等领域可能并不存在统一的标准。第4条要求项目公司股东以自有自己缴纳资本金可能并符合社会现实,因为多数PPP社会资本是通过举债或募集资金的形式来参与进来,并通过PPP模式的营收来偿还借款及利息等,这是否意味着主要靠募集资金来融资的信托公司等金融机构将完全不能参与PPP项目的投资?还有待政府部门的澄清。

  

常在江湖飘,哪有不挨刀?

  10号文在遵从财办金〔2017〕92号文的基础上,从反面的角度对实施PPP项目所不允许的行为作了细化和重申,并对PPP实践中社会资本主体资格等争议比较大、各方比较担忧的问题予以明确。

  关于政府兜底、社会资本方的选择、项目资本金的要求和信息披露,政府方或政府方出资代表不得向社会资本回购投资本金、承诺固定回报或保障最低收益的,由政府实际兜底项目投资建设运营风险的,而且此种情形下,项目形成的财政支出责任,应当认定为地方政府隐性债务;不得逃避物有所值评价、财政承受能力论证或规避财政承受能力10%红线等选择社会资本方;不得以债务性资金充当项目资本金,虚假出资或出资不实;不得出现未按规定及时充分披露项目信息或披露虚假项目信息,严重影响行使公众知情权和社会监督权的行为。这主要是对财办金〔2017〕92号文中有关内容的重申;

  关于社会资本主体资格,10号文进行了穿透式监管,认为各类融资平台公司、融资平台公司参股并能对其经营活动构成实质性影响的国有企业也不能作为社会资本参与本级PPP项目。可见,"未转型的平台、构成实质性影响的国有企业"的均在负面清单之列。这种情况实际上整改起来并不容易,因为其会涉及到项目主体的变更。不管是继续对未转型或未真正转型的平台进行整改,还是重新招标另选社会资本,都会需要很长的时间,而且变更主体后,还要办理一系列审批事项的变更,整个过程漫长而繁琐,可能跟直接上一个新项目没有什么区别。

  另外,对何为实质性影响?可能会有不同的解读,笔者认为,根据股东对公司的控制程度,实质性影响可分为实际控制、共同控制、重大影响三个层级,分别对应子公司、合营公司及联营公司。因此,各社会资本,尤其是一些合营公司和联营公司在实施PPP项目时要谨慎把握。

  关于入库项目的清退,认定为"政府兜底PPP项目投资建设风险"的PPP项目应当直接予以清退,其他情形,如未进行物有所值评价和财政承受能力论证、以债务性资金充当项目资本金,虚假出资或出资不实等应在限期内进行整改,无法整改或逾期整改不到位的,已入库项目应当予以清退。

 

 江湖钱财多"灾祸",支出谨遵5-7-10

  目前,PPP模式的实施进入了深水区,截止至2019年1月,依据全国PPP综合信息平台数据,全国2510个财政本级中,1791个各年度财承占比都低于7%预警线,5个本级的财承占比在个别年份超10%。PPP管理库全部项目未来30年(2019年至2048年)的财政支出责任共计16.2万亿元,其中,一般公共预算支出责任12.7万亿元、政府性基金支出责任3.5万亿元。

  10号文为了防止PPP异化为新的政府扩大债务的模式对PPP项目财政支出责任提出了三个比例要求,一是5%;二是7%;三是10%,这是政府实施PPP项目需要警惕的三条红线。

  首先,5%是指财政支出责任占比超过5%的地区,不得新上政府付费项目。

  该规定采用了"新老划断"的原则,只适用于新上政府付费项目,比较合理。但是,何谓新上政府付费项目?是新签订合同的政府付费项目?还是新入库的政府付费项目?可能会存在一定的争议。不过,笔者认为将这里的新上政府付费项目理解为新签合同的政府付费项目更为合理一些,毕竟在PPP合同的签订至PPP项目的入库之间一般会间隔很长一段时间。另外,需注意,词条规定仅针对政府付费项目,也就是说,非政府付费项目不受财政支出责任5%的限制。另外,按照"实质重于形式"原则,此处的新上政府付费项目排除了污水、垃圾处理等依照收支两条线管理、表现为政府付费形式的PPP项目,这也延续了"财建〔2017〕455号"文的相关要求。

  其次,7%是指建立PPP项目支出责任预警机制,对财政支出责任占比超过7%的地区进行风险提示。

  最后,10%包含以下两个方面:

  一是指新上政府付费项目打捆、包装为少量使用者付费项目,项目内容无实质关联、使用者付费比例低于10%的,不予入库。这主要是为了杜绝"拉郎配"行为的出现,避免纯粹为了缺口补助而补助或为了把纯政府付费包装成可行性缺口补贴项目而把不相干的项目强行捆绑在一起。目前片区开发多是几个项目的综合,但这些项目具有一定的关联性,不能认定为此处的"强行捆绑"。不过,不可排除10号文出台之后,有人会把一些项目伪装成"片区开发",这需要引起监管者的注意。

  二是指强化财政支出责任监管,确保每一年度本级全部PPP项目从一般公共预算列支的财政支出责任,不超过当年本级一般公共预算支出的10%,对超过10%的地区严禁新项目入库。

  另外,10号文还规定,新签约项目不得从政府性基金预算、国有资本经营预算安排PPP项目运营补贴支出。这会直接导致以往实践中利用政府性基金预算、国有资本经营预算来避开占用一般公共预算支出红线比例的做法难以维系,有过此种作法的PPP项目需抓紧整改。

 

 江湖竞争尤为贵,背书不再强审计

  10号文规定,PPP项目只能采用公开招标、邀请招标、竞争性磋商、竞争性谈判等竞争性方式选择社会资本方,排除了单一来源采购或定向采购,而且要严格控制项目投资、建设、运营成本,加强跟踪审计。其还规定,要完善项目库"能进能出"的动态调整机制,不以入库为项目合规"背书",不以入库作为商业银行贷款条件。财政部金融司有关负责人在就10号文答记者问中,也表示:"项目库是加强信息公开、促进市场对接、接受社会监督的媒介,"动态管理"、"能进能出"是项目库的常态,入库项目要持续推进实施、更新信息、接受监督、确保全生命周期规范运作,并不是入了库就'一劳永逸'。"可见,入库只是PPP项目商贷的必要而非充分条件,财政部综合信息项目库不会给任何项目"站台"。因此,金融机构应该切实履行尽调职责,自行评估放贷风险。

 

 隐债忧愁终斩断,资金专家优支持

  2017年财政部颁发了《关于坚决制止地方政府违法违规举债遏制隐性债务增量情况的报告》,该报告明确了建立"依法构建规范的地方政府举债融资机制",对于违法违规举债要进行严肃处理的机制。2018年财办金〔2017〕92号文的实施又对不规范的PPP项目进行了清库处理,由此导致部分部门及各级地方政府对于PPP项目,特别是涉及政府付费或可行性缺口补助的PPP项目所形成的政府支付责任是否构成政府隐性债务存在一定的认识分歧,不敢轻易上新的PPP项目,阻碍了PPP模式的发展。

  此次,10号文明确了"符合条件的PPP项目形成的政府支出事项,是以公众享受符合约定条件的公共服务为支付依据,政府为公众享受公共服务提供运营补贴形成的经常性支出,各地要依法依规将规范的PPP项目财政支出纳入预算管理"。据此,可以认为规范的PPP项目政府支出责任不属于隐性负债,澄清了PPP市场各方参与主体的顾虑,对整个PPP模式的发展是非常有利的。不过,还有一特殊情况,那就是"棚改项目",根据财预(2017)87号文的要求,棚改贷款应作为政府隐性债务。

  另外,10号文鼓励民资和外资参与,加大对民营企业、外资企业参与PPP项目的支持力度,向民营企业推介政府信用良好、项目收益稳定的优质项目,并在同等条件下对民营企业参与项目给予优先支持。中央财政公共服务领域相关专项转移支付资金优先支持符合条件的民营企业参与的PPP项目。"优先支持"当然反映了政府的美好愿望,但这恰恰也反映了民营企业在参与PPP项目中所处的劣势地位,这种宣誓性的口号能起到什么样的实际效果可能还有待于有关政策的细化和具体化。

  然后,10号文还鼓励引导保险资金、中国PPP基金加大项目股权投资力度,拓宽项目资本金来源;鼓励通过股权转让、资产交易、资产证券化等方式,盘活项目存量资产,丰富社会资本进入和退出渠道。关于中国PPP基金加大项目股权投资力度,中国PPP基金投资总监范永芳在解读10号文时,表示中国PPP基金作为唯一国家级PPP领域的投资基金,将认真贯彻落实财金10号文要求,积极发挥引导、规范、增信作用,推进PPP项目规范运作,加大投资力度。不仅要严格审查项目合规性,引导各方规范开展PPP项目,进一步加大项目股权投资力度,还要加大对民营企业、外资企业参与PPP项目的融资支持力度。关于股权转让、资产交易、资产证券化等方式,由于很多PPP项目已陆续进入了运营期,急需PPP项目股权交易、资产证券化等二级市场的支持,10号文的此条规定可谓为PPP项目的各参与主体进行PPP项目运营阶段的交易模式创新增强了信心。

  最后,10号文还从领域和专家库方面鼓励PPP项目的发展,鼓励优先支持基础设施补短板以及健康、养老、文化、体育、旅游等基本公共服务均等化领域有一定收益的公益性项目;鼓励咨询机构和专家要发挥专业作用,遵守职业操守,依法合规提供PPP项目咨询服务。对于包装不规范PPP项目增加隐性债务风险、出具咨询意见违反相关政策规定、收费标准偏离市场合理水平、对PPP项目实施造成消极影响和严重后果的咨询机构和专家,要按照规定严肃追究责任。

  江湖再见

  10号文不仅延续了很多之前有关PPP政策,尤其是财办金〔2017〕92号文的基本精神,而且同时对PPP实践中一直争议的问题,比如什么是规范的PPP项目、PPP项目的责任支出是否为政府隐性债务等作了明确规定。另外,它的出台不仅解除了PPP项目各方参与主体的忧虑,增强了社会资本参与PPP项目的信心,而且为PPP项目未来很长一段时间的发展指明了方向。相信10号文将会通过合理分配社会资本和政府之间的风险分配,加强政府责任支付的监管等一些列详细明确的实施规范,逐渐引导PPP市场回归理性,使PPP模式真正成为政府与社会资本良好的合作机制,以减少PPP江湖的"恩怨情仇",保障PPP市场的健康发展。

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Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions