PPP is a fragrant steamed bun and hard bun trust multi participation model-punyu

– trainee newspaper reporter Wang Dongjun in the national policy under the guidance of multi mode PPP is involved in the fragrant steamed bun and hard steamed bun trust company, the infrastructure construction projects more and more in the future or will break through the PPP model, and this will be one of the important mode of trust company Masanobu cooperation, explore the financial industry. Recently, the trust company to participate in the PPP project adds new examples, Societe Generale trust through the establishment of the trust plan to invest 1 billion 200 million yuan, holding "Shanxi province improve human settlements environment PPP investment guidance fund" 74.53% of the parent fund share. Participate in the establishment of Shanxi province PPP Industrial Trust Investment Guide Fund recently, Shanxi Provincial Department of Finance and Industrial Bank, industrial trust, Beijing capital group jointly set up in Shanxi province to improve the city living environment PPP investment guide fund, the fund by the provincial and city level sub fund fund, fund advance scale is 1 billion 610 million yuan, son fund 12 billion 800 million yuan. The parent fund will be invested by the industrial trust through the establishment of a trust scheme of 1 billion 200 million yuan, holding 74.53% of the share. The investor of the trust plan is the industrial bank. Guide the fund for the city investment in public infrastructure, the city water supply, gas supply, heating, sewage treatment, garbage disposal, landscaping, underground pipeline corridors and rail transportation and other eight aspects of the project infrastructure operation mode of PPP City, to attract more social capital and private capital investment to improve the living environment of the area of Shanxi city province. In addition to holding the mother fund share, industrial trust and Jinzhong investment group, the first capital city signed the "improve the living environment of PPP investment fund agreement" in Jinzhong City, intends to discuss the improvement of the living environment of PPP initiated the establishment of city investment fund in Jinzhong City, a scale of 1 billion 600 million yuan, the first capital of a fund management who is responsible for its operation and management. The trust company involved in the multi role under the guidance of national policy, infrastructure projects more and more in the future or through PPP mode breakthrough, and trust in which the role will be according to their own resources and strengthen shareholder intervention, gradually from the PPP channel to further upgrade to active management. In 2015 report on the Foreign Trade Trust Research Institute pointed out that from the traditional government infrastructure projects or political party cooperation versus gradually turned to the three party government bank letter of cooperation, PPP products gradually forming. At present, the trust company as a financial investor in shares of the item company funds by institutional investors to the capital trust plans to raise the PPP due to the longer duration of the project, often beyond the institutional investors in the investment period, need to remove funds after the formation of the maturity mismatch, liquidity open port is formed by the trust company independent management, the development of construction funds to apply for loans for the CDB, commercial banks through item company. But the PPP mode is also hard fragrant steamed bun bun, the majority of the trust company is still in the exploration of alternatives to the original project political outlook is uncertain. At present, the cost of public financing by the trust company involved in the PPP project, financing costs are below 8% and in addition to institutional funds

PPP既是香馍馍也是硬馍馍 信托公司多模式参与   ■本报见习记者 王东君   在国家政策导向下,越来越多的基础建设项目未来或将通过PPP模式突围,而这也将是信托公司探索政信合作、产业金融的重要模式之一。   近日,信托公司参与PPP项目又添新例,兴业信托通过设立信托计划出资12亿元,持有“山西省改善城市人居环境PPP投资引导基金”母基金74.53%的份额。   兴业信托参与设立   山西省PPP投资引导基金   近日,山西省财政厅与兴业银行、兴业信托、北京首创集团共同发起设立“山西省改善城市人居环境PPP投资引导基金”,该基金由省级母基金和市县级子基金构成,母基金先期规模为16.1亿元,子基金128亿元。母基金将由兴业信托通过设立信托计划出资12亿元,持有74.53%的份额。该信托计划的出资方或为兴业银行。   引导基金主要用于投入城市基础公共设施,即城市供水、供气、供热、污水处理、垃圾处理、园林绿化、地下综合管廊和轨道交通等八个方面城市基础设施运营PPP模式项目,有利于吸引更多的社会资本和民间资本投入到山西省改善城市人居环境领域。   除了持有母基金份额外,兴业信托还与晋中投资集团、首创资本共同签订了《晋中市改善城市人居环境PPP投资基金意向书》,拟共同探讨发起设立晋中市改善城市人居环境PPP投资基金,一期规模为 16 亿元人民币,由首创资本作为基金管理人并负责其管理运作。   信托公司多角色介入   在国家政策导向作用下,越来越多的基础建设项目未来或将通过PPP模式突围,而信托公司在其中扮演的角色,也将根据自身及股东资源情况加强介入,逐步从PPP通道进一步升级为主动管理。   外贸信托研究院2015年研究报告指出,从基础设施项目传统的政信或政银两方合作逐步转向政银信三方合作,PPP 的产品模式逐步成型。目前信托公司多作为财务投资人介入,入股项目公司的资金通过向机构投资者发行集合资金信托计划募集,由于PPP项目期限较长,往往超出机构投资人的投资期,需要通过拆资金后形成期限错配解决,而形成的流动性敞口由信托公司自主管理,其余开发建设资金通过项目公司向国开行、商业银行申请贷款获得。   但PPP模式既是香馍馍也是硬馍馍,多数信托公司仍在探索推进中,替代原来的政信项目前景并不明朗。目前,公开融资成本的由信托公司参与的PPP项目,融资成本均在8%及以下,除了机构资金外,信托公司恐怕难以募集其他资金。因此,参与PPP项目也极其考验公司募集低成本资金的能力,需要信托公司应同银行、保险等金融机构的加强同业合作关系。   信托公司参与省PPP项目投资基金已有先例。中航信托、交银信托与川投集团合资成立川投航信基金公司,管理四川省PPP项目投资基金。紫金信托与江苏信托则以基金管理人的身份参与PPP项目,参与江苏省PPP融资支持基金,作为信托公司事务管理型业务获取管理收入。 进入【新浪财经股吧】讨论相关的主题文章: