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产业基金来了

作者/来自:中国公路杂志 2016年第13期发布日期:2017-06-21点击次数: 6774

随着我国经济的腾飞,基础设施建设领域的投融资体制改革也被加快提上了日程,国家宏观改革政策的总体目标是改变当前投融资主体单一、渠道狭窄、方式相对匮乏、政府直接投资比重较高的状况,通过引进社会资本,拓宽市场化融资渠道,同时推动管理体制和运行机制改革创新。


产业基金作为一种利益共享、风险共担的集合投资制度,不但有助于发展直接融资,而且对贯彻国家区域发展战略和产业政策,促进经济结构调整有着积极作用。基础设施建设的资金需求量大、建设期长,与产业基金中长期投资的特点相契合,而且资产质地优良,收益稳定,风险可控,对机构投资者具有良好的吸引力。将产业基金引入基础设施领域,可以有效提高政府资金使用效率、剥离政府存量项目债务,并帮助地方交投公司提升经营效率和改善财务结构。

高速公路投融资面临的瓶颈

我国高速公路实施的是使用者付费的政策,项目本身具有投资大、周期长、运营费用高的特点,自1984年采用“贷款修路,收费还贷”政策以来,高速公路积累了大量债务,截至2014年底,收费还贷公路的债务余额高达2.23万亿元。此外,在当前和今后一段时间内,政府还有大量新建路的规划,而这些新建路又集中于经济欠发达地区,建设成本高,车流量少,通行费收入不仅无法支撑还本付息,甚至连日常运营成本都难以覆盖。2014年9月,国务院出台《关于加强地方政府性债务管理意见》后,各省市搭建的类似交通投资集团的企业融资平台开始肩负起缓解当地政府财政压力,促进当地交通建设发展的重任,但随着新建项目及收购存量项目的增加,各省市交投集团的财务质量逐渐恶化,不利于企业的健康发展。

产业基金的国家指导意见

2006年,国家发改委颁发《产业投资基金管理暂行办法》,明确提出“产业投资基金是指一种对未上市企业进行股权投资和提供经营管理服务的利益共享、风险共担的集合投资制度,即通过向多数投资者发行基金份额设立基金公司,由基金公司自任基金管理人或另行委托基金管理人管理基金资产,委托基金托管人托管基金资产,从事创业投资、企业重组投资和基础设施投资等实业投资。”

在高速公路领域,产业基金的组织形式通常为有限合伙型,股东由普通合伙人和有限合伙人组合,其中普通合伙人通常是基金管理人,承担的是无限责任,而有限合伙人则以出资额为限承担有限责任,有限合伙人内部再根据风险收益配比的不同进一步划分为优先级有限合伙人和劣后级有限合伙人。产业基金的投资模式不仅包括受让公路收费权或收费收益权,也可以直接对高速公路项目公司进行股权或债权投资。

 

产业基金在公路行业的应用

解决新建项目融资问题

随着PPP模式的推广,新建高速公路将主要由社会资本承担设计、建设、运营及维护的职责,但对于社会效益突出却经营性收费不足以覆盖投资成本的收费公路项目,需要政府以财政补贴的方式补偿社会资本,补贴款可以通过产业基金进入项目。

案例一:

某基金管理公司与省财政厅签署省级高速公路产业基金合作框架协议,投资省内拟新建的高速公路项目。基金采用有限合伙型,其中省财政出资20%认购基金劣后级有限合伙份额,对外募集80%投资于基金优先级有限合伙份额。基金成立后与社会资本共同以股权形式出资成立项目公司,股权占比为49:51,项目公司由社会资本控股。交易结构如图1所示。

在本交易方案中,假定项目总投资为500亿元,经测算能够满足社会资本获取合理回报的资本金比例为50%,则财政资金需认购产业基金劣后级有限合伙份额的金额应为24.5亿元(即500亿元×50%资本金比例×49%产业基金对项目公司持股比例×20%财政资金基金出资比例=24.5亿元),相当于项目总投资的4.9%。若不引入产业基金,直接由政府以财政补贴的方式补偿社会资本,则财政需出资122.5亿元(即500亿元×50%资本金比例的49%财政资金对项目公司持股比例),相当于项目总投资的24.5%,是引入产业基金交易方案总投的5倍。

因此,通过引入产业基金进行结构化设计,能够非常好地实现财政资金的引导作用和杠杆作用,提高了资金的使用效率。

解决存量项目债务问题

按照相关政策要求,存量地方政府性债务均需纳入预算管理,对于企事业单位举借的债务,属于政府应当偿还的债务,相应纳入一般债务和专项债务,也就是政府债管理。

存量高速公路项目的债务风险正在不断积累,尤其是在地方政府债务限额管理规定出台之后,大部分地方都选择将原有的收费还贷公路转成经营性高速公路以剥离债务,而收费公路权益的转让需履行严格的审批监管手续,为提升解决存量项目债务问题的效率,可考虑在不改变资产属性的前提下进行债务的剥离。

案例二:

某基金管理公司与交通主管部门或下属高速公路管理局(即收费还贷公路资产持有方)签署高速公路产业基金合作框架协议,受让高速公路收费收益权。基金采用有限合伙型,其中原资产持有方认购30%基金劣后级有限合伙份额,对外募集70%投资于基金优先级有限合伙份额。基金成立后与原资产持有方签署高速公路收费权收益权转让协议,并向原资产持有方支付相应的转让对价款,原资产持有方以收到的转让对价款偿还高速公路原有政府性债务,实现政府性债务的剥离。交易结构如图2所示。

在该交易方案中,高速公路的资产和收费权均未发生转让,转让的只是高速公路未来的收费收益权,因此在审批监管方面要比传统的通过招拍挂转让收费权的方式更为简便。产业基金主要依靠高速公路未来的收费收益权逐步收回投资,优先级投资人可享有事先确定的预期收益,原资产持有人作为基金的劣后级投资人则享有超额收益。利用产业基金的交易结构,可以有效地将原资产持有人和投资人的利益进行捆绑,原资产持有人通过高效的运营管理不仅能够保障投资人获取合理回报,自身也能够分享项目超额收益。

因此,在现有对收费权审批监管较为严格的环境下,通过以产业基金受让存量高速公路收费收益权的方式,能够在短期内解决政府的存量债务问题,有效盘活存量资产。

解决交投公司资产负债问题

在我国,大部分的高速公路都是由当地交通投资集团负责建设运营的,尤其是在《关于加强地方政府性债务管理意见》出台后,大量存量收费还贷公路都有变性的需求,受让的主力军也正是各省市的交通投资集团。由于高速公路建设成本高、运营周期长,导致存量项目的债务余额庞大,在受让过程中,交投集团要么通过承接原有债务,要么通过借新还旧来支付对价款,使得交投集团的资产负债率普遍偏高。基于此,可以充分利用产业基金的杠杆效应和募集能力强的优势,不仅能够帮助交投公司调整财务结构,结合PPP模式,还能够帮助有运营和管理能力的机构通过受让高速公路收费权益或投资股权等形式来扩大资产管理规模,开展良性并购。

案例三:

某基金管理公司作为基金管理人发起设立高速公路产业基金,与交投公司签署合作框架协议,共同以股权投资形式成立项目公司,交投公司股权占比51%,产业基金股权占比49%。项目公司参与PPP项目的招投标,受让高速公路收费权,并负责在特许经营期内对高速公路项目进行运营养护。交易结构如图3所示。

3  交投公司设立产业基金交易结构图

假定交投公司初始资产规模500亿元,负债350亿元,资产负债率70%,需进行两次并购,每次规模150亿元。若以传统债权融资支付并购对价款,则资产负债结构变化如图4所示。

但在该交易方案中,由于产业基金是通过股权投资的形式和交投公司共同成立项目公司,所以产业基金在提供资金的同时并没有增加负债,而是增加了交投集团的权益。因此,若全部以产业基金提供的资金完成受让,则资产负债结构变化如图5所示。

可以看出,通过产业基金的杠杆效应,使得交投公司在完成两次收购后,资产实现了扩张,负债率却反而降低了。一方面增大了交投公司的融资空间,为交投公司未来再去扩张创造了有利条件;另一方面改善了交投公司的财务结构,有助于实现交投公司的健康可持续发展。

                                                                                                                      (文:上海溢银股权投资基金管理有限公司  张梦蕾  俞卓菁 冉璕)

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