Application of "PPP+EPC" investment -construction -management mode in large water infrastructure construction——a case study of Maling Water Complex in Guizhou Province
Chen Xingke
Abstract：China encourages the project owner to construct large water infrastructures by means of PPP, but this method fails to attract potential investors because it only focus on financial issues. Thus, it needs to combine the financing with project management, and adopt "PPP+EPC"(Public-Private Partnership and Engineering Procurement Construction) model to enhance the attractiveness of the project to social capital. This paper expounds the framework of "PPP+EPC" and the governance structure of item company, taking Maling Water Complex in Guizhou Province as an example. The transaction structure is reasonable and the process is clear; the financial funds are enlarged through equity and bond financing; the boundary conditions are clear, the exit mechanism is reasonable, and the short-term speculation is eliminated; the item company governance structure is perfect, fully reflects the checks and balances, and fully takes care of the concerns of all parties. But at the same time, there are some problems, such as complex argumentation, failure to improve the efficiency of state -owned capital, complex project management, insufficient control of veto power and low efficiency of decision-making. In view of the existing problems, this paper puts forward some suggestions for the current application of PPP in the traditional infrastructure field, such as "supply of water, electricity and road and leveled ground" bidding in advance, Construction of the party organizations at the grassroots level of the CPC and streamlining the seats of the board of directors.
Keywords：water conservancy economyPublic -Private PartnershipEngineering Procurement Constructioninvestmentfund-raising and financingMaling Water ComplexGuizhou Province
Publication Date：2018-01-01
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：4( 58-61 )