Higher education has become an important part of public projects because of its obvious external effects of personnel training and scientific research and development. The charging system of talent training in colleges and universities and the industrialization of scientific research achievements make it have the characteristics of "quasi-enterprise" It is not only necessary but also possible to introduce bot project financing. Necessity of introducing BOT project financing into colleges and universities;
First, solve the difficulty of the government's lack of financial resources, increase investment in the infrastructure of colleges and universities, especially get rid of the serious shortage of teaching and logistics facilities after the "enrollment expansion" of colleges and universities.
In order to expand the enrollment scale of colleges and universities without affecting the teaching quality, besides solving the problems of discipline construction and teaching staff, we must also increase the investment in infrastructure. Due to the planned economy, the capital construction of colleges and universities mainly depends on government financial allocation, and there are many historical debts. Now, a lot of money is needed to build new infrastructure. In the current financial difficulties, it is unrealistic to spend so much money to build the infrastructure of colleges and universities at once. Because BOT project financing uses social funds for project development, the government can use policy guidance to guide social funds to invest in the infrastructure construction of colleges and universities, and ease the "bottleneck" constraint in the "enrollment expansion" of colleges and universities.
Second, meet the needs of society for further study in colleges and universities, and stimulate the overall growth of social economy.
Bot investment in university infrastructure not only directly drives economic growth, but also drives the development of other industries such as architecture, building materials, teaching equipment and daily consumer goods. Due to the increase of students in school, it has also played a lot of positive roles in expanding students' consumption scale, alleviating employment pressure and improving the quality of all workers.
Thirdly, the introduction of market mechanism has improved the efficiency of university infrastructure.
Under the condition of planned economy, due to various reasons, the property right of capital construction in colleges and universities has been vague and the resources are wasted seriously. In addition, in the absence of incentives, the input-output efficiency of university resources is low, and it is difficult to maximize the efficiency of resource allocation. After the introduction of BOT project financing mechanism, due to the change of investors, the property rights of enterprises are clear, and the role of market incentive mechanism is fully exerted. Under the same conditions, the output benefit of university infrastructure has been greatly improved.
Fourth, push the infrastructure management and equipment level of colleges and universities to a new level.
From a macro point of view, the introduction of BOT project financing fundamentally reformed the original investment decision. In the process of investment approval, government decision-making is more scientific, democratic and institutionalized, which reduces some corruption from the system. From the microscopic point of view, due to the role of the market mechanism, university infrastructure investment enterprises will take advantage of large-scale specialization and take the road of intensive management, and enterprise managers will devote more energy to the updating of technical equipment and the innovation of management norms, thus rapidly improving the technical equipment and management level of university infrastructure.
Verb (abbreviation of verb) The introduction of BOT project financing in university infrastructure conforms to the international practice of infrastructure project financing, and is conducive to introducing foreign funds, talents, technical equipment and advanced project management experience, thus promoting the rapid growth of China's university infrastructure industry.
With the establishment of the development strategy of market economy in China and the continuous improvement of market elements in recent years, it is not only necessary but also operable to introduce BOT project financing into university infrastructure, which can be summarized from the following aspects.
1. With the expansion of colleges and universities, the demand for infrastructure in colleges and universities has increased. Under the condition of limited national financial input, we must find another way to seek social capital input. China's education laws and regulations exclude higher education from compulsory education, and the state allows the necessary training fees to be charged to the educated. These conditions create the necessary conditions for introducing BOT project financing into university infrastructure.
2. It provides a "platform" for social capital to enter monopolistic basic industries. Out of the instinct of pursuing capital appreciation, some funds at home and abroad are looking for investment outlets. Under the condition of planned economy, the capital construction of colleges and universities belongs to a highly monopolized industry, and it is impossible for social funds to enter. After BOT project financing is implemented in university infrastructure, social funds enter the field of university infrastructure smoothly through this "platform". Through the scientific management of university infrastructure, investors have obtained a long-term and stable return on investment with relatively little risk.
3. National industrial policy support. At first, the country opened the field of logistics industry to the infrastructure industry in colleges and universities, and put forward the socialization model of logistics industry in colleges and universities. The State Council presided over four national conferences on logistics reform in colleges and universities. It is proposed that the completed logistics facilities and related personnel in colleges and universities should be decoupled from the school and socialized and enterprise management should be implemented. For new logistics facilities, make full use of market economic means to raise construction funds. BOT project financing mode is just suitable for the requirements of this reform.
4. The financing mode of BOT infrastructure projects in colleges and universities has successful experience for reference. Xiangya Medical College of Central South University, located in Changsha, Hunan Province, took advantage of the opportunity of campus relocation to cooperate with an investment company in Hong Kong for adoption. The financing mode of BOT project of university infrastructure has been successfully used for reference. Xiangya Medical College of Central South University, located in Changsha, Hunan Province, took the opportunity of campus relocation, cooperated with an investment company in Hong Kong, adopted BOT project financing mode, introduced nearly 100 million yuan, and built a number of functional communities such as student apartments, canteens, cultural and sports facilities, which became a successful model of logistics socialization in colleges and universities.
Although BOT project financing has achieved many successful experiences in the field of university infrastructure, there are still many problems. These problems are mainly manifested as follows:
First, the financing operation of BOT projects lacks operational laws and regulations. At present, the state has not yet promulgated laws and regulations specifically for project financing. In practical work, the current operation is mainly based on the Contract Law, the Company Law and other relevant laws and regulations. Due to the uneven legal awareness and professional structure of the operators on both sides of the project, their operating procedures, contents and methods are often very different. In this way, the highly professional BOT project financing method lacks scientific and standardized operating rules, which increases the arbitrariness of both partners and increases the communication and transaction costs of both partners.
Second, there is a lack of specialized personnel for BOT project operation. Because BOT project financing mode is in the initial stage in China, its theoretical system itself is not perfect, so it is difficult to carry out systematic self-training. In the actual operation process, many professionals are transformed from other majors such as investment and management, and their thinking mode, investment concept and professional skills need to be updated and transformed. In addition, BOT project financing itself is a highly comprehensive specialty, involving finance, investment, engineering, law, management and other disciplines. This requires that the project operator is not only an expert in a certain field, but also familiar with other professional knowledge. At present, this kind of "compound" talent is very scarce in domestic project operation.
Third, the compensation problem of "external benefits" of basic public facilities in colleges and universities has not been completely solved. Because the service function provided by public facilities is necessary for the whole society, it may be inefficient or ineffective for the project itself. How to scientifically solve the problem of "hitchhiking" for beneficiaries who use public facilities? In addition to allowing a public facility to collect "franchise fees", it should also give economic compensation to the project investment and operators in other aspects. At present, there are too many uncertain factors in the compensation of "external benefits" in the capital construction investment of colleges and universities. Are university infrastructure enterprises (such as logistics management companies) treated as ordinary enterprises or as "enterprises" of public institutions? Before the marketization of charging rights (student apartments are charged by the government), most logistics management enterprises will be difficult to survive if they are treated as ordinary enterprises, which will eventually lead to the failure of logistics socialization reform in colleges and universities. If the charging power supply is market-oriented, it is unlikely for the current reality in China. How to ensure the normal return of investment operators without damaging the vital interests of students? This is the government's use of macroeconomic means to regulate. The current policy stipulates that enterprises engaged in the logistics industry in colleges and universities can be exempted from income tax, but what about other expenses such as construction application fees and garbage disposal fees? !
Fourth, it is difficult for students to keep up with the development requirements of the reform situation. At present, in some universities where the socialization reform of logistics is relatively thorough, except extracurricular activities, other student work is entrusted to socialized logistics enterprises. Under the new conditions, it is worth studying and discussing how to continue to play the dual role of "teaching and educating people" in China's education work. Providing students with safe, thoughtful and warm services is the unshirkable responsibility of logistics socialized enterprises. But for students, it is unrealistic to rely on logistics socialized enterprises to do their work. How to care for public property, abide by basic social morality and respect the labor of others is still worth exploring.
Fifth, the project itself is difficult to refinance. Capital construction investment in colleges and universities has the characteristics of large scale, long payback period and unpredictable risk. The project enterprise itself also has the problem of raising funds. At present, there are many obstacles to how to use the project itself to achieve the purpose of enterprise financing. Because BOT project financing is adopted, the project enterprise itself has no ownership of the fixed assets of the project, so it is impossible to implement the "mortgage loan" of the project itself in financial institutions. China's "Guarantee Law" also prohibits colleges and universities from providing any form of property guarantee, and there is no provision for "royalty right" as collateral in the implementation of pledge guarantee. The refinancing problem of BOT projects has begun to plague the development of enterprises entering this industry.
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