Venture capital is actively involved in the PPP project preference stock + debt policy to be issued-音羽かなで

Venture capital is actively involved in the PPP project preference stock + debt policy introduced fund exposure: Sina to the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click on [I want to complain], Sina help you expose them! In the case of PPP once again aroused widespread concern in the capital market, the insurance funds as long-term institutional investors are also seeking space. But from the current situation, venture capital as a whole for the intervention of PPP project cautious attitude. Analysts believe that, in the direct investment in the PPP project, the insurance fund is currently the better option is to intervene in the identity of financial investors, the use of "stock + debt" mixed model. After the introduction of the relevant new regulations of the CIRC, whether the insurance fund can form an investment plan and act as an investor, and directly form a consortium with the construction side or the operator to participate in the bidding, which needs further exploration. "4+1 PPP" venture capital investment in July 3rd, the CIRC website "indirect investment of insurance funds for infrastructure project management measures", put forward in terms of venture capital to broaden the investment space, the relaxation of insurance funds can be invested in infrastructure projects in the industry, the increase of government and social capital cooperation (PPP model) and other feasible investment mode. Beijing xinno law firm senior partner Huang Huazhen said that the current insurance funds in the indirect investment PPP project mainly has four forms, including debt investment plan construction, investment fund, participation in government financing funds, with investment and other financial institutions. In the form of the last call, insurance funds can choose to cooperate with the third party financial institutions. One with the investment of large banks, insurance funds with the bank credit risk bearing ability, strengthen the project credit; for the banks, the introduction of long term investment of insurance funds as a priority in funding, can reduce the risk of mismatching. Two is to cooperate with the trust institutions to replace trust funds, to intervene in the project two ways of financing. The three is to cooperate with industrial funds to invest in large-scale projects screened to save project screening costs and reduce investment risks. In addition, in the direct investment of PPP project, the better option of insurance funds is to intervene with the identity of financial investors, and adopt the "stock + debt" mixed mode. Analysts believe that the insurance funds for investment in PPP project risk should focus on many aspects. In the prior control, the selection of the project should focus on government credit, project economic intensity, corporate credit and legal compliance of the project and other factors. In terms of control, we should pay attention to the design of contract terms, intervene in negotiations ahead of time, agree exclusive rights, and strengthen the cash flow detection mechanism after the management. The introduction of supporting policies to be in fact, insurance funds for the PPP project is focusing on, but the overall cautious attitude. China Securities Journal reporter learned that a number of insurance institutions and good credit background of the PPP project approached, seeking opportunities for cooperation. Insurance companies said, from the policy point of view, the new regulations promulgated by the CIRC on the details of the original provisions to further improve, for the use of venture capital provides better conditions. Tianyuan law firm senior partner said, compared to the previous theory

险资积极介入PPP项目偏好股+债 配套政策仍待出台 新浪基金曝光台:信披滞后虚假宣传,业绩长期低于同类产品,买基金被坑怎么办?点击【我要投诉】,新浪帮你曝光他们!   在PPP再度引发资本市场普遍关注的情况下,作为长线机构投资者的保险资金也在寻求作为的空间。但从目前的情况来看,险资整体上对于介入PPP项目态度谨慎。分析人士认为,在对PPP项目的直接投资方面,保险资金目前较优的选项是以财务投资人身份介入,采用“股+债”混合模式。保监会相关新规出台后,保险资金是否可以组成投资计划并作为投资方,直接与建设方或者运营方等组成联合体参与招投标,有待后续进一步探索。   险资“4+1”投资PPP   7月3日,保监会网站发布《保险资金间接投资基础设施项目管理办法》,在拓宽险资投资空间方面提出,放宽保险资金可投资基础设施项目的行业范围,增加政府和社会资本合作(即PPP模式)等可行投资模式。   北京市鑫诺律师事务所高级合伙人黄华珍表示,目前保险资金在间接投资PPP项目时主要有四种形式,包括以债权计划投资施工方、投资企业专项基金、参与政府融资基金、跟投其他金融机构等。以最后一种跟投的形式为例,保险资金可以选择与第三方的金融机构合作。一是跟投大型银行,险资可借助风险承受能力较强的银行信用,加强项目增信;对于银行而言,引入投资期限长的保险资金作为优先级资金,可降低错配风险。二是与信托机构合作,替换信托资金,以二次融资方式介入项目。三是与产业基金合作,投资其筛选的大型项目,以节约项目筛选成本、降低投资风险。另外,在对PPP项目的直接投资方面,保险资金目前较优的选项是以财务投资人身份介入,采用“股+债”混合模式。   分析人士认为,保险资金对于投资PPP项目的风险应当着眼于多个方面。在事前控制上,对项目的筛选应当关注政府信用、项目经济强度、企业资信和项目的合法合规性等因素。事中控制上,应关注合同条款设计,提前介入谈判,约定专属权利,并在投后管理上强化现金流检测机制。   配套政策仍待出台   实际上,保险资金对于PPP项目正积极关注,但整体态度谨慎。中国证券报记者了解到,多家保险机构都与具有良好信用背景的PPP项目进行接洽,寻求合作的机会。保险公司人士表示,从政策角度来看,保监会出台的新规对原有规定的细节进一步完善,为险资运用提供了更好的条件。   天元律师事务所高级合伙人表示,相比以往规定,新的《保险资金间接投资基础设施项目管理办法》对实务操作将产生一定影响。例如,增加政府和社会资本合作(PPP)等可行投资模式,并将其与债权、股权等方式并列。但是,从对PPP项目的投资来看,也需要体现为债权、股权、物权等方式,因此,PPP实际上并非独立于上述方式之外的单独投资方式。   该人士认为,从实际情况来看,在新规发布之前,保险资金已经通过债权投资计划、股权投资计划等方式对PPP项目进行过投资。只是由于保险资金对安全性具有较高的要求,符合保险资金要求的PPP项目较少,因此,保险资金对PPP的投资并不多见。在新规出台之后,保险资金是否可以组成投资计划并作为投资方直接与建设方或者运营方等组成联合体参与招投标,有待后续进一步探索。需要注意的是,保监会将按照供给侧改革要求,探索基础设施投融资新模式,积极开展保险资金参与PPP模式实践,还将出台相应配套文件,后续需要观察这些文件出台的情况。 进入【新浪财经股吧】讨论相关的主题文章: