摘要：近年来PPP文件中经常出现“建设期计息不付息”的表述和要求，对于金融机构CMS系统不允许“建设期计息不付息”这一现实情况，从探究各类建设期利息计算公式及其来龙去脉入手，通过实例进行经济效益对比分析，从理性经济人的角度指出PPP“建设期计息不付息”应该仅指在运营期而非建设期通过回报机制收回成本获得收益，将其作为还款方式不合理，扩大解释将其用于融资方案不符合逻辑。

关键词：PPP；建设期利息；实例分析

Abstract：In recent years，the expression and requirement of “interest calculation without interest payment during construction period” often appears in PPP documents. For the reality that the CMS system of financial institutions does not allow “interest accrued during construction period do not be paid”，this article makes a comparative analysis of the economic benefits of various interest calculation formulas during construction period through examples，points out that in PPP projects，“interest accrued during construction period do not be paid” should only refer to the recovery of costs and gains through the return mechanism during the operation period rather than the construction period，and negates the rationality as repayment method from the perspective of rational agents view. It is not logical to expand the explanation to use it in financing scheme.

Keywords：PPP；interest during the construction period；example analysis

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建筑经济，2019（10）：50-54