摘要：借鉴公司制企业的经验，定义PPP项目控制权与现金流权的概念，分析导致某些PPP项目中控制权与现金流权分离的原因，基于避免两权分离的思路，构建以公共部门为控制人的PPP项目控制权与现金流权合理配置的概念框架，并提出实现合理配置的注意点，以期为解决剩余控制权配置问题提供理论参考。

关键词：PPP；控制权；现金流权；概念框架；不完全契约

Abstract：Learning from the experience of joint-stock companies，the paper puts forward the definition of control right and cash flow right for the PPP project，and analyzes the reasons for the separation of the two rights in some PPP projects. Then，builds the conceptual framework about the match of control right and cash flow right that taking the public sector to be the ultimate controller based on the thinking of avoiding the two rights separation. The paper points out things should pay attention to realize rational allocation of control right from the cash flow right，and provides theory reference for solving the problem caused by residual control right allocation.

Keywords：Public Private Partnership；control right；cash flow right；conceptual framework；incomplete contract

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