| More than30years since China’s reform and opening up, its economy has achieved a successful transition. In the process of transition from planned economy to market economy, the Chinese government carried out a series of reforms, such as macroeconomic reform, education and health care reform, trade liberalization, housing system reform, developing the labor market, etc. Undoubtedly, the infrastructure sector reform is one of the most complicated reforms in the whole course of reform. The infrastructure is the basic conditions of normal operation of modern society, and also is the general material conditions of social development. Complete infrastructure plays an important role for the promotion of economic growth and protects and improves people’s living standards. However, the establishment of an advanced infrastructure usually requires a huge investment and a long period. Even the developed countries faced with the problem of insufficient infrastructure construction. Generally, each country in the world adopted the policy of infrastructure construction based on the national financial status, but with the rapid economic development, relying solely on the state’s financial investment apparently can not meet the huge demand investment in infrastructure construction. After the1980s, governments gradually pay attention to infrastructure issues, strengthen the intensity of reform and investment, loose the monopolized by the state control of the field of infrastructure, introduce the private capital, and establish the mechanism of competition. This has greatly promoted the development of infrastructure and its related industries. In recent years, the supply capacity of infrastructure products has been significantly improved, and become an important impetus of economic growth in western countries.Even though the China’s infrastructure construction has made great achievements and became an important impetus of rapid economic development. However, due to the limitations of state funds, as well as rapid economic development needs, the field of infrastructure funding is clearly insufficient. On the other hand, the rapid development of private economy laid the material and technical basis for the building to participate in infrastructure projects. It has already become the consensus of theorists and businessmen to introduce the private capital to play the role of private capital in infrastructure. As the public property of infrastructure, fully privatization would undermine the fairness and efficiency. In this context, being a system of innovation, public-private partnership gradually attracted much attention in recent years in the foreign field of infrastructure. Public-private partnership fully integrated with the government, private enterprises and financial institutions in their respective strengths, not only reduces the financial pressure of the government, but also improves the quality of projects and operational efficiency. It is the effective way to solve the defects of government investment in public goods and financial capital shortage. Although the public-private partnership in foreign countries gradually became with relatively mature theory, and accumulated a number of success cases. But the relatively short history of public-private partnerships itself causes a lot of problems in the exploration and debate. Moreover, the summary of the theoretical study and practical experience of public-private partnerships is mostly from their actual departure, and lack of comprehensive and global. Combined public-private partnership is involving different subjects, such as engineering, economics, finance, accounting, public policy, etc. And each subject has a different emphasis and observation angle on public-private partnerships. So subject to the conditions of different periods of history, the level of national economic development and social system limitations, the existing public-private partnerships system was one-sided understanding in different countries, different disciplines, with some limitations. China’s public-private partnerships began in parts of sporadic exploration and practice, and with a relatively short history of the academia, research. And the analysis is mostly from the private capital participation in infrastructure, to address the lack of government funding point of view. Much analysis is stay in the introduction of foreign public and private the level of cooperative research, and lack of in-depth study of China’s specific national conditions. Therefore, the analysis cannot form a complete system. Based on this, this thesis is mainly about to study the production of public-private partnerships in order to contribute to China’s public-private partnerships reform.The main contents include the following three parts:Part I:Theoretical study. Public-private partnerships is institutional innovation used in the field of infrastructure and market-oriented reforms of infrastructure industries. Then, why the field of infrastructure is carried on the reform of the public-private partnerships system? This thesis tells the answer from the perspective of the theoretical basis of the argument. First, the main reasons that the field of infrastructure cannot be fully privatized and open competition can be explained by public products theory. Because the infrastructure has the characteristics of public products, industrial products, as well as the technical industry infrastructure, so it cannot be fully operated and managed by the private sector and the government must be taken part in. It is the features and natures of infrastructure that determine the necessity of the involvement of the government public-sector. Second, as the theoretical basis of property rights theory and competition theory, the theories analyze the need for the infrastructure sector to introduce private sector and market-oriented reforms to implement the system of public-private partnerships. Third, the public choice theory demonstrates the limitations of government as the only infrastructure investment entities. The public choice theory provides a theoretical basis that the public sector quit from the infrastructure areas, and it pointed out some of the problems of bureaucratic organizations, and proposed an alternative method. For economics sense, the provision of infrastructure should follow the principle of comparative advantage and provided by the side between government and market with more advantages. It should be to transform government functions if the government still has little effect after the reforms and the best way is to break the government monopoly and establish competition between public and private institutions, public agencies, so that people have freedom of choice. Finally, the institutional change theory explains change motivation, process, path and speed of the public-private partnerships.Part II:The key issues of public-private partnerships. The public-private partnerships in each countries has developed in different ways and different path of the reform, scope, mode of operation because of the difference of world’s economic and social development, history, political and economic system, the distribution of resources, land size, cultural endowments. The scholars of China study the public-private partnerships with learning from the redundant and miscellaneous data and different scholars have the different views of the general problem of public-private partnerships. As a result, this confusion restricts the further development of public-private partnerships. This thesis try to extract the requirement of the values, mode of operation, range of applications, as well as institutional arrangements of public-private partnerships, summarized from a comprehensive point of view characteristics and generalize participate parts and operational procedures of China’s general public-private partnerships projects. Although the content of public-private partnerships involves multi-faceted, multi-link, multi-disciplinary, the thesis tells its two key issues that public-private partnerships can be successfully operated. First issue is the government regulatory. From the perspective of the public sector, if the government does not supervise infrastructure, the infrastructure construction will be the monopoly by state-owned into the private sector monopoly and it would be harm consumer welfare and yield to the aspirations of consumer sovereignty after market-oriented reforms. In order to avoid market defects and promote universal service, protect the legitimate rights and interests of the public, maintain fair and competitive market environment in the field of infrastructure, to ensure infrastructure security and stability operations, it must be emphasized that the regulation of public-private partnership projects. Second is the risk management issue. From the perspective of the private sector, private investors are most concerned about is the size of the risks. If the risk is too high or wholly borne by private investors and affects the safety of capital, private investors will not invest the project and public-private partnership projects cannot be operated successfully.Part III:The applied research of public-private partnerships. There are some successful and unsuccessful cases of public-private partnerships in some countries as so far. After all, public-private partnerships origin from western countries, it is necessary to study the conduct of public-private partnerships in the context of specific institutional environment of China. This thesis studies the two aspects of the applied research of public-private partnership. First is the application of public-private partnerships in China, and it analysis public-private partnerships in our application status, problems, and solutions. It can be divided into three stages for the application of public-private partnerships. Then, this thesis explores the reasons that cause the formation of such phasing. The public-private partnerships has superb prospects for development in our country, at the same time, there are exist a few problems at this stage. The count-measures are proposed for these specific problems. The implementation of public-private partnerships for system social, legal and economic environment of a match and clear the basic procedures of the operation of the project must be taken into place by our government if the public-private partnerships is promoted and popularized successfully. Second is analyzing cases. This thesis selects a public-private partnerships case which in terms of the size, industry, area of the project is typical and summarizes its experiences and lessons in order to inspire the promotion of public-private partnerships in our country.On the basis of the theory of public products, property rights theory and competition theory, public choice theory as well as institutional change theory, the thesis studies the public-private partnerships, systematically, from the theory and practice, globalization and the general aspects. In summary, the main innovations of the thesis are the following three points:First, the allocation of risk of public-private partnerships is of great concern to private investors, and it is directly related to the success of both public and private negotiations to reach and implementation. On the basis of identifying the main risks, the thesis tells the difference between public-private partnership projects and normal projects. Innovatively, to assess risks of public-private partnership projects by VAR method, it makes risk assessment more operational and more diversity. According to the proposed risk allocation principles and framework, the thesis studies the main possible risks and how to share the risks, from the perspective of the participating. So the risk sharing method is detailed and practical, and operational risk management practice of public-private partnerships has certain reference significance. On the basis of the existing range of applications of public-private partnerships, the thesis expands the scope of application of the public-private partnerships research. First, according to the meaning of the infrastructure, public-private partnerships can be applied in hard economic infrastructure, hard social infrastructure, the soft economic infrastructure and soft social infrastructure and it is not suitable for the field of IT, because the IT industry is more complex business processes, technology updates, and simple operations. Second, in accordance with the size of the project, public-private partnerships is usually suitable for large and medium-sized infrastructure projects. Third, in the light of the type of the project, the thesis studies the range of applications public-private partnership, from the difficulty of the type of project, facility size, technical complexity, charges the extent and scale of production or consumption. The thesis analyzes in deeply the obstacles factors of the reform of public-private partnerships and proposes the specific ways for the reform. The public-private partnerships has proven to be an effective system in the field of innovation in infrastructures construction. However, the reform of public-private partnerships is relatively slow in China. This thesis attributes the main reason to the internal and external environment that is needed for the system construction is not complete, as well as the existence of the legal system and government regulation system is imperfect, not suited to the role of government and ideas, corporate finance. Additional, there are obstacles of state-owned enterprises and private enterprises competitive position which is not fair. Therefore, the point of breakthrough in the reform is to establish the appropriate institutional framework, such as the establishment and improvement to adapt the legal system and regulatory system and the governments change their concepts, as well as the establishment of a fair competitive environment and other system. |
PDF Full Text Request