| In order to implement supply-side structural reform tasks in the public sernice sector,improve the efficiency and quality of public service provision,alleviate the pressure on public sector fiscal expenditure and promote the sustainable development of public projects,the Chinese government actively promotes the public-private partnerships mechanism for public service provision from the policy level.After several stages of exploration,piloting,promotion and regulation,by the end of 2017,the number of PPP project banks in the Ministry of Finance reached 14,220,and the investment amount was 17.8 trillion yuan.However,due to the deviation of the PPP model,uncertainty of policy and insufficient superv ision mechanism have emerged in the practice of PPP projects,such as the irrational risk sharing and benefit sharing mechanism,the "pseudo-PPP" of state-owned capital on "crowding out" private capital and "clear equity debt".Therefore,from the end of 2017,the Ministry of Finance has carried out the operation of standardizing the "PPP Integrated Information Platform Project Library" nationwide in order to promote the sustainable development of PPP.Through research,it is found that there is a common problem of low participation of private capital in PPP projects in China's practice,especially in the transportation infrastructure PPP project.In the PPP project management warehouse of the Ministry of Finance,the transportation infrastructure PPP project is controlled by private capital.The proportion is only 4.54%.This problem will directly lead to the loss of the basic premise of the PPP model for the purpose of introducing private capital to participate in the provision of public services.This paper takes the participation of private capital as the starting point of research,focuses on the transportation infrastructure PPP project,analyzes the relationship between private capital participation and the healthy development of PPP projects and further explores the factors affecting the participation of private capital*By analyzing the practice of PPP projects at domestic and foreign and related literatures,it is found that there is a strong positive correlation between the participation of private capital and the quality of the project location.According to the transaction cost theory,this paper puts forward the hypothesis of the influence of institutional quality on the participation of private capital in the transportation infrastructure PPP project,the interpretation framework of "institutional quality affects the uncertainty of public sector behavior--transaction costs--the participation of private capital in transportation infrastructure PPP projects" is constructed.The specific research ideas are as follows:On the basis of the development practice of China's transportation infrastructure PPP project,especially the analysis of the status of private capital participation in PPP projects,the mechanism and path of institutional quality participation in private infrastructure PPP projects are discussed.The panel binary selection model and panel regression model are used to empirically test it.Next,the contract governance theory is further used to discuss how to encourage private capital to participate in the transportation infrastructure PPP project by improving the quality of the system,including two aspects:the design of PPP investment and financing contracts and uncertainty risk management.Main research conclusions:(1)The quality of the system is the quality of the system operation,which reflects the amount of the transaction costs iin the operation of the system.Transaction costs in economic operations are determined by uncertainty,asset specificity,trading frequency,and bounded rationality.The transaction cost in the operation of the system is determined by the uncertainty of the behavior of the public sector.The improvement of the quality of the system reduces the uncertainty of the transaction behavior through the four aspects of public sector effectiveness,regulatory capacity,institutional binding,and rule of law.Form stable expectations,thereby reducing transaction costs.(2)Proposing the mechanism of the influence of institutional quality on the participation of private capital in PPP projects.The specific path of action is that institutional quality affects the stability of public sector contract awareness and institutional policies,increases behavioral uncertainty,and makes it difficult for PPP project contracts to perform smoothly,expands PPP project contract risks,increases transaction costs for private capital commitments,and ultimately reduces PPP projects.Private capital participation.(3)In the transportation infrastructure PPP project,due to the strong asset specificity of the project,with the increase of private capital investment,the dependence on the project is gradually increased and the conversion cost of capital investment is increased and it is easy to be "stuck".When the quality of the system is low,private capital needs to make more efforts to ensure that the quasi-rent generated by asset-specific investment is not encroached,protect its own interests through project renegotiation and supervision of the implementation of PPP contracts,which increases private capital.Transaction costs reduce corporate performance and affect private capital participation.(4)Through the construction of vector autoregressive model,using unit root test,Johansen cointegration test,Granger causality test and impulse response function to empirically analyze the impact of public investment on private investment in China's transportation infrastructure,from the coefficient of co-integration equation of public investment can be seen that for every 1%increase in public investment in transportation infrastructure,private investment will be reduced by 0.676803%.The Granger test shows that public investment in the transportation infrastructure sector is a folk level of 1%.The Granger reason for investment changes.At the same time,combining with the impulse response analysis of private investment impact on public investment,it can be seen that public investment in the field of transportation infrastructure in China has a certain"crowding out" effect on private investment in the short term,and a weak "crowding in"effect in the long run.(5)It is found through the panel binary selection model and panel regression model that the system quality affects the participation of private capital in the transportation infrastructure PPP project.The system quality has positive promotion on private capital participation degree and private capital investment amount of the transportation infrastructure PPP project.the private capital participation degree of green land new PPP projects is more sensitive to the impact of system quality than the PPP project of granting franchise rights.(6)PPP project contractual arrangement in which private capital makes full investment and obtains all operating income is a socially efficient form of contract that enables private capital to maximize the effort and therefore has the best incentives and it optimizes project efficiency.However,the lack of institutional guarantees tends to lead to incomplete contracts.At the same time,due to the inconsistency between public sector revenues and operating income,the public sector efforts are less than the socially optimal level of effort,leading to an increase in the risk of uncertainty in public sector behavior.This has a negative impact on the participation of private capital in incentives and social efficiency,which in turn reduces the participation of private capital.Therefore,it is necessary to improve the quality of the macro system and the micro-contract governance mechanism to provide protection for private capital participation in PPP projects,and finally achieve a win-win situation for both parties. |
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