Explain The Contract Characteristics Of PPP Mode From The Transaction Cost Perspective

With the increasing development of urbanization in China,the national economy and the level of consumption increased,the demand for public infrastructure also showed a higher demand.China's local governments at all levels in the official examination and competition under the mode of competition for the construction of public goods,which not only rapidly exacerbated the government's debt burden,but also makes the number of public goods supply,the type of serious structural bias.Therefore,the PPP model has a very important role in alleviating the level of local government debt,increasing the level of public goods service,improving government functions and even increasing the rate of social capital gains.However,not all public infrastructures are suitable for PPP mode,how to effectively understand the application boundary of PPP model,and to distinguish and compare PPP mode and traditional public goods supply model will have both theoretical and practical significance.In this paper,we use the method of literature summarization,starting from the theory of new institutional economics contract and transaction cost,and combining with public theory,government failure theory and incomplete contract theory,trying to identify and identify the application boundary of PPP model in theory.Based on the concept of "contract choice is to reduce the transaction cost under the limited conditions" in contract theory,the paper discusses the transaction cost under the traditional mode and PPP mode from the concept of generalized transaction cost defined by Steven N.S.Cheung,and then puts forward the transaction cost Rising proposition shows that the PPP project transaction costs will lead to the project contract to the traditional outsourcing contract or BT project contract direction change.In order to show the scientific nature of the demonstration,this paper constructs the mathematical model to study the efficiency of PPP model,analyzes the efficiency of social optimal public goods supply with zero transaction cost,and then analyzes and compares the efficiency of public goods supply in traditional mode and PPP mode,Proposed proposition on the efficiency boundary of PPP model.The proposition shows that the construction of the PPP project-the positive externalities of the operation phase,the operational profitability of the project and the transaction cost of the PPP contract will be an important factor affecting the efficiency of the PPP model.Based on the theoretical analysis,this paper chooses two examples of PPP implementation of pure public goods and quasi-public goods.The hypothesis verification method is adopted in the analysis process.First,the hypothesis can be verified based on the theoretical proposition,and then from the boundary condition of the case,The terms of the contract to prove this hypothesis.Finally,on the basis of summarizing the conclusions,this paper analyzes the system defects of PPP mode application in China and puts forward some suggestions and suggestions.