| In the process of economic development in the rapid growth of China’s reform and opening up in the past forty years,the shortage of infrastructure supply is an important factor restricting the sustainable and stable development of China’s economy,including transportation facilities,water conservancy facilities,environmental protection facilities,city construction and other infrastructure shortage.Because of seriously insufficient of the long-term infrastructure investment,large scale investment and long construction period of the infrastructure itself and lower direct investment return rate,the infrastructure has become a bottleneck restricting in China’s economic growth in the long term.Based on disadvantages of the public sector in the traditional that single government investment financing need to assume the shadow cost,low efficiency of using of funds,serious waste,huge of the debt risk of local financing platform,the traditional model owned by government investment in infrastructure construction and operation is difficult to continue.Additional,the simple privatization has the risk of difficulty of government regulation,high transaction costs,incomplete contract easily lead to the risk of renegotiation or even default.How to solve the problems faced by the infrastructure investment and financing to choose a suitable path is the most urgent task.PPP financing model realized the maximization of social welfare and the optimal allocation of resources by attracting social capital to participate in the provision of public goods and services,promoting the effective integration of government departments and private departments,and giving full play to the advantages of both public and private.In the current situation,PPP model can broaden the sources of funds,alleviate the financial pressure of the government.Resolve local government debt risk,promote the transformation of government functions,improve capital efficiency,improve the efficiency of public goods supply,therefore become China’s infrastructure investment and financing is the best choice.Based on the advantages above,PPP financing mode of infrastructure construction in China are also stepping up construction,organization system and the legal system related to PPP.However,it is not difficult to find that,despite the success of this model in recent years,in the process of introducing PPP financing,various issues have been in the development of infrastructure public-private partnerships.First,not all developing countries are able to attract private partners and investment in infrastructure projects.Secondly,the PPP project floor rate is low,or even failure.Finally,by observing the World Bank statistics,we can find that there are significant differences in the development of infrastructure PPP projects in various developing countries.In summary,in order to ensure the effective completion of PPP project in China,this paper tries to study the influencing factors of developing countries to attract private partners through investment in infrastructure.Through the study of this problem,finding out to enhance the efficiency of PPP financing mode of China’s policy recommendations.This article from the government budget constraint,the regional political environment,the macroeconomic environment,the potential market size,social legal system in five aspects,the number and amount of the PPP project as explanatory variables,first to 87 countries worldwide as the research object,using the resources of the country,export countries,per capita GDP,population the inflation rate,total import reserves,government effectiveness,political stability,regulatory quality,legal system,such as index,using cross-sectional unit the sample in 1996-2014 panel data,factors that influence the world of global PPP financing model results show that the effects of fiscal constraints,the potential market size and control environment of infrastructure public private partnership is significantly positive,probably because the perfect control environment will attract private enterprises to actively participate in the infrastructure project.However,the impact of macroeconomic risk on infrastructure public-private partnerships is significantly negative,perhaps because inflation will become an important concern for private enterprises to participate in infrastructure projects.Secondly,aiming at the influence factors of PPP China,taking 30 provinces as the cross sectional unit(except Tibet),the cross section of unit 2012-2015 sample panel data,to government debt,world population,per capita GDP,inflation rate,market reform,fiscal decentralization,capital market developed by multiple the regression analysis method to study the specific effects of these factors.The results show that the macroeconomic stability of government financial constraints and potential market size is an important factor affecting the public private partnership.The results also show that fiscal decentralization and the degree of capital market development are also important factors affecting the implementation of infrastructure public private partnership.The size of the potential market of the greater demand is big,the more likely the implementation of PPP project;macro economy more stable said project implementation risk is small,the more likely the PPP project implementation;fiscal decentralization said more autonomy of local governments is greater,the more likely PPP project implementation;the more developed capital market that the financing channel is narrow,the more likely the implementation of PPP project.Finally,according to the development of PPP financing mode status at home and abroad,and the empirical analysis,this paper puts forward some policy suggestions,the transformation of government functions,clearly define the position of the government to strengthen publicity and guidance,to encourage public participation in promoting the PPP model to improve the legal and policy system,to ensure the smooth implementation of PPP fast establishment of a multi-level capital market,improve the investment and financing environment and speeding up the construction of specialized management institutions. |
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