Research On Legal System Of Public-Private Partnership(PPP) Finacing

With the accelerating process of urbanization,the demand for infrastructure construction and public utilities is also increasing.Because of the long investment cycle of public utilities and infrastructure construction and the large amount of capital invested,the government needs to consume enormous human,material and financial resources.Under this background,the Public-Private Partnership(PPP)model emerged.By opening the infrastructure and public service projects to social capital through the PPP model,the government can broaden the financing channels,integrate social resources,revitalize the social stock capital,and stimulate the vitality of private investment.However,the current Chinese Public-Private Partnership(PPP)model is still in its infancy.There are still certain problems and risks in PPP specific legislation,risk sharing mechanisms,and financing supervision mechanisms.Therefore,perfecting the legal system and supervision model of China's PPP model and improving the risk sharing mechanism for financing of PPP projects can not only provide financial guarantees for the country's major economic reforms,new urbanization construction,and the “One Belt and One Road” construction,but also help resolve government debt pressures.And risks,improve the efficiency of the use of fiscal funds,and build a modern fiscal system,which in turn will enhance national governance capabilities.The PPP financing model is a product of the integration of public law and private law.It involves the fields of public governance theory,public choice theory,principal-agent theory,and transaction cost theory.The theoretical significance of this paper is to combine the relevant basic theories of the Public-Private Partnership(PPP)model,and to conduct a systematic and in-depth discussion on the perspective of economic law.Through reviewing and analyzing the development status of China's PPP financing model,the existing legal provisions,and the latest legislative trends,and drawing on the mature legislative experience of foreign countries,it seeks to find the dual predicament of fully exploiting the resources advantages of the public and private sectors and avoiding government failure and market failure.Appropriate and reasonable institutional arrangements and designs are intended to enrich the theoretical framework of current economic law.The practical significance of this paper lies in a comparatively systematic elaboration and analysis of the problems existing in the construction of the legal system of PPP financing model by examining the current status of development of China's PPP financing model and the existing legal risks,and trying to regulate the PPP financing model in China.Provide appropriate advice in order to provide intellectual resources for the optimization and improvement of China's PPP financing model.This paper mainly adopts the case study methodology,and examines the legal construction of PPP financing model in China at the current stage from the perspectives of legislation and judicature,and compares it with the extraterritorial PPP financing model.We find that domestic and foreign companies are financing for PPP.There are some differences in the legal regulation of the model.We believe that we should absorb advanced foreign legislation and regulatory experience,select laws,regulations,and regulatory systems that are appropriate to China's national conditions,and gradually establish a PPP legal regulation path with Chinese characteristics.In addition,the article also adopts the normative analysis method to conduct a normative analysis of the laws and regulations concerning the PPP model that have already been introduced,and discusses the existing problems and loopholes in China's existing rules and regulations in order to boost the standardized operation and sustainable development of China's PPP model.In the research content,firstly,it introduces the research background and research significance of the paper,and explains the research status quo of the PPP financing model,and the research methods and research ideas used in the writing process of this paper.Then,briefly review the basic theory of PPP financing model,clarify the relevant concept,classification and characteristics of PPP financing model,analyze the internal and external legal relationship of PPP financing model,and then elaborate the operation flow of PPP financing model in a chart form.Then,the current situation and problems of the legal system construction of China's PPP financing model are explored in detail.Since the end of the 20 th century,China's PPP financing mode has undergone three stages: budding,low-lying,and popularization.The level and effectiveness of legislation,the design of top-level systems lags behind,there are conflicts between the systems and policies formulated by various supervisory departments,and the risk sharing and interest distribution mechanism of all stakeholders constitutes the main part of the legal system construction of China's PPP financing model.problem.Finally,aiming at the problems existing in the legal construction of China's PPP financing model,combining the relevant principles of the PPP model and the specific practice in our country,we propose the path of optimizing the PPP financing model in China from both the legislative and judicial aspects.