Research On The Existing Problems And Countermeasures Of Developing PPP Mode In Hubei Province

The promotion and application of PPP model in the field of infrastructure and public services is the task of major economic reform currently established in our country.It is the task of The Third Plenary Session of the eighteen,which required for implementing the policy of "drastically reducing the government's direct allocation of resources","establishing a transparent and standardized urban construction investment and financing mechanism in order to allow social capital to participate in urban infrastructure investment and operations through franchising".The use of the PPP model is also of great significance to speeding up the construction of a new type of urbanization,upgrading the ability of state administration,and building a modern financial system.In order to give full play to the advantages of Yangtze River water resources,Hubei Province,as the strategic pivot of Central China,and the core area of the "Yangtze River economic zone",has accelerated the economic development of the province on the basis of strengthening infrastructure construction.In recent years,Hubei Province has attached great importance to the popularization and application of PPP mode.Since the development of PPP mode in Hubei Province in the recent two years is still at an exploratory stage,a normative,complete and referential PPP mode operation system has not yet been established.In the face of the crucial moment when PPP projects are in dire need of landing and with the great number of central and subnational government supportive policies,in the background,how's the effect of the PPP mode in Hubei Province? What difficulties and obstacles exist in the process of advancing the PPP model? In order to ensure the successful implementation of the PPP model in Hubei Province,these problems are urgently needed to be tracked and solved.Based on public good theory,public choice theory and theory of planned behavior,Firstly,this paper analyzes and summarizes the connotation and classification of PPP model in our country.Secondly,based on the effect of PPP in Hubei Province,and focusing on the current situation of promoting PPP mode in Hubei Province from several aspects such as the current progress of PPP projects in Hubei Province,the formulation and promotion of policies,the main structure of PPP participation,and so on,and analyzes the main existing problems in promoting PPP mode in Hubei Province On the basis of the current situation analysis,the paper mainly analyzes the outstanding problems of the current private capital participation rate continued to decline.Based on the theory of planned behavior,the paper uses the methods of literature analysis and group meeting to collect the key influences factors and design questionnaires,126 questionnaires were distributed to private enterprises in Hubei Province,then based on the survey data obtained,through establishing the structural equation model,using empirical analysis on influential factors and mechanism of private capital's participate intention in Hubei Province,in order to promote the active participation of private capital in Hubei Province PPP models to promote the successful implementation of PPP projects.Through the research we find that firstly we systematically sort out the current policy implementation effect of developing PPP mode in Hubei Province and compared the current PPP development in Hubei Province with other provinces in the country,the PPP project in Hubei Province has achieved some achievements in the process of landing and policy promotion.However,during the investigation,it was found that due to the imperfect coordination mechanism of government departments and the lack of understanding of the nature of the PPP model,the efficiency of the PPP projects was not high,the scale of investment were in the mid-level of the country,and PPP projects have not developed well in various industries and regions.What's more,there still exist the problem of relevant legislation and third-party advisory institution's standards of the PPP model have not been established yet.In particular,private capital as an important participant in the development of the PPP market,the participation rate of private capitalists in Hubei Province has continued to decline since the beginning of 2017,and the attractiveness of PPP projects has not been enough.Further,based on the data from the questionnaire survey,this paper constructs a structural equation model to analyze the factors influencing private capital's intention to participate in the PPP model.The empirical analysis shows that:1.At present,the private capital participants in Hubei Province have a certain feasible investment intention on PPP projects,but the specific intention of making investment decisions is still relatively cautious.2.As the driving force influencing private capital's intention to participate,"external perception behavior control" has the strongest effect,followed by "behavior attitude" and "internal perception behavior control",while "subjective norms" did not significantly affect the intention to participate.In the future,we should further create the conditions for improving the control of internal and external perceptions of private capital,focus on training private enterprises for the PPP model of positive industry attitude and re-examine the subjective norms,to create a positive industry environment,establish industry demonstration effect,in order to enhance the intention of private capital to participate in PPP mode.3.In terms of "external perceived behavioral control",the efficiency of government work,the formulation of PPP policy,design of PPP project contract,cooperation and procurement model professional of PPP project,and the ability of consultant company are the most important influential factors In terms of "behavioral attitudes",expecting to enter specific markets to expand market share,anticipating the promotion of corporate innovation and strategic transformation,and expecting to increase intangible assets such as corporate reputation and social image are the most important influence control factors.In the aspect of "internal control of perceived behavior",the financing ability of enterprises is the most important factor that controls the intention of private capital to participate.In terms of "subjective norms ",the governance layer believes that it makes sense to participate in the PPP model and the management believes that it is meaningful to participate in the PPP model" has the strongest interpretability of subjective norms.Finally,based on the present development of PPP mode in Hubei Province and empirical analysis results,the paper takes three aspects as start point: enhancing the attitude of investment decision makers,re-examining subjective norms in the industry,and creating the conditions to improve the influencing factors of internal and external perceptual behavior control,from the aspects of top-level design,management mode,financing mode,project risk-sharing mechanism and third-party advisory organization's management,it puts forward some suggestions to the current PPP management practice in Hubei province.