The Influencing Factors And Empirical Study Of PPP Model Selection In China

The traditional government purchase mode and the public-private Partnership(PPP)mode are two main ways for the government to mobilize social forces to provide public services.PPP model breaks the previous public infrastructure development model dominated by strong government,greatly stimulates the enthusiasm of the market,thus effectively alleviating the financial pressure of local governments.However,at present,the operation effect of PPP model in China is not satisfactory.In December 2018,the landing rate of the whole industry PPP project was only 56.3%.The appropriateness of PPP mode selection has a vital impact on the implementation effect.In this paper,the influencing factors of PPP mode selection are studied theoretically and empirically in order to provide some references for the selection of PPP mode in China.This paper is divided into four parts:Firstly,the relevant theories of PPP mode selection are analyzed.From three angles of industry,enterprise and project,this paper discusses in detail the influence of entry barriers,capital structure,R&D input level,growth ability,profitability and risk resistance on PPP mode selection.On this basis,the paper expounds the influence mechanism of relevant factors on PPP mode selection by means of game model.Secondly,descriptive statistical analysis is made on the development of PPP model in China from three aspects:industry distribution,operation mode and landing rate of PPP project,and the implementation effect of PPP project is discussed.Thirdly,in order to verify the above theoretical inferences,this paper makes regression analysis with the above six factors as independent variables and the degree of risk undertaken by the private sector as dependent variables.Fourthly,on the basis of theoretical research,current situation analysis and empirical research,this paper summarizes the conclusions of this study and puts forward relevant policy recommendations.The main conclusions of this paper are as follows:Industry entry barriers,industry capital structure,enterprise R&D investment level and enterprise growth ability affect the anti-risk ability of PPP projects by influencing the probability of success.Project profitability and anti-risk ability together determine the risk degree that the private sector is willing to take.For projects with strong profitability and risk resistance,franchising or privatization mode can be adopted.For projects with poor profitability and weak risk resistance,outsourcing mode is more appropriate.Empirical results show that project profitability,industry entry barriers and industry capital structure have significant positive correlation with the risk-taking degree of the private sector,while the level of R&D investment and growth ability of enterprises have no significant impact.The anti-risk ability of the project shows a negative correlation with the risk-taking degree of the private sector in the empirical results.