Will A Responsible Company Find It Easier To Get Public-Private Partnership (PPP) Projects?

In recent years,China has attached great importance to the development of the Public-Private Partnership model(PPP model).The government has made a comprehensive and systematic deployment of the usage and development of PPP model,and has promoted the PPP model in a wide range.At the same time,with remarkable achievements in China's economic construction,the whole society has put forward requirements for the implementation of corporate social responsibility(CSR).Corporate social responsibility is not only the inevitable result of economic development and social progress,but also the necessary prerequisite for further economic and social development.This paper focuses on the promotion effect of corporate social responsibility information disclosure represented by listed companies on their acquisition of PPP project contracts.By introducing the relevant theory of transaction cost under the new institutional economics,this paper studies the possibility of corporate social responsibility as a differentiation strategy to improve recognition in the market of PPP project contract competition.This paper analyses the influence mechanism of corporate social responsibility on listed companies' acquisition of PPP project contracts.It is pointed out that corporate social responsibility,as a differentiation strategy,can enhance the recognition of enterprises as non-opportunistic actors in PPP project contract competition.Considering factors such as the complexity of the project contract,the experience of the company's previous contract signing,the market power of enterprises and the political relevance of the company might increase the risk of opportunistic behavior and transaction costs,this paper argues that the impact of performance of responsibility on contract acquisition ability of PPP project is regulated by the above factors.This paper further classifies corporate social responsibility and points out that non-commercial CSR is more capable of delivering enterprises as non-opportunistic actors than commercial CSR,therefore it is more conducive to enterprises to obtain PPP project contracts.This paper uses 328 samples of Listed Companies in four-year period from 2014 to 2017 to test the above hypothesis by GMM estimation.The results show that CSR can help enterprises to obtain more PPP project contracts.This effect is positively regulated by contract complexity,market power and political connection of enterprises.Under the subdivided social responsibility type,non-commercial CSR is more conducive to the acquisition of PPP project contracts than commercial CSR.The impact of the previous contract signing process on the main effect of this paper is not significant,which can be explained by the contract duration and insufficient data availability.This will be of value for further study in the future.The significance of this paper is to integrate CSR performance into the framework of transaction cost in market competition,and to explore the impact of CSR on the acquisition of government PPP project contracts.Through keyword search on academic websites such as CNKI,we can see that the relationship between corporate social responsibility and government contracts has always been a blank in the domestic research field.Especially PPP model has been implemented in China for a short time,and the development of related research is not complete.The theoretical mechanism and empirical test of this paper can make up for the deficiencies in related fields.At the same time,this paper also provides theoretical support for further standardizing PPP model and encouraging enterprises to actively fulfill their social responsibility.