Research On The Investment Efficiency Of PPP Projects From The Perspective Of Financial Development

Financial development can improve the efficiency of capital allocation and promote economic growth.Under the financial development environment,the degree of financial marketization has gradually increased,providing more possibilities for PPP investment.Based on the policy needs and practical problems in development,this paper summarizes the relevant researches of domestic and foreign scholars on the basis of combing the financial development theory,and determines the research purpose and significance of this paper.The innovation of this paper lies in that it analyzes the operation mechanism of PPP projects from the perspective of financial development by constructing the evolutionary game model,and affirms that financial development can promote all parties of PPP projects to achieve cooperation goals from the perspective of economics,which has theoretical research significance.In the empirical part,the SFA stochastic frontier function model is used to study the impact of financial development as an environmental variable of technological inefficiency on the PPP investment efficiency,and the kernel density estimation property and the maximum likelihood ratio test method are used to determine the suitability of the model.The empirical analysis results show that:the government fiscal expenditure has the greatest impact on the actual investment output of PPP,the active participation of social capital can increase the actual investment of PPP,the participation efficiency of state-owned enterprises is low,which is not conducive to the development of PPP;The level of marketization development is the most important factor affecting the investment efficiency of PPP projects.Financial development has an impact on the investment efficiency of PPP projects,among which,the expansion of financial market size does not promote the investment efficiency of PPP,and the development of financial function improves the investment efficiency of PPP.The level of macroeconomic development is in direct proportion to the efficiency of PPP investment.Economic development can promote the efficiency of PPP projects.The level of infrastructure development is in inverse proportion to the efficiency of PPP investment.Suggested that the government improves the efficiency of investment,stimulate investment potential,financial institutions to actively participate in market,investment and financing functions,financial institutions play a leading role,to improve collaborative efforts to promote the Midwest PPP project development,at the same time,the government and improve relevant policies and regulations,provide better development environment for financial participation in the PPP,advancing the PPP system design and the healthy development.