Research On PPP Model Of State-owned Incubator

Based on the current situation of the development of state-owned incubators,this paper combs the relevant literature research,torch center information,conference interview records,Wechat public number push and hatching organ network information,and selects three different types of state-owned incubators,namely,government-led,state-owned enterprises-led and university-led,as examples,aiming at the development path and difficulties of state-owned incubators.Through comparative analysis,from the development path of the three incubators,it is a gradual change from government direct investment mode to multi-integration mode;from the development difficulties of the three incubators,the state-owned incubators are generally faced with single financing channels,insufficient funds for follow-up construction and development,lack of close integration with venture capital,excessive financial pressure from the government,and The management system is rigid,the service level is low,and the profit model is single.In the modern sense,PPP mode emphasizes the role of PPP mode in improving the supply of public services.According to the new public management theory,the initial public-private partnership model emerged as a financing tool.With the continuous development of the public-private partnership model,its service function and scope of adaptation have been expanded accordingly.It has been gradually used by the government as a tool to improve the efficiency of public service supply.Therefore,the PPP model is an effective choice to deal with the financing and governance problems of public service supply.Therefore,this paper proposes solutions to the financing and governance status of state-owned incubators,and uses Nash equilibrium to verify the feasibility of introducing PPP model into state-owned incubators.State-owned incubators introduce public sectors and social capital such as state-owned enterprises,government,scientific research institutes,universities,venture capital institutions,private enterprises through bidding and other means.Based on their respective superior resources,each party establishes project companies by way of equity participation or equity participation,and the project companies are responsible for the construction and operation of state-owned incubator PPP projects;the state-owned incubator PPP projects are diversified.The process of building and operating state-owned incubators by social forces is the ultimate goal to improve the operational efficiency of state-owned incubators and promote the sustainable development of state-owned incubators.This paper chooses three core mechanisms of operation mechanism,governance mechanism,risk sharing and incentive mechanism to carry out theoretical analysis and mechanism construction,and elaborates the basic framework of introducing PPP model into state-owned incubators.Aiming at the operation mechanism of PPP project of state-owned incubator,this paper uses property right theory and principal-agent theory to analyze the type selection and cooperation form of PPP mode imported by state-owned incubator.According to the different application forms of PPP,two different organizational structures are constructed,i.e.the share-holding structure of social capital investment and the establishment of two-level incubator management company.The market operation and cooperation of state-owned incubator under PPP mode are also discussed.On the basis of market operation,two financing modes of state-owned incubator PPP project,market-oriented PPP venture capital fund and government-led PPP venture capital fund,are constructed by using capital leverage theory.Aiming at the governance mechanism of PPP project of state-owned incubator,the governance framework of the whole PPP project is constructed by using the dynamic game theory of governance subject and stakeholder theory.Under this framework,the governance formation mechanism of stakeholders such as government,scientific research institutes of universities,investment institutions,enterprises,the participation mode of PPP project governance and the governance behavior of PPP project are analyzed and constructed respectively.Aiming at the risk sharing and incentive mechanism of state-owned incubator PPP project,according to the principal-agent theory and incentive theory,under the principle of risk sharing,the risk sharing of state-owned incubator PPP project is designed;according to the principle of risk-benefit,the project return mode and equity incentive mode of state-owned incubator PPP project are constructed.