Study On Influencing Factors Of Investment Efficiency Of Agricultural PPP Projects

The supply of agricultural public goods is the basic condition of agricultural production.With the rise of public-private partnership model,agricultural PPP model has also ushered in a new stage of rapid development.Agricultural PPP project belongs to public goods investment project.Its investment efficiency not only affects the return of social capital investment,but also affects the supply of local agricultural public goods and public satisfaction.Therefore,it is an important issue to explore the factors affecting the investment efficiency of agricultural PPP proj ect.In this context,this paper first outlines the theoretical basis of PPP model,and then analyses the current situation and main problems of agricultural PPP projects in China from the perspective of industry development,landing of PPP projects and classification status of agricultural PPP projects.Then,the paper identifies the influencing factors of the investment efficiency of agricultural PPP projects in China by using literature collation and literature analysis methods,and establishes an analytic hierarchy process model to evaluate and preliminarily screen the influencing factors.According to the results of the overall hierarchical ranking,the macroeconomic environment,the relationship between government and market,the market economic environment,the development of intermediary market and the legal system and factor market are preliminarily screened out.The development of these five indicators is used as a standby indicator of influencing factors.Then,according to the literature research and the availability of data,the input-output indicators are synthetically selected,and the DEA-BCC model is established to measure and evaluate the investment efficiency of agricultural PPP projects in 24 provinces of China in the past decade.The calculation results show that the average investment efficiency of agricultural PPP projects in China is high and fluctuates slightly from 2008 to 2017,ranging from 0.65 to 0.89.There are obvious regional differences in investment efficiency.The investment efficiency of the eastern coastal areas with better economic development and the western areas with less developed central China are obviously higher.Based on the results of efficiency evaluation,the Malmqusit index is calculated to evaluate the investment efficiency of agricultural PPP proj ects in China.The dynamic analysis on the change of investment efficiency of agricultural PPP projects in China shows that the growth of total factor productivity comes from technological progress,while the change of technological efficiency is not ideal,so the level of project management should be strengthened.Finally,the Tobit regression model is established with the investment efficiency of agricultural PPP project as dependent variable and the influencing factors as independent variable,and the external environmental impact factors affecting the investment efficiency of agricultural PPP project other than input and output factors are analyzed.The results show that the relationship between government and market,the development of intermediary market,legal system and factor market have great influence on the investment efficiency of agricultural PPP proj ects in China.Finally,based on the results of theoretical analysis and empirical research,some policy suggestions are put forward to improve the investment efficiency of agricultural PPP proj ects in China.This paper enriches the research results of agricultural PPP projects by calculating the investment efficiency of agricultural PPP proj ects and analyzing the influencing factors.It has a certain reference significance for establishing and perfecting the standardized agricultural PPP management system in China.