An Empirical Study On The Factors Affecting The Scale Of PPP Financing In My Country

With the continuous development of China's economy,Public-Private-Partnership(PPP),as a project management mode for the government and social capital to jointly provide public goods,has been more and more applied in China's infrastructure construction.However,from the perspective of PPP operation practice in China,this operation mode causes many problems in the financing process of PPP,including poor financing channels,serious misallocation of project fund duration,inadequate management of relevant departments,and single capital withdrawal channels,which seriously affect the healthy operation of PPP.Financing is the key link to realize the smooth running of PPP.With the increasing of the cases of financing failure,the problem of "difficult financing and expensive financing" has aroused extensive academic attention.Therefore,the influencing factors of PPP financing in China are worth further exploration.Based on the research of the China's PPP financing status,using the panel data model analyze the 2005-2017 data of provincial level to find the weight of financing influence factors.Firstly,this paper expounds the understanding of the connotation and classification of PPP based on the relevant literature at home and abroad.The theoretical sources are deeply studied from principal-agent theory,property rights theory,MM theory and precision financing theory.Secondly,it briefly introduces the current financial status of PPP.This paper also analyze the status,financing methods and problems of China's PPP based on the 2018 World Bank PPI report and the latest data from the official website of the Ministry of Finance and the Social Capital Cooperation Center.Thirdly,it selects six influencing factors,such as market size(IYPC),government financial pressure(Debt),fiscal expenditure structure(Distrib),Provincial Financing Demand(PFD),financial environment(Finance),price level(Deflater)and potential from government,social capital and economic environment aspect.Panel data models are regression analyzed by Eviews system.In the model regression results,in addition to the price level results are not significant,the fiscal expenditure structure,government fiscal pressure,financial support,financial environment,potential market size all passed.All of them are important factors affecting financing.Among them,government financial pressure,regional financing demand and potential market size have a significant positive impact on PPP financing scale,while fiscal decentralization and financialization index have a significant negative impact on PPP financing scale.Finally,through the empirical analysis of the influencing factors of PPP mode financing,the paper puts forward some policy Suggestions aimed at improving PPP mode financing,such as optimizing fiscal expenditure structure,realizing diversified participation and innovatingfinancing methods.The research in this paper improves a new idea for the research in the field of PPP financing,and provides theoretical guidance for accurate analysis of factors influencing the size of PPP financing,solving the problem of PPP financing difficulty,and promoting the healthy operation of PPP.