Research On The Obstacle Factors To Private Capital's Participation In PPP Projects

PPP mode is an innovative mode for the provision of public goods and services.Since the end of last century,the mode has been promoted and applied worldwide.In some countries and regions,relatively mature practical experience and institutional norms have been formed,such as Britan and Japan.In the process of implementing the PPP mode,China has experienced ups and downs.By 2014,the PPP boom in China was restarted,and now it is still in the stage of exploration and accumulation of experience.China's PPP mode is different from the mature PPP mode applied in developed countries.Social capital involved in China's PPP mode include not only non-public economies such as private capital,but also state-owned enterprises,and the current state-owned enterprises' participation in PPP projects is much higher,this goes against the original intention of adopting the PPP mode.Although the participation of state-owned enterprises is a realistic requirement in our situation and has its rationality,it cannot be denied that the leading role of state-owned enterprises will create difficulties for China's continuous implementation of the PPP mode,such as affecting the realization of the effectiveness of the PPP mode,weakening the enthusiasm of private capital for providing public services,arousing public doubts about the nature of public-private partnerships,and so on.In view of the current low level of private capital participation,it is clear that how to increase private capital participation,make private capital dominate the PPP mode,state-owned enterprises dominate the traditional mode,and then achieve a balanced development of the two is an urgent issue to be discussed.This article conducts research on the obstacle factors that restrict private capital's participation in PPP projects.Firstly,by reviewing statistical data,research reports,and related literature,the current situation of private capital's participation in PPP projects is analyzed,and the problems existing in private capital's participation in PPP projects are obtained.Secondly,29 obstacle factors were identified through the literature research method and expert interview method,and the factor analysis method was further used to classify the obstacle factors.The 29 obstacle factors were classified as the characteristics of the PPP mode,the characteristics of private enterprises,government behavior,government-enterprise relationship,PPP external environment,and PPP-related operating mechanisms.The six major categories ultimately formed the obstacle factors system.Furthermore,the relationship between obstacle factors and private capital participation and the relationship between obstacle factors were assumed and the theoretical model of obstacle factors for private capital participation in PPP projects were constructed.Then,the structural equation model was fitted by actual data collected through a questionnaire survey,which verifies the restriction effect of six kinds of obstacle factors on private capital's participation in PPP projects and the mutual relationship between the obstacle factors.Finally,specific suggestions are proposed to improve private capital's participation in PPP projects from aspects such as improving the participation environment,enhancing subject capabilities,and regulating subject behavior according to the conclusions of the structural equation model.This article deeply analyzes the causes of the difficulties in private capital's participation in the current PPP projects in China,and can provide a support for improving the status of private capital participation in PPP projects and help the sustainable and healthy development of the PPP mode in China.