| The purpose of this paper is to study the influence of public expenditure and capital openness on private enterprises’ participation in PPP projects.Based on the data of PPP projects,fiscal public expenditure and foreign direct investment in 30 provinces of China(Except Tibet,Hong Kong,Macao and Taiwan)from 2010 to 2019,this paper studies the relationship between fiscal public expenditure and capital openness to private enterprises’ participation in PPP projects by establishing a negative binomial regression model.It is found that:① Public expenditure has a significant positive effect on private enterprises participating in PPP projects;②Capital openness has a significant inhibitory effect on private enterprises’participation in PPP projects.Further analysis shows that financial public expenditure has a significant positive effect on private enterprises’ participation in PPP projects in eastern,central and western regions,while capital openness has a significant negative effect on private enterprises’ participation in PPP projects in central and eastern regions.Moreover,public expenditure and capital openness have a more significant impact on private enterprises’ participation in PPP projects after 2013 than before 2013.The contributions of this paper are as follows:① Enriching the influencing factors of private enterprises participating in PPP projects,and analyzing heterogeneity from time span and different regions;② Enriching the dimensions of the impact of fiscal public expenditure and capital openness on China’s economy;③This paper quantitatively studies the relationship between public expenditure and capital openness on private enterprises’ participation in PPP projects by empirical analysis. |
