Research On The Impact Of Participation In PPP Projects On The Profitability Of Chinese Listed Enterprises

Public-Private Partnership is a new investment cooperation mode.Under the PPP mode,the government and social capital establish a long-term cooperative relationship for the construction of infrastructure and the provision of public services,and achieve a reasonable allocation of resources through effective market competition,so as to achieve higher supply efficiency and quality of public goods.As an important participant of PPP mode,enterprises participate in PPP projects,which will help to enhance their enterprise scale and market reputation,and then enhance their profitability.This paper introduces the development status and operation mode of PPP mode in China,summarizes the theoretical research results and implementation experiences in the field of PPP,and summarizes the relevant research on the impact of PPP projects on enterprises and the analysis of the influencing factors of enterprise profitability.This paper takes the listed companies participating in PPP projects from 2015 to 2019 as the research object,and constructs the analysis model for regression analysis.Through the empirical study,it is found that participation in PPP projects can help to improve the profitability of enterprises,and there is a lag effect.After one year of participation in PPP projects,enterprises can still significantly improve their profitability;compared with state-owned enterprises,participation in PPP projects has a more significant effect on the profitability of private enterprises.At the same time,this paper discusses the endogenous problem caused by the sample selection error,introduces the government support as a tool variable,and uses the Heckman two-step method to solve it.According to the conclusion of empirical analysis,combined with the theoretical results of literature review,this paper puts forward relevant policy suggestions.It is suggested that government departments should strengthen policy guidance,smooth the relationship between government and business,develop intermediary services,open up the exit mechanism of projects,guide more listed enterprises to participate in PPP projects,at the same time,introduce reasonable competition mechanism,improve the return on investment during the operation period of PPP projects,reasonably promote tax preferential policies for private enterprises,and support private enterprises to participate in PPP projects.