Research On Factors Influencing On Infrastructure PPP Projects In "The Belt And Road" Countries

The public private partnership(PPP)is a contractual arrangement between the government and social capital to establish cooperation to realize risk sharing and income sharing.It can not only alleviate the constraints of public funds in the field of infrastructure,but also improve the effective supply of public services in infrastructure.With the proposal of the "the Belt and Road" initiative,PPP mode,as an important measure to improve the efficiency of public services and promote the interconnection of infrastructure in countries along the line,has been applied in the fields of energy,transportation,water conservancy construction,municipal engineering,etc.Although the PPP model has been widely used in the infrastructure field of countries along the "the Belt and Road",problems such as low investment in PPP projects are common.The reason is that there are problems in the government quality,economic environment and existing infrastructure of countries along the "the Belt and Road".Therefore,under the strategic background of the "the Belt and Road",this paper uses the panel data of 32 countries along the "the Belt and Road" from 2002 to2018 to build an moderated mediation effect model,empirically analyze the relationship between government quality,economic environment,existing infrastructure and Infrastructure PPP project investment,and further analyze the mediation effect of economic environment between government quality and Infrastructure PPP project investment,the moderation effect of existing infrastructure on the investment relationship between economic environment and Infrastructure PPP projects.Finally,Bootstrap is used to test the robustness of the moderated mediation effect model.The research finds that:(1)the government quality(government scale,government administrative efficiency,government economic regulation,government rule of law quality),economic environment and existing infrastructure all positively affect the Infrastructure PPP project investment.Higher government quality means moderate government scale,reasonable economic regulation,high administrative efficiency and high quality of rule of law,which is conducive to enhancing the contractual spirit between government and enterprises,reducing the external cost and contract risk of enterprise investment,and attracting private capital investment in Infrastructure PPP projects.A good economic environment means a high level of economic development and a large market scale,which is conducive to private capital to recover the investment cost of PPP projects as soon as possible and improve the profitability.The existing infrastructure is relatively complete,which is conducive to reducing the engineering cost of PPP projects and increasing private investment in PPP projects.(2)Economic environment plays an mediation role between government quality and Infrastructure PPP project investment.(3)The existing infrastructure positively moderates the relationship between economic environment and Infrastructure PPP project investment,that is,the more perfect the existing infrastructure,the stronger the positive effect of economic environment on Infrastructure PPP project investment,and vice versa.The research conclusion analyzes the investment dilemma faced by Infrastructure PPP projects in countries along the "the Belt and Road",reveals the complex mechanism of government quality,economic environment and existing infrastructure on Infrastructure PPP project investment,and provides certain theoretical and practical significance for increasing Infrastructure PPP project investment in countries along the "the Belt and Road" initiative under the strategic background of the "the Belt and Road" initiative and promoting the smooth implementation of Infrastructure PPP projects.