Research On The Relationship Between Government And Market In Urban Transportation PPP Project Financing

In recent years,with the development of urbanization and the increase of private car,the city is becoming more and more congested.Urban diseases make the city no longer livable,which aggravates the anxiety of city residents.The construction of urban rail transit can alleviate urban congestion and enhance citizens’ happiness.Therefore,the government attaches more and more importance to the construction of urban rail transit.However,the construction of rail transit generally has the characteristics of long cycle,large amount of investment and high technology,and it is difficult to meet the needs of rail transit development by relying on the unilateral investment of the government.The emergence of PPP project financing has effectively eased the financial pressure of the government and provided a good path for the government to develop urban rail transit and other infrastructure.However,in the process of PPP project financing,the partnership,benefit sharing and risk sharing between the government and social capital are often related to the success or failure of PPP projects.Therefore,in PPP project financing,the partnership between the government and social capital,especially the benefit sharing and risk sharing,are often related to the success or failure of PPP project financing.PPP projects are mostly quasi public goods,and the government and social capital provide public services to the society through the establishment of a good public-private partnership.In the process of providing public services,the government can improve the quality and efficiency of public services by reasonably setting up competition and constraint mechanism,introducing social capital and giving full play to the advantages of both the government and social capital based on franchise right and under the condition of benefit sharing and risk sharing.This paper summarizes urban transportation from the concept of urban transportation,urban rail transit characteristics and urban rail transit economic characteristics.Secondly,it systematically expounds the main stakeholders and application fields of the three aspects of the relationship between PPP project financing,and reviews the PPP project financing theories: public product theory,principal-agent theory and government failure theory.This paper selects three typical PPP projects,including Beijing Metro Line 4 project,Tianjin Metro Line 11 project and Hangzhou Bay Bridge Project,to compare and analyze the differences between the government and social capital in the financing of PPP projects in the aspects of partnership,income sharing,risk sharing and whether the contract can be implemented.The paper believes that the relationship between the government and social capital is crucial.It is an important guarantee for the successful completion and efficient operation of PPP projects to reasonably define the behavioral boundary of government and social capital,scientifically set up the mechanism of income sharing and risk sharing,and the government respects the spirit of contract and can strictly perform the contract.In the two win-win cases of Beijing Metro Line 4 and Tianjin Metro Line 11,the government and social capital formed a good interaction,while in the failed case of Hangzhou Bay Bridge,the government and social capital did not form a good relationship.It summarizes the successful experience of Beijing Metro Line 4 and Tianjin Metro Line 11,and the lessons of Hangzhou Bay Bridge failure.Based on the successful experience and failure lessons of urban transportation PPP project financing,this paper puts forward relevant suggestions: The government should actively change its role and function,strengthen the awareness of observing contracts and serving,strengthen the partnership between the government and social capital,build a comprehensive benefit sharing mechanism,improve the risk sharing mechanism,and set up the PPP project financing supervision platform and institutions,so as to smooth the relationship between the government and social capital in the subsequent PPP projects.We will promote the smooth development of urban infrastructure.