山东省县域PPP项目投资规模影响因素探究
|
摘要
随着我国投融资体制改革不断深化和新型城镇化战略的全面实施,县域PPP项目数量逐年增加。利用山东省85个县的截面数据,对影响PPP项目投资规模的因素进行实证分析。数据显示,财政自给率、金融发展规模及效率、社会固定资产投资额、城镇化率对PPP项目投资规模产生显著影响。其中,政府财政自给率、金融发展效率与PPP项目投资规模呈正向变动,而金融发展规模、社会固定资产投资额和城镇化率则与PPP项目投资规模呈反向变动。建议:地方政府应依照财政能力把握PPP项目建设进度;金融机构在提高金融发展效率的同时,加大对PPP项目的支持力度;政府应鼓励信贷资金和社会资本投向县域PPP项目,借助PPP模式推进新型城镇化与乡村振兴战略。
With the continuous deepening of China's investment and financing system reform and the full implementation of the new urbanization strategy, the number of county PPP projects has increased year by year. Based on the cross-sectional data of 85 counties in Shandong Province, this paper makes an empirical analysis of the factors a ecting the investment scale of PPP projects. The data shows that the nancial self-su ciency rate, the scale and e ciency of nancial development, the amount of investment in social xed assets and the urbanization rate have signi cant impact on the investment scale of PPP projects. Among them, the government nancial self-su ciency rate, nancial development e ciency and PPP project investment scale show a positive change, while the nancial development scale, social xed assets investment and urbanization rate show a reverse change with PPP project investment scale. Therefore, local governments should control the construction progress of PPP projects according to public financial capacity; financial institutions increase their support for PPP projects while improving the e ciency of nancial development; and the government should encourage credit funds and social capital to invest PPP projects in counties, and promote the new urbanization and rural revitalization strategy through PPP.
With the continuous deepening of China's investment and financing system reform and the full implementation of the new urbanization strategy, the number of county PPP projects has increased year by year. Based on the cross-sectional data of 85 counties in Shandong Province, this paper makes an empirical analysis of the factors a ecting the investment scale of PPP projects. The data shows that the nancial self-su ciency rate, the scale and e ciency of nancial development, the amount of investment in social xed assets and the urbanization rate have signi cant impact on the investment scale of PPP projects. Among them, the government nancial self-su ciency rate, nancial development e ciency and PPP project investment scale show a positive change, while the nancial development scale, social xed assets investment and urbanization rate show a reverse change with PPP project investment scale. Therefore, local governments should control the construction progress of PPP projects according to public financial capacity; financial institutions increase their support for PPP projects while improving the e ciency of nancial development; and the government should encourage credit funds and social capital to invest PPP projects in counties, and promote the new urbanization and rural revitalization strategy through PPP.
引文
(1)见《国家发展改革委员会关于开展政府和社会资本合作的指导意见》（发改投 [2014]2723 号）
(1)Kwak Y H,Chih Y Y,Ibbs C W.“Towards a comprehensive understanding of public private partnerships for infrastructure development”,California Management Review,vol.51,no.2(2009),pp.51-78.
(2)王雅龄、杨晓雯:《非对称信息条件下政府购买公共服务问题研究》,《东方论坛》2014年第3期。
(3)高红、庄彤:《政府购买社会组织公共服务的风险防范措施》,《东方论坛》2017年第4期。
(4)Xin-Xian Z,Economics C O,University F N.“The Reform of Financing Methods in the Context of New-type Urbanization:From Land Finance to PPP”.Journal of Fujian Commercial College,2015.
(5)Da F,Guanghui Z.“Function of PPP Mode in Urbanization:From the Perspectives of Land,Industry and Population”.Finance&Economics,2017.
(6)武彦民:《地方政府债务风险研究的新视角--兼评〈我国地方政府投融资平台债务风险的实证评估及其治理路径〉》,《经济纵横》2015年第3期。
(7)余杨、秦定、马凌:《小城镇基础设施建设中PPP模式融资的可行性分析》,《金融理论与实践》2008年第6期。
(8)陈婉玲:《公私合作制的源流、价值与政府责任》,《上海财经大学学报》2014年第5期。
(9)夏塑杰、袁竞峰:《PPP项目社会风险涌现的影响因素分析》,《科技管理研究》2018年第8期。
(10)高若兰、闫蕾、董雯:《新建PPP项目和存量PPP资产的出路探析》,《管理现代化》2018年第4期。
(11)杨志宏、邱凯:《金融支持PPP模式的国际经验及启示》,《中国财政》2016年第7期。
(12)中国人民银行南京分行营业管理部课题组、黄向庆:《金融支持PPP模式的路径与投资策略》,《金融纵横》2016年第3期。
(1)王秀芹、谢中仁:《PPP项目私人部门再融资决策的影响因素》,《国际经济合作》2017年第11期。
(2)Estache A,“PPI Partnerships vs.PPI Divorces in LDCs”,Review of Industrial Organization,vol.29,no.1-2(2006),pp.3-26.
(3)Galilea P and Medda F,“Does the political and economic context influence the success of a transport project?An analysis of transport public-private partnerships”,Research in Transportation Economics,vol.30,no.1(2010),pp.102-109.
(4)沈梦溪:《国家风险、多边金融机构支持与PPP项目融资的资本结构--基于“一带一路”PPP项目数据的实证分析》,《经济与管理研究》2016年第11期。
(5)Lopes A I and Teixeira Caetano T,“Firm-level conditions to engage in public-private partnerships:What can we learn?”.Journal of Economics and Business,vol.79,(2015),pp.82-99.
(6)李红娟:《财政支持PPP模式动因与路径探析》,《地方财政研究》2014年第9期。
(7)项勇、魏瑶、熊仁恺:《PPP模式下地方政府财政承受能力影响因素研究》,《会计之友》2018年第22期。
(8)黄徐会:《PPP模式下财政承受能力研究--基于英国的实证分析》,《地方财政研究》2015年第8期。
(9)Hashim H and Cheani A I and Ismail K“Review of issues and challenges for public private partnership(PPP)project performance in Malaysia”,[C]//American Institute of Physics Conference Series.American Institute of Physics Conference Series,2017.
(10)Sharma and Chandan,“Determinants of PPP in infrastructure in developing economies”,Transforming Government:People,Process and Policy,vol.6,no.2(2012),pp.149-166.
(11)罗煜、王芳、陈熙:《制度质量和国际金融机构如何影响PPP项目的成效--基于“一带一路”46国经验数据的研究》,《金融研究》2017年第4期。
(1)Kwak Y H,Chih Y Y,Ibbs C W.“Towards a comprehensive understanding of public private partnerships for infrastructure development”,California Management Review,vol.51,no.2(2009),pp.51-78.
(2)王雅龄、杨晓雯:《非对称信息条件下政府购买公共服务问题研究》,《东方论坛》2014年第3期。
(3)高红、庄彤:《政府购买社会组织公共服务的风险防范措施》,《东方论坛》2017年第4期。
(4)Xin-Xian Z,Economics C O,University F N.“The Reform of Financing Methods in the Context of New-type Urbanization:From Land Finance to PPP”.Journal of Fujian Commercial College,2015.
(5)Da F,Guanghui Z.“Function of PPP Mode in Urbanization:From the Perspectives of Land,Industry and Population”.Finance&Economics,2017.
(6)武彦民:《地方政府债务风险研究的新视角--兼评〈我国地方政府投融资平台债务风险的实证评估及其治理路径〉》,《经济纵横》2015年第3期。
(7)余杨、秦定、马凌:《小城镇基础设施建设中PPP模式融资的可行性分析》,《金融理论与实践》2008年第6期。
(8)陈婉玲:《公私合作制的源流、价值与政府责任》,《上海财经大学学报》2014年第5期。
(9)夏塑杰、袁竞峰:《PPP项目社会风险涌现的影响因素分析》,《科技管理研究》2018年第8期。
(10)高若兰、闫蕾、董雯:《新建PPP项目和存量PPP资产的出路探析》,《管理现代化》2018年第4期。
(11)杨志宏、邱凯:《金融支持PPP模式的国际经验及启示》,《中国财政》2016年第7期。
(12)中国人民银行南京分行营业管理部课题组、黄向庆:《金融支持PPP模式的路径与投资策略》,《金融纵横》2016年第3期。
(1)王秀芹、谢中仁:《PPP项目私人部门再融资决策的影响因素》,《国际经济合作》2017年第11期。
(2)Estache A,“PPI Partnerships vs.PPI Divorces in LDCs”,Review of Industrial Organization,vol.29,no.1-2(2006),pp.3-26.
(3)Galilea P and Medda F,“Does the political and economic context influence the success of a transport project?An analysis of transport public-private partnerships”,Research in Transportation Economics,vol.30,no.1(2010),pp.102-109.
(4)沈梦溪:《国家风险、多边金融机构支持与PPP项目融资的资本结构--基于“一带一路”PPP项目数据的实证分析》,《经济与管理研究》2016年第11期。
(5)Lopes A I and Teixeira Caetano T,“Firm-level conditions to engage in public-private partnerships:What can we learn?”.Journal of Economics and Business,vol.79,(2015),pp.82-99.
(6)李红娟:《财政支持PPP模式动因与路径探析》,《地方财政研究》2014年第9期。
(7)项勇、魏瑶、熊仁恺:《PPP模式下地方政府财政承受能力影响因素研究》,《会计之友》2018年第22期。
(8)黄徐会:《PPP模式下财政承受能力研究--基于英国的实证分析》,《地方财政研究》2015年第8期。
(9)Hashim H and Cheani A I and Ismail K“Review of issues and challenges for public private partnership(PPP)project performance in Malaysia”,[C]//American Institute of Physics Conference Series.American Institute of Physics Conference Series,2017.
(10)Sharma and Chandan,“Determinants of PPP in infrastructure in developing economies”,Transforming Government:People,Process and Policy,vol.6,no.2(2012),pp.149-166.
(11)罗煜、王芳、陈熙:《制度质量和国际金融机构如何影响PPP项目的成效--基于“一带一路”46国经验数据的研究》,《金融研究》2017年第4期。