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

Country Risks,Multilateral Financial Institutions Support and Capital Structure of PPP Project Finance——Based on "the Belt and Road" PPP Project Data

本文基于来自一带一路沿线国家2011—2015年的基础设施项目融资数据,考察了国家风险、多边金融机构的支持、项目本身所在行业及股东特征对基础设施项目融资杠杆率的影响。研究结果证实了国家风险和多边开发型金融机构对PPP项目融资资本结构的影响。在一带一路沿线经济风险较高的国家,借款机构往往惜贷,项目融资的杠杆率较低;而多边开发型金融机构的参与,不论是以贷款人、担保人还是股权投资人的角色,都能显著带动其他社会资本参与项目融资,使项目获得更高的杠杆率。

According to the estimation of World Bank and Asia Development Bank,the investment need of infrastructure in countries along ＂the Belt and Road＂ is over 1,000 billion dollars per year,and encouraging private capital to participate in project finance is considered to be an effective way to cover the huge gap.Based on infrastructure project finance data from 2011 to 2015 in ＂the Belt and Road＂ countries,this paper examines relationships among country risks,multilateral financial institutions support,project＇s industry,characteristics of investors and the leverage of infrastructure project finance.Results prove the effect of country risks and multilateral financial institutions on PPP project finance structure.Specifically,lending firms tends to be reluctant in ＂the Belt and Road＂ countries with high economic risks,leading to a lower leverage in project finance,while support from multilateral development institutions would significantly encourage other private capitals＇ involvement,resulting in a higher leverage in project finance.