制度质量、多边金融机构支持与PPP项目成效--来自非洲PPP项目数据的经验证据

Institutional Quality,Multilateral Financial Institutions' Support and the Success of PPP Projects——Empirical Study Based on African Countries

政府与社会资本合作(PPP)是解决基础设施建设资金紧缺的重要方式,但中国开展PPP的历史并不长,且尚处在探索阶段,盲目开展基础设施项目的 PPP投资存在较高风险,为此,可以对非洲国家已有PPP项目进行研究,探寻有助于项目成功的因素。本文利用非洲国家2002—2016年552个PPP基础设施项目数据,探讨项目所在地政府的制度质量和多边金融机构支持对PPP项目风险结构设计和成效的影响。实证研究结果发现,制度质量和多边金融机构支持会通过影响社会资本对项目风险分担程度的选择而影响PPP项目成效。更进一步发现,多边金融机构的支持会促使社会资本选择更高的风险承担,而制度质量对社会资本在PPP项目中风险承担程度的影响具有混合效应:法治水平、政府效力、腐败控制力以及促进社会资本发展能力等相关指标越强,社会资本在PPP项目中越倾向于承担更多的风险;而在越符合西方民主标准程度的国家,社会资本在PPP项目中越倾向于选择较低的风险承担。

The public-private partnership( PPP) is an important way to solve the capital shortage of infrastructure construction. However,the history of PPP in China is not long and is still in the stage of exploration. The PPP investment in infrastructure projects is at a high risk. Thus,it is necessary to study the existing PPP projects in African countries and explore the factors that contribute to the success of the project. This study uses data from 552 PPP infrastructure projects from 2002 to 2016 in African countries to research the of risk structures of PPP projects from institutional quality and multilateral financial institutions' support. It is found that institutional quality and multilateral financial institution support influence the success of the PPP by directly influencing private sectors' risk sharing. Furthermore,multilateral financial institutions ' support is a positive factor for private sectors during choosing higher risk structure. And institutional quality of the investment destination has mixed effets on the degree of private sectors' risk sharing in PPP projects,especially increased rule of law,higher bureaucratic effectiveness,stronger control over corruption and better support to private sectors' development are more likely to encourage private entities to shoulder more risks. However,within the partnership,the democracy level of countries presents the contrary effects.