PPP项目风险对私营方投资价值的影响研究

Studying the Impact of PPP Project Risk Factors on the Investment Value of Private Investors

随着改革开放的继续深化,PPP模式被政府广泛应用于社会基础设施建设,但民营企业参与PPP项目热情不高,PPP项目落地难、签约率低等现象不得不引发思考。通过文献统计分析,结合我国PPP项目实施的实际情况,以私营方的视角,识别PPP项目实施过程中存在的风险因素,并根据识别的风险因素编制了调查问卷、构建了结构方程模型,进一步分析风险因素对私营方投资价值的影响,充分验证了政治、法律风险是影响投资价值的关键因素,其中政府信用、法律法规等相关政策标准的变化尤为重要。对私营方参与PPP项目,合理规避风险,提高投资价值,具有一定的指导意义。

This paper conducted a statistical analysis through reviewing the relevant literature on PPP projects. Considering the conditions of the implementation of PPP projects in China,this paper identified the risk factors of PPP projects during the implementation process from the perspective of the private party. Then the questionnaire survey and structure equation model were employed to analyze the impact of risk factors on the investment of the private sector. The results showed that the political and legal risks are the key factors affecting the investment. In particular, the changes of the government credit,laws,regulations and other relevant policies were extremely important.