PPP项目质量、融资约束和杠杆转移

The Quality PPP Project, Financing Constraints and Lever Transfer

2017年6月中国财政部PPP入库项目已突破16万亿,项目质量和融资约束受到广泛关注,但目前对PPP本质——杠杆转移少有研究。文章选取目前财政部PPP库中12 803个公示信息完整的PPP项目作为样本,以项目属性、项目规模、合作期限、环境及外部评价为衡量指标,研究了PPP项目质量对其融资约束和政府及企业杠杆转移效果的影响。实证研究发现, PPP项目质量对融资约束产生显著影响。一方面,质量较高的PPP项目受到融资约束较少,更容易进入到执行阶段;另一方面,这些项目落地执行的周期也较短。进一步研究发现, PPP项目融资约束对杠杆转移影响不显著,本质上杠杆转移的决定因素仍为PPP项目质量,而影响政府杠杆转移和企业杠杆转移的PPP项目质量指标又不尽相同。因此,要想发挥PPP在杠杆转移中的作用,提升PPP项目落地效率,缓解PPP融资约束,需从本质上改善项目质量,如增加竞争性招标项目比例、提升政府在项目中的评价作用等,同时需为PPP项目开展提供合适的市场化环境。

PPP projects recorded by Chinese Ministry of Finance has surpassed 16 trillion in June 2017. Project quality and financing constraints arouse public attention. However, few studies focus on lever transfer, the nature of PPP. This paper sampled 12 803 PPP projects which had complete announcement information at present in Ministry of Finance. This research, taking project attribute, project scale, cooperation period, environmental and external evaluation as criteria, studied the impact of PPP project quality on financing constraints together with government and corporation lever transfer. The empirical studies revealed that PPP project quality has significant influence on financing constraints. On one hand , PPP projects with high quality are subjected to fewer financing constraints and thus are easier to enter the execution phase. On the other hand , it takes shorter time for high-quality PPP projects to land and implement. Further studies discovered that the financing constraints of PPP project have insignificant impact on lever transfer. The decisive factors of lever transfer are still the quality of PPP project. The criteria of PPP project quality affecting government lever transfer are not the same as those affecting corporation lever transfer. Therefore, to bring the PPP into full play in the lever transfer, improve the landing efficiency of PPP project and alleviate PPP financing constraints, it is needed to improve project quality in nature, such as increasing the proportion of competitive bidding projects, enhancing the role government plays in the evaluation of PPP, etc. Besides, providing a favorable market environment for PPP projects is also essential.