财政负担导致基础设施PPP项目“落地难”吗?——基于城市面板数据的实证分析

Does the Financial Burden Cause“Difficulty in Signing” of PPP Projects in Infrastructure Industry? ——Empirical Analysis Based on City Panel Data

本文基于地方政府财政负担视角,利用2015~2017年城市面板数据,实证检验财政负担对基础设施PPP项目“落地难”的影响机制。研究结果表明,地方政府财政负担显著降低基础设施PPP项目的落地率并呈现一定的区域异质性,财政负担对西部地区基础设施PPP项目“落地”具有显著的抑制作用,但对东部和中部地区的影响并不显著;对城市基础设施发展水平越低的地区而言,财政负担越重,基础设施PPP项目落地率越低;距离专业化咨询机构越远的地区,其提高专业化咨询机构的服务水平越有助于降低基础设施PPP项目“落地难”的风险。为防范基础设施PPP项目“落地难”的风险,地方政府应充分考虑本地区的财政负担,有序推进基础设施PPP项目,制定与其经济社会发展相适应的基础设施PPP项目推进计划,择优选择专业化的咨询机构。

The difficulty in signing of PPP projects in infrastructure constrains the smooth promotion of PPP model and the effective supply of infrastructure.Based on the perspective of local governments financial burden,this paper uses urban panel data from 2015 to 2017 to empirically test the influence mechanism of financial burden on“difficulty in signing”of PPP projects in infrastructure.The regression results are as follows:(1)The financial burden of local governments significantly reduces the signing rate of PPP projects in infrastructure,and this negative effect shows regional heterogeneity:it has a significant inhibitory effect on western regions,but no significant impact on eastern and central regions.(2)It is found that the lower the level of urban infrastructure development,the more negative impact of financial burden on the signing rate of PPP projects in infrastructure industry.(3)Furthermore,the results manifest that the farther away from the consultation service capacity,the more significantly the impact of the financial burden on the infrastructure PPP project signing rate can be mitigated.To this end,in order to solve the problem of“difficulty in signing”of PPP projects in infrastructure,local governments need to take full account of their financial capacity,and to promote the implementation of PPP projects in infrastructure step by step.Besides,it is necessary to make a plan matching with the economic and social development to promote PPP model and choose the preferred consultation service.