PPP落地项目投资规模影响因素分析

Analysis on Factors Affecting the Investment Scale of Completed PPP Projects

以2015年至2018年我国参与PPP模式的省份为主要研究对象,检验各地区经济发展水平、城镇化水平以及政府财政约束水平等因素对我国PPP落地项目投资规模的影响。实证结果表明:第一,经济发展水平、城镇化水平、财政约束水平均会影响各地区PPP落地项目的投资规模;第二,经济发展水平高的地区,有足够的财政资金作为支持,容易吸引社会资本进行投资,城镇化水平低的地区对基础设施建设的需求较大,而财政约束大的地区资金受限,因此,城镇化水平低的地区和财政约束大的地区,可能会选择给予社会资本方更多的优惠条件来实现融资目的。

This article takes the provinces that participated in the PPP from 2015 to 2018 as the main research object,and examines the impact of factors such as the level of economic development,urbanization,and government fiscal constraints on the scale of investment in PPP projects in China.The empirical results show that:first,the level of economic development,urbanization,and fiscal constraints will affect the investment scale of completed PPP projects in various regions;second,areas with higher level of economic development have sufficient financial funds as support and are easy to attract social capital,while areas with low level of urbanization have greater demand for infrastructure construction,and areas with large financial constraints have limited funds.Therefore,the two kinds of areas may choose to give society capital more favorable conditions to achieve financing purposes.