政策工具视角下PPP政策的融资效率效应和可持续效应研究

Research on Financing-efficiency Effects and Sustainability Effects of PPP Policies——From the Perspective of Policy Tools

在提质增效与可持续发展背景下构建了PPP政策二维分析框架,基于2014年以来财政部政府与社会资本合作中心公布的453项PPP政策文本数据,首先利用时差相关系数法对政策时滞进行估计,发现我国PPP政策时滞在6个月左右,随后采用时间序列计量模型,并考虑时间维度上的路径依赖问题,对PPP政策的融资—效率效应与可持续效应进行实证检验。研究表明:不同类型的政策工具对PPP项目融资效率与可持续发展效应的影响存在显著差异。具体表现为:引导型和建设型政策工具更有利于PPP项目融资和效率的提升,但这两类政策工具对PPP的可持续发展具有一定的负向作用;激励型政策工具对PPP模式在不同省域与地区的均衡发展具有显著的促进作用,但总体而言,强制型和激励型政策工具总体上尚未充分发挥作用。

This paper constructs a two-dimensional analysis framework for PPP policies in the context of improving quality and efficiency and sustainable development.This paper firstly applies the method of time difference correlation coefficient to estimate the policy time lag,and the results show that the time lag is about six months.Then it empirically tests the financing-efficiency and sustainability effects of PPP policies using the time series measurement model based on 453 PPP policy text data published by the ministry of finance government and social capital cooperation center since 2014.The results show that there are significant differences in the impact of different types of policy tools on the financing efficiency and sustainable development effects of PPP projects.Firstly,the guiding and construction-oriented policy tools are more conducive to the improvement of PPP project financing and efficiency,but these two kinds of policy tools have a certain negative effect on the sustainable development of PPP.Secondly,the incentive policy tools play a significant role in promoting the balanced development of PPP model in different provinces and regions.However,in general,the mandatory and incentive policy tools have not been implemented very effectively.