PPP项目中国有企业与民营企业的融资效率对比研究

Comparative Analysis of Financing Efficiency between State-Owned and Private Enterprises in PPPProjects

目前PPP模式的应用范围不断扩大,但投资者的融资效率普遍不高。投资者融资效率低下严重影响PPP项目绩效,制约PPP模式的可持续发展。本文以51家主营业务为PPP项目的国有企业与民营企业为样本,运用DEA模型分别从整体、不同领域和不同地区之间对比分析双方融资效率的异同。结果显示参与PPP项目投资者的规模效率普遍不足,主营成本与股权集中度是导致融资效率低下的主要因素,净资产收益率较低则是投资者不愿积极参与PPP项目的一个主要原因。对国企而言,优化企业对PPP项目的规模效率是提高融资效率的关键;而民企应注重优化和降低资产负债率,合理均衡地分配股权。因此,建议具有规模效率和纯技术效率优势的投资者通过组建联合体等方式参与PPP项目,实现优势互补,从而提高项目公司的整体效率。此外,也要针对不同领域和不同地区PPP项目的特点和对投资者的要求,有针对性地选择投资者,充分发挥国企资金实力雄厚和民企专业技术的优势,提高融资效率,助力PPP实践的可持续发展。

Nowadays,PPP(public-private partnerships)schemes have been applied worldwide,but the financing efficiency of investors is generally low.That doesseriously undermine the performance and restrict the sustainable development of PPP schemes.Based on 51 listed state-owned and private enterprises in PPP projects,this paper illustrates the comparative analysis of financing efficiency between the two different enterprise typesfrom the perspective of three project types and two regions using DEA model.The results show that main business cost and equity concentration are staple factors for low efficiency in PPP projects,and the low return on net assets is one of the main reasons for investorsnot unwilling to actively participate in PPP projects.For state-owned enterprises,optimizing the scale efficiency of PPP projects is the key to improving financing efficiency,while for private enterprises,reasonable shareholding structure plays an important role in the internal performance and investment strategy.Private enterprises should focus on optimizing and reducing the debt ratio,and rationally and equitably distribute equity.Thus,enterprises with scale efficiency and pure technical efficiency can participate in PPP projects through the formation of consortiums so as to complement each other’s advantages,thereby improving the overall efficiency of the project company.Furthermore,in view of the characteristics of PPP projects in different fields and regions,it is necessary to give full play of the state-owned enterprises with strong capital strength and the private enterprises with technical advantages when purchasing investors,providing a reference for the improvement of the financing efficiency and helping the sustainable development of PPP schemes.