PPP模式与地方财政压力:来自中国地级市的经验证据

PPP Models and Local Fiscal Pressures:Empirical Evidence from Prefecture-level Cities in China

以中国262个地级市的面板数据为样本,利用双向固定效应模型,实证检验PPP模式对财政压力的作用机制及效果。研究发现:实施PPP模式显著缓解了地方政府的财政压力;PPP模式主要通过提升政府公共服务供给能力和提高地区基础设施水平两个路径降低了地方政府财政压力;PPP模式缓解财政压力的效果存在异质性,东部地区效果最明显,中部地区次之,西部地区不显著。建议通过完善PPP法规体系,合理配置PPP资源,分层设立风险预警机制,有效防控PPP模式财政风险等措施,提高PPP模式的经济和财政治理效能。

This paper uses the panel data from 262 prefecture-level cities in China and employs a two-way fixed-effects model to empirically examine the mechanism and effect of the PPP model on financial pressure.The study finds that:(1)the implementation of the PPP model significantly alleviates the financial pressure faced by local governments;(2)the PPP model mainly reduces government financial pressure through two paths:improving the government's public service supply capacity and enhancing regional infrastructure levels;(3)the effect of the PPP model in alleviating financial pressure is heterogeneous,with the most significant effect in the eastern region,followed by the central region,and no significant effect in the western region.It is suggested to improve the economic promotion and fiscal governance efficiency of PPP model by improving the PPP law system,rationally allocating PPP resources,setting up risk early warning mechanism at different levels,effectively preventing and controlling the financial risks of PPP model and other measures.