融资与避险权衡的公共选择——中国PPP项目风险分担变迁研究

Public Choice of Financing and Risk Aversion Trade-off:A Study of Risk Sharing Changes in Chinese PPP Projects

以项目风险分担变迁为切入视角,对我国PPP实践4个阶段的项目风险分担概况进行了梳理和比较分析,以厘清国内PPP项目运作问题频发的深层原因。研究发现,不同时期的项目运作呈现出公共部门从“冒险”到“避险”的风险分担变迁过程。在此基础上,提出地方政府以自身风险责任作为融资谈判筹码的项目运作逻辑,实质为地方政府为快速推进区域建设而在融资和避险权衡下的公共选择。最后对项目运作规范性和地方治理实用性的平衡关系。

To clarify the underlying causes of the problems in the operation of domestic PPP projects,a comparative analysis of the four stages of PPP practice in China was conducted with the change of project risk sharing as an entry point.It is found that the project operation in different periods shows the change of risk sharing from"risk taking"to"risk avoidance"in the public sector.On this basis,we suggest that the project operation logic of local governments using their risk liability as a bar-gaining chip for financing is a public choice in the trade-off between financing and risk aversion to promote regional con-struction rapidly.Finally,the balance between project operation normality and local governance practicality is discussed.