参与PPP项目可以提高上市企业的融资效率吗?——基于中国上市企业的证据

Can Participating in PPP Projects Improve the Financing Efficiency of Listed Enterprises?--Evidence Based on Iisted Companies in China

在推动经济整体好转、大力提振市场信心的背景下,政府和社会资本合作(PPP)模式通过引导社会资本投向,激发民间投资活力,在稳增长、优结构方面发挥着重要作用。本文基于2013~2022年中国A股上市企业的微观数据,运用多期双重差分法,实证评估了参与PPP项目对上市企业融资效率的影响效果。研究发现:参与PPP项目可以显著提高上市企业的融资效率,在进行平行趋势检验、安慰剂检验、反事实检验、控制非平行趋势和PSM-DID回归后,这一结论依旧稳健;信息不对称在参与PPP项目和上市企业融资效率之间发挥中介作用。此外,与国有企业相比,民营企业参与PPP项目对其融资效率的提高作用效果更加显著。

In the context of promoting the overall improvement of the economy and vigorously boosting market confidence,the public-private partnership(PPP)model plays an important role in stabilizing growth and optimizing the structure by guiding the investment direction of social capital and stimulating the vitality of private investment.Based on the micro data of China's A-share listed companies from 2013 to 2022,this paper empirically evaluates the impact of PPP project participation on the financing efficiency of listed companies by using the multi-period difference-in-difference method.The results show that participating in PPP projects can significantly improve the financing efficiency of listed companies,and this conclusion is still robust after the parallel trend test,placebo test,counterfactual test,control for non-parallel trend and PSM-DID method.Information asymmetry plays an intermediary role in the relationship between participation in PPP projects and the financing efficiency of listed enterprises,and in addition,compared with state-owned enterprises,the participation of private enterprises in PPP projects has a more significant effect on improving their financing efficiency.