The Study On Efficiency Measurement And The Influencing Factors Of Capital Allocation Of Water Ecology PPP Project In China

The water ecological Public-Private Partnership project(PPP Project)came into being under the dual background of the Party Central Committee’s vigorous efforts to promote the construction of ecological civilization and the prevention of local government debt risks.Since 2013,the project has gone through the period of flourishment,withdrawal and predicament,and now popularization.At this stage,the completed water ecological PPP project has achieved initial results.However,the doubts on public welfare projects represented by water ecology moving towards PPP model have not been dispelled.The effect of capital allocation of water ecological PPP projects and whether it meets the current needs for water ecology construction and social development are still to be investigated.Therefore,it is of great practical significance to investigate the capital allocation effects of water ecological PPP projects from the perspective of a composite system.This study selected 53 water ecological PPP projects which were recognized by the Ministry of Finance and have entered into the implementation stage from 2016 to 2018,covering 18 provinces,municipalities and autonomous regions.The distribution of these projects covers Beijing-TianjinHebei,eastern coastal,western,northeastern and central regions,etc.,and conducted over 3 in-depth interviews respectively with 30 authoritative experts in the PPP field in different periods.This study quantifies the effect of capital allocation,and analyzes its effect by combining external performance and internal coupling coordination,including: first,building a water ecological PPP project economic-ecology-society composite system and establish an indicator system suitable for the performance evaluation of water ecological PPP projects to empower the composite system;second,calculate the economic efficiency,ecological efficiency and social system operating efficiency of the water ecological PPP project based on the composite system,and obtain the comprehensive performance of each project;third,investigate the degree of coupling coordination of the water ecological PPP project composite system from the degree of action,coordination relationship and spatial relationship;fourth,analyze the capital allocation effect of the project in combination with actual cases,find the influencing factors and optimize it.The main conclusions drawn from this study are as follows: first,water ecological PPP projects are a complex interaction of economic,ecological and social benefits and functions.The economic system ranks first in determining the effect of capital allocation,and the external performance and internal coupling of the composite system constitutes the measurement system of the capital allocation effect of the water ecological PPP project.The actual performance of the sample verifies the feasibility of the composite system research and the reliability of the system evaluation.Second,the performance of the composite system of water ecological PPP projects varies greatly.The performance of the economic system and the social system is acceptable,but the performance of the ecosystem is relatively low,which is far from ideal and basically consistent with the previous survey results.Third,the coupling degree of the water ecological PPP project composite system demonstrates three types: coordinated coupling,running-in,and low coupling;The coupling coordination degree shows three types: high coordination,moderate coordination,and severe imbalance.Most projects are moderately-coordination-based high degree of coupling.The coupling degree between the ecosystem and other subsystems is relatively weak,and the level of coordination is low.The ecological function is at an absolute disadvantage in the game process of the aquatic composite ecosystem.The effect of capital allocation and the level of interaction between systems are not optimal.Fourth,it is yet to be improved in the effect of capital allocation among water ecological PPP projects.The proportion of social capital equity,project cycle,government intervention and the development level of project economic capital have a positive impact on the effect of capital allocation.Private capital participation is more effective than the fully state-owned capital or collective asset investment,and the government’s holding of equity or investment is conducive to the improvement of project capital allocation effects;fifth,there are spatial differences in the capital allocation effects of water ecological PPP projects.From the perspective of external comprehensive performance,the central and eastern regions are slightly better,and the ecological efficiency of the western region is far from that of the central and eastern regions.In internal coupling and coordination,the performance of the eastern region is generally higher than that of the central and western regions.With regard to the capital allocation effect of aquatic ecological PPP projects,there are more benchmarking water ecological PPP projects in the eastern region,and the overall effect is better,followed by the western region,and the central region mostly focuses on moderate capital allocation effects,with the least benchmarking projects.Most projects remain to be improved substantially.