| Public-private partnership(PPP)mode is a new mode of public service supply.Since China began to introduce PPP mode in the 1990 s,it has experienced the stages of preliminary exploration,promotional development,and short stagnation.At last,the development of PPP mode reached its climax in 2013.Under the circumstances of the economic downturn and the increase of local government debt,the government tries to reduce the financial pressure,fill the gap of public service supply and improve the quality of public service supply by using PPP mode.After decades of exploration and development,the basic institutional framework of PPP in China has been established,the PPP project library platform has been running well,and the PPP market has gradually entered into the normative track.However,the PPP mode in China started late with a large scale and rapid development.Although the government has taken a hit on "suffused with the PPP project" "pseudo PPP project",limited the proportion of fiscal responsibility,investigated financial capacity evaluation and value report to regulate the PPP mode development,a lot of problems(such as increase in fiscal risk,shortage of public services,inadequate external regulation)are still exist in the PPP market.From the perspective of PPP efficiency,this paper aims to improve the PPP efficiency of fiscal expenditure responsibility,the PPP efficiency of public service supply and the PPP efficiency of external regulation,and puts forward policy suggestions to solve the problems in the development of PPP mode.Improving the efficiency of PPP fiscal expenditure responsibility is conducive to reducing direct PPP expenditure responsibility and reducing fiscal risk under the condition that public service supply quantity remains certain.Based on the PPP projects of transportation industry in China from 2013 to 2022 as samples,this paper uses data envelopment analysis respectively to construct the vector distance functions of fiscal expenditure responsibility,potential fiscal responsibility variation model,as well as the decomposition model of potential and actual fiscal expenditure responsibility.Under the provisions of the 10% red line in the fiscal capacity,the paper also takes measurement,assessment and analysis on the efficiency of PPP fiscal expenditure responsibility and its influencing factors.In order to further exploring the evolution mechanism of the change of fiscal responsibility expenditure,this paper constructs the counter-factual distribution of fiscal responsibility expenditure by using the nonparametric method,and analyzes the factors that significantly affect the change of fiscal responsibility expenditure by comparing the kernel density distribution of virtual fiscal responsibility expenditure and actual fiscal responsibility expenditure.The study finds that influenced by the effect of the output structure adjustment,the financial risk change and the PPP scale expansion,the PPP actual fiscal expenditure in our country increases significantly.Without ignoring the impact of the policy support and regional differences on the efficiency of fiscal expenditure responsibility,it could improve the efficiency of fiscal responsibility through improving the efficiency of technology,technical level and the substitution effect of labor,capital and other inputs.The distribution of kernel density diagram shows that social capital,financial risk and PPP scale have a long-term impact on the actual PPP fiscal expenditure responsibility.At the present stage,the technical level and the proportion of output in the operation stage also affect the actual fiscal expenditure responsibility.Improving the efficiency of PPP public service supply is conducive to obtaining more public service construction projects,more quantity and quality of services,and making up for the shortage of public service supply under the condition that the financial input keeps a certain level.This paper takes the PPP projects of China’s transportation industry from 2010 to 2019 as samples,combines the data envelopment analysis and random frontier analysis model,constructs a three-stage BAM model to calculate the supply efficiency of PPP public services in various provinces and cities,analyzes and evaluates the main influencing factors of construction inefficiency,operation inefficiency and slack inefficiency.The study finds that the PPP public service supply efficiency in our country has space for improvement.Input inefficiency and non-satisfied output inefficiency are the main causes of construction inefficiency.Satisfied output inefficiency,the input inefficiency of road length and the output inefficiency of financial pressure are the main causes of operation inefficiency.Macroeconomic environment,legal system environment,the government intervention degree,the market opening degree and regional geographic characteristics are the main causes of the PPP input slack inefficiency and output slack inefficiency.Through maintaining government supervision intensity and improving social supervision efficiency,it achieves the aim of improvement of PPP external regulation efficiency.By constructing principal-agent model with introducing the social supervision variable,this paper compares the changes of the optimal incentive contracts’ risk cost,incentive cost and general agent cost.It also takes the clearance of PPP demonstration project in China’s PPP project library in 2018 as sample,using logit model to examine the impact and mechanism effect of media opinion to the PPP project.The study finds that under the condition of incomplete information,the equilibrium effort level of the project company decreases,agency costs such as risk cost and effort cost appear.After introducing social supervision into the principal-agent contract,the risk cost,effort cost and general agency costs reduce,the reward and punishment factors of incentive contract increase,the effort level of the project company improves.The empirical model verifies that social supervision works through reputation mechanism and administrative governance mechanism,positive evaluation of reputation mechanism motivates project companies to improve their efforts,negative evaluation of reputation mechanism restricts project companies’ speculation motivation,and negative evaluation of administrative governance mechanism urges government regulators to strengthen the examination and supervision.The above analysis provides three policy suggestions for improving PPP efficiency.From the point of improving the efficiency of the PPP fiscal responsibility,it should firmly implement the policy of financial capacity,control the increase of fiscal responsibility from the aspects of improving the efficiency of technology and technical level,as well as increasing the number of labor,social capital and private investors.Fiscal expenditure responsibility is more leaning to the western region.Based on the development of the PPP mode,it also should particularly choose and adjust influential factors to the actual fiscal responsibility.From the point of improving the efficiency of the PPP public service supply,it importantly improves the efficiency of the PPP operation period in the condition of considering the macro economic environment,legal regulation system,government intervention degree,market opening degree and regional geographic characteristics.It needs correctly handle the problems such as the lack or waste of resources,environmental pollution,insufficient construction output,insufficient economic output and financial pressures.According to the stage of the PPP projects,it should also flexibly adjust fiscal policy to solve the problems of input and output.From the perspective of improving the efficiency of external regulation,it is necessary to give full play to the regulation role of social supervision without relaxing the powerful regulation of government regulation on PPP,and establish a benign interaction and coordination mechanism between government regulation and social supervision to maximize the overall effectiveness of external regulation system. |
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