| The dual pressures of the current demand for infrastructure construction and insufficient investment have made widespread attention and promotion of the PPP.Since 2013,our country has been actively promoting the development of the PPP model.However,the PPP project requires a large amount of money,a long period,and a complicated relationship between parties.China lacks practical operating experience and therefore has encountered many problems in the execution of real projects.In this paper,the organizational pattern and government credit as the main line of study.The research in this paper will combine the case and theory in order to be able to effectively provide the necessary theoretical basis for the application of PPP mode(Hart,2003)to a special developing country such as ours and also provide an important realistic reference for the decision-making of government and social capital.The conclusions are as follows:First,under the reality that the political economy environment background and market mechanism based on public ownership in our country have not been perfected,different applicable organizational patterns should be adopted for projects with different characteristics.For projects with negative externalities in construction and operation,we should give full play to the important role of outsourced PPP.For projects that have user-paid basis,the revenue-based reimbursement model can exert more effective incentives.Second,social capital with a state-owned background is currently the absolute main force in the Chinese PPP project market.However,the comparative advantages of private-owned enterprises in financing,technology and management owned by state-owned enterprises can not only increase the level of input,thereby enhancing social welfare,but also to some extent inhibit the possible credit risk of the government Third,China’s PPP development is just on the right track.Whether it is the subjective sense of political impulse or the absence of objective conditional supervision,it may cause credit vacancy,thus affecting social welfare.In view of the quality ofproject operation,local governments will have credit risk problems in different directions and require prior prevention and ex-post solutions.On the basis of the previous research,we propose three policy suggestions for the smooth operation of the PPP project from two aspects of the organizational pattern and the credit risk:prudently supervise the project landing,establish and improve the legal system of PPP mode and speed up the transformation of government functions. |
