Research On The Landing Of PPP Project Based On Local Government Characteristics

After the 18th National Congress,the central government vigorously promoted PPP,local governments sought to explore new construction models,and social capital was also committed to finding good investment opportunities.It can be said that PPP has set off a new revolution in China's infrastructure and public service supply sectors.But behind the data,hidden problems and risks cannot be ignored.On the one hand,the landing rate of PPP projects in practice is generally low and not ideal.On the other hand,PPP projects also show differences between different regions,different industries and different reward mechanisms.Therefore,it is of great theoretical and practical significance to deepen the research on the landing of PPP projects in order to increase the landing rate of PPP projects and then increase the effectiveness of PPP promotion so as to fully play its role.This article mainly follows the overview of the landing situation of PPP projects,the theoretical analysis of the influencing factors of PPP project landing problems,and the research of empirical tests.First of all,this paper combs the theoretical basis and research literature related to PPP.Secondly,this paper reviews the development of the PPP model in China,and collects information from the national government and social capital cooperation(PPP)integrated information platform and project library,and establishes a PPP project database.On this basis,this paper conducts an in-depth analysis of the landing of PPP projects in China from various angles.Thirdly,this paper starts from the two dimensions of the local government's institutional quality and development level,and builds a theoretical model of the factors that affect the landing of PPP projects based on local government characteristics.Under the guidance of the theoretical model,this paper uses the provincial panel data at the local government level,combined with traditional measurement methods and spatial measurement methods,to conduct empirical research on the factors that affect the landing rate of PPP projects.The results show that there are spillover effects in the landing of China's PPP projects.At the same time,the governance level of local governments,the promotion pressure of officials,and the level of fiscal expenditure all have a positive impact on the landing rate of PPP projects,while policy uncertainty has a negative impact on the landing rate of PPP projects.This effect shows a large difference between different regions and different industries.From a regional point of view,in the eastern region,the landing rate of PPP projects is positively affected by the local government's fiscal expenditure level,while in the central and western regions,the landing rate of PPP projects is more vulnerable to the negative impact of local government policy uncertainty.In terms of sub-sectors,PPP has been relatively early adopted in transportation,water conservancy construction and other industries.However,the PPP projects in the municipal engineering,ecological construction,and environmental protection industries are not only of large types,but also rely on the government to pay a high level,and are affected by policy factors to a large extent.Therefore,the relationship between the landing rate and the local government's institutional quality and development level is closer.Finally,this paper draws main conclusions and proposes policy recommendations.