Research On The PPP Investment Model Of Small Towns With Chinese Characteristics

Since China promoted the construction of New Urbanization,the rural population has been transferred to cities on a large scale,which promotes the sustained and stable development of the macro economy and has also brought new hidden dangers.The construction of characteristic towns is highlights and features of the development of new urbanization in China,which stimulates the vitality of urban development.However,the single management mode based on the traditional property rights arrangements will lead to rent dissipation in construction and operation of the urban infrastructure.Thus the traditional construction of characteristic towns will face many difficulties in actual operation.The PPP(Public Private Partnership)model has opened up new ways of building characteristic towns.The paper theoretically studies the traditional model and PPP investment model based on the perspective of property rights economics.Through in-depth analysis of the operating model of PPP investment model,including the organizational structure,contractual relationship,the relationship between investment and return of funds,and then compared with the traditional model.Right,using the basic theory of property rights economics to analyze the drawbacks of the traditional model and the superiority of the PPP model.The results show that public and private property rights of public goods and public resources under the PPP model are essentially mixed property rights.This mixed property rights of public property rights and social capital property is conducive to giving full play to the advantages of both the government and the market in the allocation of resources at the same time.That is,the public sector can To make up for market deficiencies,we must give full play to social welfare;the social capital sector can avoid the lack of public property rights,increase economic efficiency,and increase social welfare.The efficiency of the PPP investment model is mainly reflected in the transaction efficiency,project financing efficiency,operational efficiency,entrusted agency efficiency,and overall efficiency.The application of the PPP investment model can well solve the problems of underinvestment and government failure in the construction of featured towns and reduce the problems.The burden of the government increases the efficiency of government services.The PPP investment model also has many risks such as political risk,legal risk,construction operational risk,market risk,financial risk and other risks.It needs reasonable avoidance and dynamic sharing.This paper conducts a case study of the LY City Music Technology Town project that introduces the PPP investment model.The results show that the introduction of the PPP investment model can indeed improve transaction efficiency,project financing efficiency,operational efficiency,and agency efficiency,but the overall benefits have been reduced.Each party can basically avoid risks and reach relevant contracts to reduce losses as much as possible.However,it must be noted that the characteristic town PPP investment model is an innovation that uses social capital to develop the industry and the space economy under the guidance of government policies.The government and social capital must have clear interest distribution frameworks and risk bearing mechanisms,and must have a clear project orientation.And encourage the assessment mechanism.Moreover,when introducing the PPP investment model in the construction of featured towns,the social capital must clearly identify political risks and legal risks in advance,and the government should also pay attention to preventing the construction of characteristic towns and real estate.This paper believes that the PPP investment model can be integrated with the construction of a featured town,which is conducive to the construction of a featured town,and can effectively improve the transaction efficiency,project financing efficiency,project operation efficiency,and commissioned agency efficiency in the construction of a featured town.A new way of building a featured town.This leads to the basic conclusion: The experience of introducing a PPP investment model into characteristic town construction is worth promoting.However,there are still many problems to be solved in the process of introduction.The mechanism needs to be improved.For example,it is necessary to improve relevant laws and regulations,especially the property rights system,establish long-term mechanisms for the regulation of various stakeholders' behaviors,protect the rights of social capital,and strengthen supervision of project operations.And pay attention to the marketization of project operations and strengthen risk prevention.