Local Government Debt, Economic Development Level And PPP Project Scale

PPP mode,as an innovative means to expand the infrastructure construction and operation channels of public utilities,relieve the financial pressure of the government,and improve the quality and efficiency of public services,has been fully developed in recent years,but its impact mechanism is not clear.At the same time,the central government has further strengthened the control of local government debt,which makes it difficult to sustain the previous mode of supporting infrastructure construction and operation of public utilities relying on debt.The negative effects brought by the spillover of local government debt problems are increasingly prominent and affect the use of PPP model in various regions,mainly manifested in the disguised borrowing behavior with the help of PPP model,but the impact mechanism of the above phenomenon has not been empirically tested.Based on the new public management theory,public goods theory,"economic man" hypothesis and information asymmetry theory,this paper empirically tests the impact of local government debt burden on the scale of local PPP projects with PPP project management database project information and urban investment debt data and statistical data of different cities,which helps to clarify the influencing factors of the scale of PPP projects in China at this stage.At the same time,based on the current situation of unbalanced development in all parts of China,by introducing the level of economic development to analyze the relationship among local government debt,economic development level and the scale of PPP project,to a certain extent,it verifies the adverse impact of the spillover of local government debt burden on PPP model.Through the empirical analysis of relevant data,this paper draws the following conclusions: the larger the scale of PPP projects of local governments with higher debt burden,and the economic development level will inhibit the role of local government debt in promoting the scale of PPP projects.To some extent,the results of this paper verify the phenomenon of using PPP project to transfer government debt,and provide empirical evidence for the relationship between local government debt and the scale of PPP project.At the same time,it also clarifies the differences brought by different urban economic development,which provides a certain reference for the formulation of PPP policy and risk management and control.Based on the above research results,this paper puts forward the following suggestions:(1)the PPP project development will be included in the local medium and long-term development plan.(2)Promote the combination of government budget management system and PPP mode.(3)Expand the PPP financial commitment management methods.(4)Regulate the implementation of PPP project with the help of government audit.