The Impact Of PPP Project Investment On The Efficiency Of Corporate Capital Use

In recent years,with the increasing debt level of local governments and the increasing demand for infrastructure construction,China has begun to implement PPP model with unprecedented strength,which has been actively responded by local governments,and the enthusiasm of social capital parties to participate has also been actively rising.However,in the process of practice,some enterprises have obvious capital problems due to over investment in PPP projects,which has led to certain changes in the control of enterprises,such as Beijing Orient Landscape Co Ltd and Tiehan ecology Co Ltd.Therefore,it is worth studying whether PPP project investment has an impact on the efficiency of enterprise capital use and what kind of impact effect it has.Based on the panel data of 36 non-financial listed companies in 2014-2018,this paper uses SPSS,Eviews and other measurement software to analyze the relationship between PPP project investment and corporate capital use efficiency,and selects corresponding indicators as intermediary variables from three aspects of investment model,financing structure and internal control,and analyzes their intermediary effects on the relationship between PPP project investment and corporate capital use efficiency The results showed that:(1)PPP project investment has a significant inverted U-shaped effect on the efficiency of corporate capital use;(2)long-term equity investment and asset liability ratio have a significant intermediary effect on the relationship between PPP project investment and corporate capital use efficiency;(3)PPP project investment affects the efficiency of capital use by affecting both long-term equity investment and asset liability ratio.It is a parallel multiple intermediary effect.The chain multiple intermediary effect of PPP project investment → long-term equity investment → asset liability ratio → capital use efficiency does not exist;(4)internal control level has a significant regulatory effect on the relationship between PPP project investment and corporate capital use efficiency.Finally,on the basis of the conclusions,some suggestions are put forward to optimize the investment mechanism of PPP project and improve the efficiency of capital use.Through the analysis of the relationship between PPP project investment and enterprise capital use efficiency,this paper enriches the research on PPP project investment and enterprise capital use efficiency,which can provide a theoretical reference for enterprises to optimize PPP project investment decision-making and improve capital use efficiency,and further promote the sustainable development of PPP model.