| In order to standardize the operation of PPP projects and prevent and control the hidden debt risks,the Ministry of finance,in its document No.92 of 2017,required to unify the warehousing standards of new projects and intensively clean up the projects that have been put into storage,clearly and prudently carry out government paid projects,and call for the suspension of illegal and illegal debt guarantee projects such as the government's fundraising and commitment to fixed income,which led to the weak enthusiasm of social capital to participate in PPP projects as a whole,which was not conducive to the overall economic efficiency of the society The improvement of benefits.However,local governments are constrained by credit rating and debt red line,so there is little space to operate public service PPP projects,so it is urgent to find a new way to encourage social capital to participate in PPP projects and be willing to take more risks.This paper first analyzes the case of Longyuan construction,and explores the impact of listed companies' participation in PPP projects on the stock price.Then,empirical analysis is carried out on the samples of listed companies' participation in PPP projects from 2012 to 2018.Through further analysis,it is found that for non-state-owned listed companies,participating in the regional inconsistent PPP project has a greater impact on the stock price than participating in the regional consistent PPP project,and the different operation modes of the PPP project involved do not have a significant impact on the stock price;for state-owned listed companies,the above two types of impact are not significant.This study provides a strong support for the use of market value-added means to encourage listed companies to deeply participate in PPP projects,and can promote the value-added incentive function to non listed companies,but also provide theoretical guidance and empirical evidence for the institutional innovation of local government service PPP projects. |
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