| With China’s economy entering a new normal,PPP mode has gradually become a new way of public service supply.However,in the concrete practice process,the investment of PPP project is not optimistic.In 2008,affected by the international financial crisis,China’s market capital was in a state of scarcity for a long time.In order to stimulate economic growth,the government invested a large amount of financial capital in infrastructure,and many PPP projects were led by the government for investment.Due to the lack of private capital participation,the efficiency of PPP projects was very low.In 2014,PPP mode started a new round of practice in China.However,with the increasing number of PPP projects,the transaction scale of PPP projects gradually declined.It can be seen that behind the explosive growth,the investment in PPP projects is not optimistic.Investment in PPP projects is closely related to the institutional quality provided by the government.A good institutional environment can improve the willingness of private capital investment and promote investment in PPP projects.At the same time,the promotion pressure faced by government officials also affects the government’s behavior.Under the influence of the promotion pressure,officials will choose to carry out projects that are conducive to rapid economic growth,rather than carrying out PPP projects in the field of infrastructure.It can be seen that promotion pressure has an important impact on PPP project investment.Therefore,this paper establishes an analysis framework with system quality and promotion pressure as the core,and selects the panel data of29 provinces in China from 2008 to 2017 for empirical analysis to test the impact of system quality and promotion pressure on infrastructure PPP project investment in China.It is found that:(1)the system quality has a positive impact on the investment of infrastructure PPP projects;(2)Promotion pressure has a positive impact on the investment of infrastructure PPP projects;(3)Institutional quality can restrain the negative impact of promotion pressure on infrastructure PPP project investment.The research results show that institutional quality and promotion pressure are important factors that affect the investment of infrastructure PPP projects.It is of great practical significance to improve regional institutional quality and set up a reasonable promotion mechanism for government officials to improve the investment of infrastructure PPP projects in China. |
