| Public-private partnership is the cooperation between government and social capital to produce and supply public goods or services.PPP mode is playing a positive leading role in making up for the lack of county infrastructure in China,and can also help the supply side structural reform of our government.With the strong support of the government.Due to the complex institutional background of the combination of China’s transitional market and the government,the PPP model faces more risks in the implementation process,and the problems such as difficult implementation and unsustainability restrict the healthy development of PPP.PPP projects are affected by multiple factors at the same time.A single factor cannot systematically explain the success or failure of PPP projects.Exploring how the influencing factors under multiple logics combine to affect the success or failure of PPP projects will help to further optimize the PPP model.At present,due to the huge amount of investment in PPP project,which is in line with the modernization development vision of the state and the government and has a significant impact on national life,the success of PPP project also has stronger political significance and contributes to the development of county economy.Therefore,it is very important for the development of PPP in China to find the combination of various reasons affecting the success of PPP and explore different success models.This paper collates the articles on PPP influencing factors in high impact factor journals at home and abroad,establishes four influencing factors: government,enterprise,environment and project,and believes that the success or failure of PPP projects is mainly the result of the interweaving of four logics in a complex environment.Based on the three theories of governance theory,principal-agent theory and incomplete contract theory,this paper constructs an analytical framework of "government enterprise environment project",analyzes 40 typical county PPP projects in China by combining qualitative comparative analysis and necessary condition analysis,explores the multiple combination paths of government,enterprise,society and project factors,and analyzes their internal logic.It is concluded that proper contract design and good environment are the necessary conditions for the success of PPP projects.On this basis,seven successful paths are summarized,including "BOT projects with strong government and private enterprises","high-level BOT projects valued by strong government","BOT projects with pure government financial support","high-level projects led by strong government","high-level BOT projects with public-private complementarity","high-level projects led by state-owned enterprises" and "low-level BOT projects led by state-owned enterprises",And five conditional combination paths of PPP project failure,"low-level projects operated by weak governments","low-level BOT projects operated by weak governments","BOT projects solely supported by government finance","high-level BOT projects with failed government enterprise cooperation" and "high-level BOT projects with failed public-private complementarity".According to the above conclusions,this paper believes that three aspects need to be paid attention to to in order to improve the operation efficiency of county PPP projects:first,the government,as the subject of PPP projects,plays an important role in the final success or failure of PPP,and it is necessary to accelerate the transformation of functions and the improvement of professional capabilities;Secondly,environmental factors are the necessary conditions for the success of PPP projects.It is necessary to strengthen the construction of laws,policies and market environment to improve the standardization and rationality of PPP projects;Thirdly,appropriate contract design is another necessary condition to ensure the success of PPP project.It is necessary to consider the risks in the whole process of the project,make reasonable financial arrangements,transparent accountability mechanism,reasonable risk allocation and reflect the interests of interested parties,so as to ensure the reasonable income and participation ability of market participants. |
