Research On The Impact Of The Main Revenue Mode Of PPP Projects Along The "Belt And Road" On The Investment Volume Of The Private Sector

In the context of the Belt and Road Initiative,public-private partnerships(PPPs)have strongly promoted infrastructure construction in economies along the route and have been widely used,but in current practice,there is still a problem of insufficient investment from the private sector.Based on the background of the Belt and Road Initiative,this paper analyzes the characteristic status quo of PPP infrastructure projects in the world from the World Bank’s PPI database,uses the data of 45 economies along the Belt and Road from 1998 to 2021,constructs a PSM propensity score matching sample,econometrically analyzes the relationship between the main sources of income of PPP projects and private sector investment,tests robustness and heterogeneity,and finally constructs a mediation effect model to obtain debt financing,equity financing acquisition and risk structure as intermediary variables.It is found that:(1)The main sources of revenue have a significant impact on the private sector investment of PPP projects,and with the increase of government participation in the main sources of revenue,private sector investment increases significantly.(2)Debt financing,equity financing and risk structure play an intermediary role between the main sources of income and private sector investment.This paper analyzes the private sector investment dilemma faced by infrastructure PPP projects in economies along the Belt and Road,reveals the mechanism of private sector investment in infrastructure PPP projects as the main source of income,and provides theoretical basis and practical guidance for increasing private sector investment in infrastructure PPP projects in economies along the route,improving the level of infrastructure PPP project construction,and realizing interconnection in a higher sense under the background of the Belt and Road initiative.