删除或更新信息,请邮件至freekaoyan#163.com(#换成@)

政府和社会资本合作项目异化为地方政府明股实债融资的探讨

本站小编 Free考研考试/2022-02-13

DOI: 10.11908/j.issn.0253-374x.21031

作者:

作者单位: 1.同济大学 经济与管理学院,上海 200092;2.上海财经大学 中国公共财政研究院,上海 200433


作者简介: 陈姗姗(1994—),女,博士生,主要研究方向为地方债。 E-mail:18817582590@163.com


通讯作者: 熊 伟(1987—),男,助理教授,管理学博士,主要研究方向为政府与社会资本合作模式。 E-mail: kevinxiong@tongji.edu.cn

中图分类号: F283


基金项目: 国家社会科学基金(19ZDA073);国家自然科学基金(71973101,71902140);中央高校基本科研业务费专项资金(22120210085)




On Alienation of Public-Private Partnership into Real Debts of Local Governments
Author:

Affiliation: 1.School of Economics and Management, Tongji University,Shanghai 200092,China;2.China Institute of Public Finance, Shanghai University of Finance and Economics,Shanghai 200433,China


Fund Project:




摘要
| 图/表
| 访问统计
| 参考文献
|相似文献
| 引证文献
| 资源附件

摘要:将政府负债率纳入“均值?方差”风险评估模型中,在单期补偿契约策略下分析其对政府和社会资本合作(PPP)项目决策的影响。结果表明,社会资本方出于损失规避心理会要求更加确定的风险补偿和隐性担保,从而签订各种“明股实债”条款,使得PPP异化为地方政府违规举债的工具。基于2014―2016年间我国PPP项目及各城市负债率的数据,验证地方政府负债率过高是PPP项目异化的重要原因,而且民营企业参与的PPP项目更容易异化。因此,地方政府应根据自身财力合理上马PPP项目,同时强化PPP项目相关的法律建设和社会信用环境建设,保障社会资本方尤其是民营企业的合理权益。



Abstract:This paper incorporates the government debt ratio into the “mean-variance” risk assessment model, analyzes its impact on the decision-making of public-private partnership (PPP) projects, and finds that investors will require more certain risk compensation and implicit risk compensation due to loss aversion, which makes the PPP project alienated as a tool of illegal debt-raising of local governments, i.e. “Formal equity, essential debt”. Furthermore, verifies the propositions of the theoretical model through an empirical analysis of PPP projects and urban debt information in China from 2014 to 2016. The findings suggest that local governments should initiate PPP projects according to their fiscal capability, and strengthen the legal construction and social credit environment construction related to PPP projects, to protect the reasonable rights and interests of social capital, especially private enterprises.





PDF全文下载地址:

点我下载PDF
相关话题/社会 政府 文献 上海 中央