發(fā)布時間：2018-06-05 10:35

  本文選題：基礎(chǔ)設(shè)施 + 公私合作制��； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：我國的經(jīng)濟改革開放至今的四十多年里經(jīng)歷了飛速的發(fā)展,在這個過程中,基礎(chǔ)設(shè)施的供給不足長期以來一直制約著我國經(jīng)濟持續(xù)穩(wěn)定發(fā)展,其中,嚴(yán)重短缺的基礎(chǔ)設(shè)施有:環(huán)境保護類設(shè)施、城市基本建設(shè)設(shè)施、交通建設(shè)設(shè)施、水利設(shè)施等。我國基礎(chǔ)設(shè)施的供給缺乏主要有以下幾點緣由:首先,最直接的原因是我過長期以來資金投入嚴(yán)重不足,其次,本質(zhì)原因是基礎(chǔ)設(shè)施項目本身的特性——投資資金所需規(guī)模太大、投入建設(shè)至建設(shè)完成周期太長、投資回報率較低等,這兩個原因使得長期以來基礎(chǔ)設(shè)施制約著我國經(jīng)濟增長的難以突破的“瓶頸”。一方面,基于長期傳統(tǒng)的“單一政府投資”中,公共部門為建設(shè)設(shè)施籌備資金會遇到各種弊端,例如影子成本、資金的使用效率低下、地方融資平臺資金使用的嚴(yán)重浪費和巨大債務(wù)風(fēng)險使得政府難以接承傳統(tǒng)模式的基礎(chǔ)設(shè)施投資、建設(shè)和運營。另一方面,“單一私有化”也存在不同程度的弊端——交易成本過高,政府監(jiān)管困難,不完全契約導(dǎo)致的容易造成再談判甚至違約風(fēng)險。如何有效解決這些難題,并且發(fā)展出一條選擇適合我國國情的基礎(chǔ)設(shè)施投融資道路是當(dāng)前迫切需要解決的課題。PPP融資模式,它通過吸引社會資本參與提供公共產(chǎn)品和服務(wù),促進政府部門和私人部門的有效整合,充分發(fā)揮雙方的公共和私人的優(yōu)勢,避免兩者的弊端,從而實現(xiàn)社會福利的最大化和資源的最優(yōu)配置。在“單一化”投資建設(shè)基礎(chǔ)設(shè)施難以為繼的形勢下,PPP模式可以拓寬資金來渠道,緩解政府的財政壓力,化解地方政府債務(wù)風(fēng)險,促進政府職能轉(zhuǎn)變,提高資金使用效率,提高公共物品的供給效率,因此成為中國的基礎(chǔ)設(shè)施投資和融資是最好的選擇之一�；赑PP融資模式在基礎(chǔ)設(shè)施建設(shè)中的優(yōu)勢,中國也加緊提高PPP相關(guān)法律制度與組織建設(shè),但是,我們不難發(fā)現(xiàn),盡管近年來這一模式取得了成功,在引入PPP項目的過程中,各種問題已經(jīng)顯現(xiàn)在基礎(chǔ)設(shè)施發(fā)展公私伙伴關(guān)系中。首先,并非所有發(fā)展中國家都能通過這一路線在基礎(chǔ)設(shè)施項目中吸引所需的私人伙伴和投資。其次,PPP項目的落地率較低,甚至失敗。最后,通過世界銀行(World Bank)的統(tǒng)計數(shù)據(jù),我們可以發(fā)現(xiàn),各個發(fā)展中國家的基礎(chǔ)設(shè)施PPP項目發(fā)展情況——包括PPP項目吸引的私人投資的項目個數(shù)、參與金額及項目融資成功與否等存在明顯差異,這些差異存在的具體原因,值得我們探究。綜上,為了能夠保證我國的PPP項目有效完成,本文試圖研究通過研究發(fā)展中國家吸引私人合作伙伴投資基礎(chǔ)設(shè)施的影響因素,通過研究此問題,找出促使我國PPP融資模式效率提升的政策建議。本文從政府財政約束、區(qū)域政治環(huán)境、宏觀經(jīng)濟環(huán)境、潛在市場規(guī)模、社會法律制度五大方面,以PPP項目的個數(shù)和金額作為被解釋變量,首先以全球范圍內(nèi)的87個國家作為研究對象,選用了國家資源出口、各國人口、各國人均GDP、通貨膨脹率、進口總儲量、政府有效性、政治穩(wěn)定、規(guī)制質(zhì)量、法律體制、等作為指標(biāo),利用橫截面單元1996-2014年的樣本組成面板數(shù)據(jù),考察全球范圍的各國PPP融資模式影響因素,結(jié)果發(fā)現(xiàn):政府財政約束、潛在市場規(guī)模和管制環(huán)境對基礎(chǔ)設(shè)施公私伙伴關(guān)系的影響顯著為正,可能是因為管制環(huán)境的完善將吸引私有企業(yè)積極參與基礎(chǔ)設(shè)施項目。但是宏觀經(jīng)濟的風(fēng)險對基礎(chǔ)設(shè)施公私伙伴關(guān)系的影響顯著為負,可能是因為通貨膨脹將成為私有企業(yè)參與基礎(chǔ)設(shè)施項目的重要擔(dān)憂。其次,針對中國的PPP影響因素,本文以30個省份為橫截面單元(西藏除外),利用各橫截面單元2012—2015年的樣本組成面板數(shù)據(jù),以政府負債、各國人口、各國人均GDP、通貨膨脹率、市場化改革、財政分權(quán)、資本市場發(fā)達程度采用多元回歸分析方法考察這些因素的具體作用效果。結(jié)果發(fā)現(xiàn):政府財政約束、潛在市場規(guī)模宏觀經(jīng)濟的穩(wěn)定性是影響基礎(chǔ)設(shè)施公私伙伴關(guān)系的重要因素。研究結(jié)果還表明,財政分權(quán)和資本市場發(fā)達程度也是施行基礎(chǔ)設(shè)施公私伙伴關(guān)系的重影響因素。潛在市場規(guī)模越大表示需求越大,越有可能實施PPP項目;宏觀經(jīng)濟越穩(wěn)定表示項目實施風(fēng)險越小,越有可能實施PPP項目;財政越分權(quán)表示地方政府的自主性越大,越有可能實施PPP項目;資本市場越不發(fā)達表示融資渠道狹窄,越有可能實施PPP項目。最后,根據(jù)國內(nèi)外的PPP融資模式發(fā)展現(xiàn)狀,以及本文的實證分析,文章提出了幾點政策建議,轉(zhuǎn)變政府職能,清晰界定政府定位加強宣傳引導(dǎo),鼓勵公眾參與推進PPP模式完善法律和政策體系,保障PPP順利實施建立多層次的資本市場,改善投融資環(huán)境加快專門的管理機構(gòu)建設(shè)。
[Abstract]:In the past more than 40 years, China's economic reform and opening up has experienced a rapid development. In this process, the shortage of infrastructure has long been restricting the sustained and stable development of our economy. Among them, the serious shortage of infrastructure, such as environmental protection facilities, urban infrastructure facilities, traffic construction facilities, water conservancy facilities, etc. The lack of infrastructure supply in China is mainly due to the following reasons: first, the most direct reason is that I have been seriously inadequate in capital investment for a long time. Secondly, the essential reason is the characteristics of the infrastructure project itself - the size of investment funds is too large, the construction period is too long, and the return on investment is low, these two For a long time, the infrastructure restricts the difficult "bottleneck" of China's economic growth. On the one hand, on the basis of the long-term traditional "single government investment", the public sector will meet various drawbacks for the construction facilities for the construction facilities, such as the shadow cost, the inefficient use of funds, and the strict use of local financing platforms. Heavy waste and huge debt risk make it difficult for the government to invest in infrastructure investment, construction and operation. On the other hand, "single privatization" also has some drawbacks - high transaction costs, difficulties in government regulation, and the risk of renegotiation and even breach of contract caused by incomplete contracts. How to effectively solve this problem Some problems, and the development of an infrastructure investment and financing road, which is suitable for our country's conditions, is an urgent need to solve the problem of.PPP financing model. By attracting social capital to provide public goods and services, promote the effective integration of government and private sectors, give full play to both the public and private advantages of both sides, and avoid the advantages of both the public and the private. In order to avoid the malpractice of the two, we can maximize the social welfare and optimize the allocation of resources. In the situation of the unsustainable infrastructure of "single" investment and construction, the PPP model can widen the financing channels, alleviate the financial pressure of the government, resolve the risk of local government debt, promote the transformation of government functions, improve the efficiency of the use of funds, and improve the efficiency of the use of funds. The efficiency of the supply of public goods is one of the best choices for China's infrastructure investment and financing. Based on the advantages of the PPP financing model in infrastructure construction, China has also stepped up the PPP related legal system and organization construction. However, it is not difficult to find that this model has been successful in recent years, and the PPP item is introduced. In the course of this process, various problems have emerged in the public private partnership of infrastructure development. First, not all developing countries can attract the required private partners and investment in infrastructure projects through this route. Secondly, the PPP project's landing rate is low and even lost. Finally, through the statistics of the World Bank (World Bank) According to this, we can find that the development of infrastructure PPP projects in various developing countries, including the number of private investment projects attracted by the PPP project, the amount of participation and the success of the project financing, are obviously different. The specific reasons for the existence of these differences are worthy of our inquiry. To sum up, in order to guarantee the PPP project of our country This article tries to study the influence factors of developing countries to attract private partners to invest in infrastructure. Through the study of this problem, we find out the policy suggestions to promote the efficiency of PPP financing mode in China. This article is from the government financial constraints, regional political environment, macro economic environment, potential market scale, social legal system. The five main aspects, taking the number and amount of the PPP project as the explanatory variable, first taking the 87 countries in the global scope as the research object, selected the export of national resources, the population of the countries, the per capita GDP of each country, the rate of inflation, the total import reserves, the government effectiveness, the political stability, the quality of regulation, the legal system, and so on as the index and use cross section. The panel data of 1996-2014 years are made up of the panel data to examine the factors affecting the global PPP financing model. The results show that the government financial constraints, the potential market scale and the regulatory environment have a significant impact on the infrastructure public private partnership, which may be because the improvement of the regulatory environment will attract private enterprises to actively participate in the infrastructure. But the impact of macroeconomic risks on infrastructure and private partnerships is significantly negative, perhaps because inflation will be an important concern for private enterprises to participate in infrastructure projects. Secondly, in view of the PPP impact factors in China, this paper takes 30 provinces as cross sectional units (except Tibet) and uses cross section unit 2012. - in 2015, the samples were made up of panel data. The effects of the government debt, the population of various countries, the per capita GDP, the rate of inflation, the market-oriented reform, the fiscal decentralization and the development of the capital market were investigated by multiple regression analysis methods. The results showed that the financial constraints of the government, the stability of the potential market scale macroeconomic stability were The results also show that financial decentralization and capital market development are also a major factor in the implementation of public and private partnerships in infrastructure. The larger the potential market size is, the greater the demand, the more likely the PPP project is to be implemented; the more stable the macro economy is, the smaller the risk of the project implementation. The more likely the PPP project is to be implemented, the more decentralization of the local government, the greater the autonomy of the local government, the more possible the implementation of the PPP project; the less developed the capital market indicates that the financing channels are narrow and the more likely the PPP project will be implemented. Finally, according to the current situation of the development of the PPP financing mode at home and abroad, and the empirical analysis of this article, some policy suggestions are put forward. To change government functions, clearly define government positioning and strengthen publicity and guidance, encourage public participation in promoting the PPP model to improve the law and policy system, ensure the smooth implementation of the PPP implementation of a multi-level capital market, and improve the investment and financing environment to speed up the construction of special management institutions.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F283

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