PPP模式影响公共事业财务绩效的实证研究  

Empirical Study on Influence of PPP Mode on Financial Performance of Public Utility

作　　者：佟庆远[1] 高建[1] Tong Qingyuan,Gao Jian(School of Economics and Management,Tsinghua University,Beijing 100084,Chin)

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《技术经济》2018年第5期124-131,共8页Journal of Technology Economics

基　　金：教育部人文社会科学重点研究基地重大项目"全球创新体系与全球创新中心"(17JJD630003);清华大学新型城镇化研究院开放基金课题"基于网络视角的特色小镇发展与利益分配机制研究"(TUCSU-K-17024-01)

摘　　要：基于公共事业发展过程中PPP模式下的政府方与社会资本发起方深度合作的特性,研究了中国情境下PPP模式对公共事业财务绩效的影响。结果表明:第一,我国公共事业的特殊性,使得PPP模式中的股权融资可能导致企业制度逻辑的变迁,从辅助地方官员的锦标赛模式转变为市场逐利模式;政府方和社会资本发起方长期合作的正式契约和关系契约对绩效存在不同影响;社会资本方通过其资源能力(如资本和技术管理能力)的深度介入对PPP项目公司绩效产生重要影响。统计了2002—2012年中国供水行业150家企业的运营数据,采用基于Cobb-Douglas生产函数的随机前沿分析和方差分析和方差分析进行假设检验。检验结果表明:与传统的国有属地公共事业非上市企业相比,PPP项目公司的财务绩效显著提高;但不同类型的发起方会导致不同幅度的财务绩效提升;其中,国有属地上市发起方PPP项目公司的财务绩效最佳,国有非属地发起方PPP项目公司的财务绩效也有所提高。This paper reveals that the PPP mode affects public utilities performance in Chinese context,which is caused by the deep involvement and cooperation between the public sector（the local government）and the sponsor（private capital）.There are three reasons：firstly,the equity financing of PPP might cause the divergence of institutional logic on the SPVs（special purpose vehicle）,from the assistant of local officials＇ tournament mode to the profit seeking mode,with the characteristics of public utilities in Chinese context;secondly,the formal contract and the relationship contract between the local government and the sponsors are formed in PPP mode;and thirdly,the resource capacity of the sponsors,such as capital and management and technology,also influences the performance of SPVs.The time series data of 150 enterprises in water supply industry from 2002 to 2012 are tested with Cobb-Douglas stochastic frontier analysis（SFA）and the analysis of variance.The results show as follows：compared with the traditional state-owned companies without IPO,the SPVs＇ financial performance is significantly improved;however,different types of promoters cause different financial performance;the SPVs with local state-owned promoter with IPO had the best financial performance;the SPVs with non-local state-owned promoter also have better financial performance than the traditional state-owned companies without IPO.

关 键 词：PPP模式 股权融资 公共事业 财务绩效 

分 类 号：F203.9[经济管理—国民经济]