政府增信治理与市场议价激励——基于PPP上市公司股权溢价的证据  

Government Credit-enhancing Governance and Market Bargaining Incentive--Evidence of Equity Premium in PPP Listed Companies

作　　者：陈恒[1] 许振宇 李清均[2] 杨志 Chen Heng;Xu Zhenyu;Li Qingjun;Yang Zhi(School of Economics and Management,Harbin Engineering University,Harbin 150001,China;Research Office of Heilongjiang Provincial People's Government,Harbin 150001,China)

机构地区：[1]哈尔滨工程大学经济管理学院,哈尔滨150001 [2]黑龙江省人民政府研究室,哈尔滨150001

出　　处：《工业技术经济》2022年第12期123-132,共10页Journal of Industrial Technological Economics

基　　金：国家知识产权局软科学课题“域外适用的知识产权法律问题研究”(项目编号:SS20-B-17);黑龙江省自然科学基金项目“船舶动力及传动系统关键技术创新知识产权管理研究”(项目编号:LH2019G003)。

摘　　要：本文基于有为政府增信治理的研究视角,运用股权溢价理论,以生成股权溢价风险对冲的损失方式,提出有为政府与有效市场交互作用的公共治理模式。通过引入PPP板块典型个股案例分析发现,PPP投融资运营稳健性,源自于“有为政府+有效市场+有益企业”的有效治理。同时,有为政府增信治理与有效市场议价激励,调控资本市场议价凸显股权溢价,使SPV组织的上市公司成为有益企业。实证分析认为:通过中国PPP政府增信治理的适度管制与政策组合作用,政府增信治理对于市场议价作用是显著的;同时,PPP板块上市公司规避风险损失行为比增加风险收益行为更加谨慎——即凸显了禀赋效应。这为风险投资者规避风险收益风险对冲的损失提供了决策支持,也有助于为有为政府增信的有效治理找到政策调整与策略行为的协同参考点。Based on the research perspective of credit-enhancing governance of promising government,this article uses equity premium theory to reveal that public governance,which interacts with the promising government and effective market,operating in a way of generating equity premiums to hedge risk losses.Through the introduction of typical individual stocks in the PPP sector,it is found that the robustness of PPP investment and financing operations stems from an effective governance of“promising government+effective market+beneficial enterprise”.The analysis of the mechanism believes that the credit-enhancing governance of promising government and the bargaining incentive of effective market can regulate the bargaining of capital market,highlighting equity premiums,and making listed companies organized by SPV a beneficial enterprise.The empirical analysis believes that:through the appropriate control and policy combination of credit-enhancing governance of China's PPP government,the credit-enhancing governance of government has an obvious role in market bargaining.The PPP sector listed companies are more cautious in avoiding risk and loss than increasing risk and return,namely highlighting the endowment effect.This conclusion provides convenience for venture investors to choose strategic behaviors for avoiding risk gains and hedging risk losses,and also helps to find a coordinated reference point for policy adjustments and strategic behaviors for the credit-enhancing governance of promising government.

关 键 词：政府增信治理 A股市场议价交易 股权溢价 PPP板块上市公司 禀赋效应 系统性风险 

分 类 号：F283[经济管理—国民经济] F832