地方政府财政能力对PPP项目实施与回报机制的影响研究

Under the background of comprehensive and deep reform, the Chinese government attaches great importance to infrastructure investment and emphasizes the promotion of the PPP model. However, the strength of financial capacity determines whether local governments implement PPP projects and the choice of return mechanisms. The purpose of this paper is to study the relationship between local government financial capacity and PPP project implementation and return mechanisms, in order to better standardize the development of China's PPP model. On the basis of summarizing the relevant domestic and foreign literatures, this paper combs the theoretical basis and transmission mechanism, and then uses Logit and Ordered Logit models to conduct empirical research respectively, and explores the local government financial capacity to implement and return mechanisms of PPP. The results show that the local government's financial capacity has a significant impact on the implementation and return mechanism of PPP projects. The greater the financial capacity burden, the weaker the fiscal capacity, the more likely it is to implement PPP projects and choose government payment. Finally, this paper believes that we should pay attention to PPP fiscal expenditure responsibility monitoring, improve the PPP project return mechanism, continue to strengthen the market system and further standardize the development of China's PPP model.