摘要
公私合作(Public-Private Partnership,PPP)工程的财务风险管控是项目成功的关键,受到其内部融资结构和外部宏观环境的影响。基于复杂系统理论和制度理论,利用亚洲开发银行在2010~2015年的358个国际PPP项目数据,实证分析验证了融资强度与财务风险之间的关系,并进一步探究了私营部门投资比例和国家宏观环境两者对这一关系的联合调节效应。研究发现,融资强度对PPP项目财务风险有正向影响,私营部门投资比例负向调节了这一影响,且该调节作用依赖于国家宏观环境的不同维度。
Financial risk control plays an important role in Public-Private Partnership （PPP） projects, and it is influenced by internal financing structures and external institutional environments. Drawing on the complex system theory and institutional theory, we use a sample of 358 international PPP projects listed by Asian Development Bank in the period of 2010-2015 to empirically analyze the relationship between intensity of financing and project financial risk, and to further explore the moderating effects of investment rate of private sectors and national environmental factors. The results indicate that, the more the PPP project invests, the higher overruns possibility it has, in which the investment rate of private sector has a negatively moderated rde, and different dimensions of national institutional environment play contingent roles in such moderating effect.
出处
《系统管理学报》
CSSCI
CSCD
北大核心
2018年第1期83-92,共10页
Journal of Systems & Management
基金
国家自然科学基金重大项目(71390525)
国家自然科学基金重点国际(地区)合作项目(71620107004)
江苏省公共工程审计重点实验室(南京审计大学)课题研究基金资助项目(GGSS2016-13)
关键词
公私合作
财务风险
融资结构
宏观环境
public-private partnership （PPP）
financial risk
financing structure
institutional environment
