摘要
近年来我国PPP模式受到了广泛关注,但落地率低等问题严重限制了其推广与发展。笔者首先从理论上分析了开发性金融对PPP项目落地的促进作用,并从政府部门与社会资本在风险分配博弈时强弱势差异过大这一现实问题入手,构建了开发性金融参与下的PPP项目风险分担的三方相互威慑讨价还价博弈模型。博弈模型分为两个阶段,一是开发性金融机构与弱势一方结盟共同与强势一方谈判的不完全信息讨价还价博弈,二是同盟内部的完全信息讨价还价博弈,并推导出了相应均衡解。最后通过问卷调查收集了相关数据对博弈模型进行了验证并分析了相应计算结果。研究表明开发性金融机构参与下的PPP项目,可有效分担社会资本承担的风险比例,从而提高社会资本参与的积极性,对破解我国当前PPP项目落地推广面临的困境具有重要意义,并提出了相应政策建议。
Starting in recent years, China＇s PPP model has received broad attention. However, due to the problem of the low landing rate, the promotion and the development of China＇s PPP model is seriously limited. Initially, the author analyzes the positive effect of the development finance on the landing of PPP projects in theory. Furthermore, starting from the realistic problem of the strong difference between the government de- partment and social capital in the risk distribution game, the author constructs the risk-sharing tripartite mutual deterrence bargaining game model of PPP projects under the participation of the development finance. There are two stages of the game model. First is the incomplete information bargaining game when the allied develop- mental financial institutions and the weaker parties negotiate with the stronger parties. Second is the complete information bargaining game in an alliance. After the two stages, the corresponding equilibrium solution is de- duced. Finally, relevant data is collected through questionnaires to test and verify the game model and to ana- lyze the corresponding calculation results. The study shows that PPP projects with the participation of the de- veloping financial institutions could effectively share the proportion of risk undertaken by the social capital. Moreover, the active participation of social capital will be improved. Therefore, PPP projects with the participation of developing financial institutions are of significant importance to overcome the difficulties of the promotion of current PPP project landing rate. In addition, the corresponding policy suggestion is provided in this paper.
出处
《中央财经大学学报》
CSSCI
北大核心
2018年第2期13-22,共10页
Journal of Central University of Finance & Economics
