摘要
上市公司是PPP项目的重要社会资本方,融资对上市公司参与PPP项目有重要影响。本文以2014~2021年间多次参与PPP项目的44家上市公司为样本,采用数据包络模型,评价债权、股权、内源3种融资方式下上市公司参与PPP项目的融资效率。研究发现,3种融资方式下企业参与PPP项目整体上均存在规模收益递增,融资投入的增加带来更高比例的产出增加;但3种融资方式下企业参与PPP项目融资效率提升路径存在差异;积极的PPP政策对企业参与PPP项目的效率有正向影响。
Listed companies are key social capital parties in PPP projects,and financing has an important impact on the participation of listed companies in PPP projects.This paper takes 44 listed companies that have actively participated in PPP projects from 2014 to 2021 as samples,uses the DEA model to evaluate the financing efficiency of listed companies participating in PPP projects under the financing methods of debt,equity and internal source.The study finds that,under the three financing methods,enterprises participating in PPP projects have an increase in scale returns as a whole,and the increase in financing input leads to a higher proportion of output increase.However,the financing efficiency improvement paths are different under the three financing methods.The encouraging PPP policy has a positive impact on the efficiency of enterprises'participation in PPP projects.
作者
郝博
张蔚文
陈峰
Hao Bo;Zhang Weiwen;Chen Feng(School of Public Affairs,Zhejiang University,Hangzhou 310058,China;Hangzhou International Urbanology Research Center&Zhejiang Urban Governance Studies Center,Hangzhou 311121,China;Zhongxingxin Telecom CO.,LTD,Shenzhen 518057,China)
出处
《工业技术经济》
北大核心
2023年第5期132-142,共11页
Journal of Industrial Technological Economics
基金
国家社会科学基金重大项目“推进以县城为重要载体的城镇化建设研究”(项目编号:21ZDA071)。
关键词
PPP
DEA模型
上市公司
融资效率
融资方式
债权融资
股权融资
PPP
DEA model
listed companies
financing efficiency
financing methods
debt financing
equity financing
