文献类型：期刊文献

英文题名：Effect of private capital in rival projects on public-private partnership adoption in China

作者：Feng, Jingbing[1];Zhang, Tao[2]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China;[2]Shanghai Univ Int Business & Econ, Dept Econ, 1900 Rd Wenxiang, Shanghai 201620, Peoples R China

年份：2023

卷号：30

期号：4

起止页码：435

外文期刊名：APPLIED ECONOMICS LETTERS

收录：;WOS:【SSCI(收录号:WOS:000713507600001)】；

基金：This work was supported by the Youth Program of Research Foundation for Humanities and Social Sciences of the Ministry of Education ["The Effect of Social Capital Absorption in China's Infrastructure Investment: An Empirical Study Based on China's PPP Project Data", 18YJC790027], the Fundamental Research Funds for the Central Universities [JKN012022005], and the China Postdoctoral Science Foundation [2018M631985].

语种：英文

外文关键词：Public-private partnership; payment obligation; intergovernmental competition; private capital

摘要：This study analysed how local governments react to intergovernmental competition for private capital in the public goods market. Using microlevel data for public-private partnership (PPP) projects in China from 2012 to 2018, we found that the more private capital rival cities have attracted, the more likely local governments start to introduce PPP projects, especially those whose future returns are paid by governments. The results are robust to an instrumental variable estimation using the financing demand of rival cities. The effect of rival projects was found to be related to information disclosure, financing facilitation, and governors' responsibility. The results suggest that local governments tend to promise future obligations for payment to decrease advanced capital expenditures. This study also provides implications for political and economic research by shedding light on local competition in the progress of marketization.