PPP项目是否创造价值？——来自上市公司2012~2016年参与PPP项目的经验证据

摘要/Abstract

摘要：

地方政府受信用等级、债务红线约束,操作公共服务PPP项目的空间不大,亟需找到激励社会资本参与PPP项目、愿意主动承担更多风险的新路径。文章以2012~2016年上市公司参与PPP项目事件为样本,基于声誉理论研究得出上市公司参与PPP项目具有显著的市场价值创造效应。进一步发现,相关行业PPP项目比多元化行业PPP项目更具价值创造能力,项目所在地与公司注册地不一致的PPP项目较地域一致的PPP项目的价值创造能力更强,上述行业效应与地域效应主要发生在非国有上市公司。本文的研究为运用市场价值增值手段激励上市公司深度参与PPP项目提供了有力支撑,并且可以将价值增值激励功能向非上市公司推广,同时也为地方政府服务PPP项目的制度创新提供了理论指导与经验证据。

关键词: 事件研究法, PPP项目, 超额收益, 信号理论, 社会责任

Abstract:

Constrained by the credit rating and the debt red line, local governments have little room to operate public service PPP projects. It is urgent to find a new way to encourage private sectors to participate in PPP projects and take on more risks. Using a sample of Chinese listed companies that participated in PPP projects from 2012 to 2016, the study finds an obvious market value creation effect of listed companies participating in PPP projects based on reputation theory. The results also show that the PPP projects in related industries have more value creation ability than the PPP projects in diversified industries, and the PPP projects whose location is inconsistent with the company's registration place have more value creation ability than those with geographical consistency, and the industry effect and the region effect mainly occur in non-state-owned listed companies. This research provides strong support for using the market value appreciation method to encourage listed companies to participate in PPP projects deeply, the effect of which can be promoted to non-listed companies. Moreover, it provides theoretical guidance and empirical evidence for the institutional innovation of local government services for PPP projects.

Key words: Event Study, PPP Projects, Extra Benefits, Signaling Theory, Social Responsibility

中图分类号:

F275.5

徐莉萍, 洪澄, 刘宁, 张淑霞. PPP项目是否创造价值？——来自上市公司2012~2016年参与PPP项目的经验证据[J]. 财经论丛, 2019, 35(6): 42-52.

XU Liping, HONG Cheng, LIU Ning, ZHANG Shuxia. Does the PPP Project Create Value?——Evidence from Listed Companies Participating in PPP Projects from 2012 to 2016[J]. , 2019, 35(6): 42-52.

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