Influence of public credit risk on private capital in public-private partnership models

被引：5
|
作者：
Li, Wei [1 ]
Li, Jie [2 ]
Sun, Siwei [1 ]
机构：
[1] Tianjin Univ Finance & Econ, Sch Publ Finance & Adm, Tianjin, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Publ Finance & Taxat, 182 Nanhu Ave, Wuhan 430073, Peoples R China
来源：
MANAGERIAL AND DECISION ECONOMICS | 2023年 / 44卷 / 02期
关键词：
ECONOMIC-GROWTH EVIDENCE;
D O I：
10.1002/mde.3750
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Public credit risk is an important factor in private capital's decision to participate in public-private partnership (PPP) projects. We explore why private capital participates in such projects using dynamic game theory. We assess the framework of credit rating agencies assessment of local fiscal risk and construct a measure of fiscal commitment risk and public credit risk evaluation indicators. Using China's provincial panel data from 2013 to 2019, we found that government credit risk reduces private partner participation. Private capital participates in PPP projects for profit if the local government has established good credit awareness and contractual spirit.
引用
收藏
页码：1330 / 1343
页数：14
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