制度质量和国际金融机构如何影响PPP项目的成效——基于“一带一路”46国经验数据的研究

doi:10.12094/1002-7246(2017)04-0061-17

Journal of Financial Research

2017, Vol. 442

Issue (4): 61-77 DOI: 10.12094/1002-7246(2017)04-0061-17

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How Quality of Institution and Multilateral Financial Institutions Influence the Success of PPP Projects: an Empirical Study Based on 46 Countriesalong “the Belt and Road”

LUO Yu, WANG Fang, CHEN Xi

School of Finance, Renmin University of China

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Abstract Based on data of 2485 Public-Private Partnership (PPP) projects in 46 developing countries along “the Belt and Road” from 2002 to 2013, we empirically investigate the effect of institutional factors and international financial institutions in the success of PPP projects. We find out that: (1) Countries with more positive experiences are more likely to succeed the following PPP project; (2) PPP projects are more likely to fail with higher degree of private sectors’ risk sharing; quality of institution influences the success of PPP by directly influencing private sectors’ risk sharing; (3) Institutional quality of the investment destination has mixed impact on the degree of private sectors’ risk sharing in PPP projects; specifically, increased rule of law, higher bureaucratic effectiveness, stronger control over corruption and better support to private sectors’ development are more likely to encourage private entities to shoulder more risks within the partnership, however, the democracy level of counties presents the contrary effect;(4) Multilateral financial institutions are positive factors to private sectors during choosing risk structure.

Key words： Quality of Institution Multilateral Financial Institutions Public-Private Partnership (PPP) the Belt and Road

Received: 11 November 2016 Published: 18 January 2018

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	LUO Yu
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LUO Yu,WANG Fang,CHEN Xi. How Quality of Institution and Multilateral Financial Institutions Influence the Success of PPP Projects: an Empirical Study Based on 46 Countriesalong “the Belt and Road”[J]. Journal of Financial Research, 2017, 442(4): 61-77.

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http://www.jryj.org.cn/EN/10.12094/1002-7246(2017)04-0061-17 OR http://www.jryj.org.cn/EN/Y2017/V442/I4/61

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