The Regulation of Fiscal Affordability and the Change of Fiscal Expenditure Responsibility in PPP
- LIU Qiongzhi, ZHANG Lisha
- Wuhan University, 430072。
In order to guard against the potential fisical risks and regulate the development of PPP model, the government has formulated and implemented the fiscal affordability system. This paper takes the PPP projects of China's transportation industry from 2013 to 2022 as samples, adopts the DEA model to construct the sub-vector distance function of input, evaluates the institutional effect of fiscal affordability regulation, and comprehensively decomposes the change of fiscal expenditure responsibility to explore the influencing factors of the change. Studies have found that affected by the fiscal affordability system, potential fiscal expenditure responsibility has reduced Total factor productivity, input substitution effect and financial risk effect reduce, while the output structure effect and the PPP scale effect are increasing the actual fiscal expenditure responsibility. There are significant differences in the impact of input factors on the change of actual PPP fiscal expenditure responsibility in the eastern, western and central regions. The lack of technical efficiency causes the actual fiscal expenditure responsibility to be higher than the potential responsibility. The results of the non-reference test show that social capital, the financial risk effect and the PPP scale have significant influence on the actual fiscal expenditure responsibility in different periods. This paper has practical significance for local governments to respond to the regulation of fiscal affordability, seek ways to reduce fiscal expenditure responsibility and narrow the PPP development gap between different regions.
JEL：C61, G18, H41
- PPP, DEA, Fiscal Affordability, Fiscal Expenditure Responsibility