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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2017年05月第23卷第3期
   
本文已被:浏览2521次    下载787次   
文章编号:1672-3104(2017)03-0089-07
 
不完全合同视角下利率对PPP项目事前投资的影响研究
 
宋丽颖,张伟亮
 
(西安交通大学经济与金融学院,陕西西安,710061)
 
摘  要: 由于不能对未来事项进行完备地描述和约定,PPP项目是一种不完全合同的情况,利率的变动会对不可证实的事前投资产生影响。通过构建引入利率项的不完全合同模型,针对利率变动对于PPP项目事前投资的影响进行了研究。研究发现:(1)与社会最优水平相比,两种所有制下成本创新投资和质量创新投资均存在扭曲。(2)利率上升会对外部经营者构成事前投资的负向激励。(3)与社会最优水平相比,利率上升时,事前投资扭曲程度减弱;利率下降时,事前投资扭曲程度增加。(4)政府应当根据不同的目标合理选择财税政策。
 
关键词: 不完全合同;利率;PPP;事前投资
 
 
The study of the influence of interest rate on exante investment in a PPP project in the perspective of incomplete contract
 
SONG Liying, ZHANG Weiliang
 
(School of Economics and Finance, Xi’an Jiaotong University, Shanxi Xi’an 710061)
 
Abstract: PPP project is a case of incomplete contracts exemplarily because we cannot describe the future condition at large. The change of interest rate will affect the unverifiable exante investment. The present essay studies the influence of interest rate on exante investment in a PPP project by building an incomplete contract which includes interest rate. We find that compared with social optimal level, cost innovation investment and quality innovation investment will result in distortion under two kinds of ownership, that the rise of interest rate will cause negative inducement to exante innovation, that compared with social optimal level, the degree of distortion of exante investment will be weakened under the two ownerships when the interest rate increases, while the degree of distortion of exante investment strengthens under the two ownerships when the interest rate decreases, and that the government should choose fiscal policy according to the different aims.
 
Key words: incomplete contract; interest rate; PPP; exante investment
 
 
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