中国PPP增信框架效应：风险损益均衡的理论解析

商业研究

中国PPP增信框架效应：风险损益均衡的理论解析

许振宇1，陈恒1，李清均2

（1.哈尔滨工程大学经济管理学院，哈尔滨 150001； 2.黑龙江省人民政府研究室工业经济处，哈尔滨 150001）

收稿日期:2019-06-03 出版日期:2019-11-12
作者简介:许振宇（1971-），男，黑龙江肇东人，哈尔滨工程大学经济管理学院博士研究生，研究方向：政府公共管理与行为金融学；陈恒（1972-），男，黑龙江齐齐哈尔人，哈尔滨工程大学经济管理学院教授，博士生导师，管理学博士，研究方向：公共管理研究与科研创新管理；李清均（1962-），男，黑龙江牡丹江人，黑龙江省人民政府研究室工业经济处研究员，研究方向：空间经济理论与行为科学。
基金资助:
国家自然科学基金项目，项目编号：71473059。

PPP Credit Enhancement Framework Effect in China: A Theoretical Analysis of Risk Profit and Loss Balance

XU Zhen-yu1,CHEN Heng1,LI Qing-jun2

（1. School of Economics and Management, Harbin Engineering University, Harbin 150001, China;2. Division of Industrial Economy,Research Office of Heilongjiang Province People′s Government, Harbin 150001, China)

Received:2019-06-03 Online:2019-11-12

摘要/Abstract

摘要： 中国PPP增信框架效应是一个风险损益平衡的结果。关注积极语境影响PPP增信框架效应生成，适度管控好风险，进而获得风险溢价，是PPP增信框架效应的治理目标。中国PPP增信的框架效应经验是：PPP增信版本出现了三个积极变化,把握了政府增信供给、SPV放大增信结果、混合治理把控风险三个环节,实现了强化正风险收益、强化无风险收益和减少负风险收益三个风险损益平衡。PPP增信框架效应机理表现在，决策主体的相机抉择体现出不完全合同的持续激励、损失控制表现为风险厌恶和风险溢价显现的心理账户建立或开闭。数理均衡分析认为，其风险溢价对冲风险损失后出现经济剩余，心理账户的开闭取决于提高发展预期与保持适度消费的合理增长。

关键词: 中国PPP, 政府增信, 心理账户, 风险溢价, 框架效应

Abstract: China′s PPP credit enhancement framework effect is a result of risk profit and loss balance. The governance goal of PPP credit enhancement framework effect is to pay attention to the positive context to influence the generation of PPP credit enhancement framework effect, properly control the risk, and then obtain the risk premium.The framework effect experience of China′s PPP credit enhancement is that there have been three positive changes in the version of PPP credit enhancement. It has grasped three links: government credit enhancement supply, SPV credit enhancement results, and mixed governance to control risks. It has realized three risk profit and loss balances: strengthening positive risk profit, strengthening risk-free profit and reducing negative risk profit.The mechanism of PPP credit enhancement framework effect is that the decision-maker′s choice reflects the continuous incentive of incomplete contract, the loss control shows the psychological account establishment or opening and closing of risk aversion and risk premium. According to the mathematical equilibrium analysis, the economic surplus appears after the risk premium hedges the risk loss. The opening and closing of the psychological account depends on the improvement of the development expectation and the reasonable growth of the moderate consumption.

Key words: China PPP, government credit enhancement, psychological account, risk premium, framework effect

许振宇1，陈恒1，李清均2. 中国PPP增信框架效应：风险损益均衡的理论解析 [J]. 商业研究.

XU Zhen-yu1,CHEN Heng1,LI Qing-jun2. PPP Credit Enhancement Framework Effect in China: A Theoretical Analysis of Risk Profit and Loss Balance [J]. 商业研究.

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