Impact of public companies′ participation in PPP projects on innovation output

doi:10.19571/j.cnki.1000-2995.2025.03.009

Abstract

Abstract: The public-private partnership (PPP) is a government-enterprise cooperation model encouraged and actively promoted by the Chinese government. However, there is still a lack of research analyzing the effects of its implementation based on a micro-firm perspective. This paper identified whether a listed company participates in PPP projects through its announcement, and empirically analyzed the impact of firms′ participation in PPP projects on their innovation output using a combination of difference-in-differences and propensity score matching methods. We found that the number of patent applications by enterprises significantly increases after participating in PPP projects, and they are mainly invention patents and utility model patents rather than design patents. This indicates that participation in PPP projects can significantly increase the level of substantive innovation of enterprises. The mechanism analyses showed that participation in PPP projects can significantly reduce firms′ financing constraints and effective tax burdens, which in turn increases the funds used for innovation and improves the level of firms′ innovation output. Further analyses found that the effect is influenced by the environment of the region where the firm is located, and that firm innovation significantly improves after participating in PPP projects only when the level of marketization is higher and government transparency is better. This paper has enriched the literature on the economic consequences of firms′ participation in PPP projects, and it will expand the research on the influence factors of firm innovation, and thus it is of great practical significance for evaluating the effectiveness of the use of the PPP model.

Key words: PPP, firm innovation, government-business relationship, financial constraint

Yan Chao, Zhong Huijie, Dai Wentao. Impact of public companies′ participation in PPP projects on innovation output[J]. Science Research Management, 2025, 46(3): 91-100.

References

参考文献
[1]贾康,孙洁. 公私伙伴关系(PPP)的概念、起源、特征与功能[J]. 财政研究, 2009, (10): 2-10.
[2]Iossa, E. , and D. Martimort. The Simple Microeconomics of Public-Private Partnerships[J]. Journal of Public Economic Theory, 2015, 17, (1): 4-48.
[3]龚强,张一林,雷丽衡. 政府与社会资本合作(PPP):不完全合约视角下的公共品负担理论[J]. 经济研究, 2019, (4): 133-148.
[4]刘穷志,张莉莎. PPP:社会监督、外部规制与最优激励合同设计[J]. 经济学(季刊), 2021, (3): 999-1022.
[5]罗煜,王芳,陈熙. 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[J]. 金融研究, 2017, (4): 61-77.
[6]王卓君,郭雪萌,李红昌. 地区市场化进程会促进地方政府选用PPP模式融资吗?——基于基础设施领域的实证研究[J]. 财政研究, 2017, (10): 54-64.
[7]Dao, N. H. , V. B. Marisetty, J. Shi, and M. Tan. Institutional Quality, Investment Efficiency, and the Choice of Public-Private Partnerships[J]. Accounting & Finance, 2020, 60, (2): 1801-1834.
[8]王筱筱,李时宇,袁诚. 政府补贴和国有参股对参与PPP企业外部融资的影响[J]. 金融研究, 2022, (3): 96-114.
[9]姚东旻,朱泳奕,庄颖. PPP是否推高了地方政府债务——基于微观计量方法的系统评价[J]. 国际金融研究, 2019, (6): 26-36.
[10]汪立鑫,左川,李苍祺. PPP项目是否提升了基础设施的产出效率? [J]. 财政研究, 2019, (1): 90-102.
[11]陈思霞,张冬连. 产业新城PPP项目与县域经济增长[J]. 财贸经济, 2021,(4):37-52.
[12]谢家智,刘思亚,李后建. 政治关联、融资约束与企业研发投入[J]. 财经研究, 2014, (8): 81-93.
[13]江轩宇. 政府放权与国有企业创新——基于地方国企金字塔结构视角的研究[J]. 管理世界, 2016, (9): 120-135.
[14]黎文靖,郑曼妮. 实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J]. 经济研究, 2016, (4): 60-73.
[15]Cohen, D. A. , and B. Li. Customer-Base Concentration, Investment, and Profitability: The U.S. Government as a Major Customer[J]. The Accounting Review, 2020, 95, (1): 101-131.
[16]Goldman, J. Government as Customer of Last Resort: The Stabilizing Effects of Government Purchases on Firms[J]. Review of Financial Studies, 2020, 33, (2): 610-643.
[17]Cohen, L. , J. Coval, and C. Malloy. Do Powerful Politicians Cause Corporate Downsizing? [J]. Journal of Political Economy, 2011, 119, (6): 1015-1060.
[18]Kim, T. , and Q. H . Nguyen. The Effect of Public Spending On Private Investment[J]. Review of Finance, 2020, 24, (2): 415-451.
[19]Wang, H. , Y. Liu, W. Xiong, and J. Song. The Moderating Role of Governance Environment On the Relationship Between Risk Allocation and Private Investment in PPP Markets: Evidence From Developing Countries[J]. International Journal of Project Management, 2019, 37,(1): 117-130.
[20]Biygautane, M. , C. Neesham, and K. O. Al-Yahya. Institutional Entrepreneurship and Infrastructure Public-Private Partnership (PPP): Unpacking the Role of Social Actors in Implementing PPP Projects[J]. International Journal of Project Management, 2019, 37, (1): 192-219.
[21]Mukherjee, A. , M. Singh, A. Zaldokas. Do Corporate Taxes Hinder Innovation?[J]. Journal of Financial Economics, 2017, 124, (1): 195-221.
[22]张杰,郑文平,翟福昕. 竞争如何影响创新:中国情景的新检验[J]. 中国工业经济, 2014, (11): 56-68.
[23]郝项超,张宏亮. 政治关联关系、官员背景及其对民营企业银行贷款的影响[J]. 财贸经济, 2011, (4): 55-61.
[24]Cull, R., W. Li, B. Sun, and L. C. Xu. Government Connections and Financial Constraints: Evidence From a Large Representative Sample of Chinese Firms[J]. Journal of Corporate Finance, 2015, 32: 271-294.
[25]解维敏,方红星. 金融发展、融资约束与企业研发投入[J]. 金融研究, 2011, (5): 171-183.
[26]唐清泉,巫岑. 银行业结构与企业创新活动的融资约束[J]. 金融研究, 2015, (7): 116-134.
[27]Hall, B. H. The Financing of Research and Development[J]. Oxford Review of Economic Policy, 2002, 18, (1): 35-51.
[28]Hottenrott, H. , and B. Peters. Innovative Capability and Financing Constraints for Innovation: More Money, More Innovation?[J]. Review of Economics and Statistics, 2012, 94, (4): 1126-1142.
[29]刘畅,曹光宇,马光荣. 地方政府融资平台挤出了中小企业贷款吗? [J]. 经济研究, 2020, (3): 50-64.
[30]亓霞,柯永建,王守清. 基于案例的中国PPP项目的主要风险因素分析[J]. 中国软科学, 2009, (5): 107-113.
[31]陈德球,金雅玲,董志勇. 政策不确定性、政治关联与企业创新效率[J]. 南开管理评论, 2016, (4): 27-35.
[32]Whited, T. M. , and G. Wu. Financial Constraints Risk[J]. Review of Financial Studies, 2006, 19, (2): 531-559.