PPP项目资本合作网络:理论模型和案例分析

私人投资者是PPP项目公司的股权投资者,其之间是退出门槛较高的长期资本合作。本文基于社会网络分析方法,提出了PPP项目资本合作网络的理论模型,以2014~2019年财政部PPP项目库中执行阶段项目的数据为基础,构建了私人投资者资本合作网络,对网络基本特征、最大合作集群和节点的中心性进行了分析。研究结果表明:(1)私人投资者之间的资本合作已形成了社会网络,且网络规模仍将继续增长;(2)总体来看,最大合作集群的平均度随时间的演化而减小、平均路径长度随时间的演化而增加;(3)最大合作集群在一定程度上表现出金融机构中心性。

The PPP Project Capital Cooperation Network:Theoretical Model and Case Study

The private investors are the shareholders of the SPV of PPP projects,and the cooperations amongst them are long-term capital cooperations with higher exit thresholds.Based on the social network analysis,a theoretical model of the capital cooperation network of the PPP projects is constructed.Based on the data of the executing PPP projects contained in the PPP project database of the Ministry of Finance from 2014 to 2019,the capital cooperation network of the private investors is constructed.The results show that:(1)the cooperation between the private partners has formed a social network,and the size of the network will continue to grow;(2)generally speaking,the average degree of the largest cooperative component decreases with time,and the average path length increases with time,and the capital coorperation network possesses a small world characteristic;(3)the largest cooperative component shows the centrality of financial institutions to a certain extent.