In the context of promoting the overall improvement of the economy and vigorously boosting market confidence,the public-private partnership(PPP)model plays an important role in stabilizing growth and optimizing the structure by guiding the investment direction of social capital and stimulating the vitality of private investment.Based on the micro data of China's A-share listed companies from 2013 to 2022,this paper empirically evaluates the impact of PPP project participation on the financing efficiency of listed companies by using the multi-period difference-in-difference method.The results show that participating in PPP projects can significantly improve the financing efficiency of listed companies,and this conclusion is still robust after the parallel trend test,placebo test,counterfactual test,control for non-parallel trend and PSM-DID method.Information asymmetry plays an intermediary role in the relationship between participation in PPP projects and the financing efficiency of listed enterprises,and in addition,compared with state-owned enterprises,the participation of private enterprises in PPP projects has a more significant effect on improving their financing efficiency.
Public-Private Partnership(PPP)Financing EfficiencyListed CompaniesMulti Period Double Difference Model
NETL
NSTL
万方数据
