一、主题：How quality of institution and multilateral financial institutions influence the success of PPP projects: an empirical study based on 46 countries along "the Belt and Road"

二、主讲人：罗煜，中国人民大学财政金融学院货币金融系副教授。2014年获得中国人民大学经济学博士学位，芝加哥大学和伊利诺伊大学香槟分校访问学者。研究领域为货币金融学、商业银行等，主要讲授货币金融学、商业银行、互联网金融等。学术成果发表于《经济研究》《管理世界》《金融研究》等刊物。研究成果曾获“孙冶方金融创新奖”、“黄达-蒙代尔经济学奖”等。

三、时间：2017年11月15日（周三），12:30-13:30

四、地点：学院南路主校区910会议室

五、主持人：彭俞超，中央财经大学丝路金融研究中心执行主任

Abstract:Based on data of 2485 Public-Private Partnership (PPP) projects in 46 developing countries along "the Belt and Road" from 2002 to 2013, we empirically investigate the effect of institutional factors and international financial institutions in the success of PPP projects. We find out that: (1) Countries with more positive experiences are more likely to succeed the following PPP project; (2) PPP projects are more likely to fail with higher degree of private sectors’ risk sharing; quality of institution influences the success of PPP by directly influencing private sectors’ risk sharing; (3) Institutional quality of the investment destination has mixed impact on the degree of private sectors’ risk sharing in PPP projects; specifically, increased rule of law, higher bureaucratic effectiveness, stronger control over corruption and better support to private sectors’ development are more likely to encourage private entities to shoulder more risks within the partnership, however, the democracy level of counties presents the contrary effect;(4) Multilateral financial institutions are positive factors to private sectors during choosing risk structure. Our findings have policy implication for overseas infrastructure investment using PPP and the role of multilateral financial institutions in promoting infrastructure investment.