关键词: PPP项目, 企业技术创新, 行业竞争, 双重差分模型

Abstract: Taking the enterprises listed in main board of the stock market from 2011 to 2018 as the research object, this paper analyzes the impact of listed enterprises'participation in PPP project on their own technological innovation level and further explores the regulatory effect of industry competition on participating in PPP projects and technological innovation of enterprises. The results show that, enterprises' participation in PPP project will inhibit enterprises technology innovation investment, and the deeper participation in PPP projects, the more obvious inhibition effect. The relationship between them is heterogeneous in science and technology industry and traditional industry, the participation in PPP projects helps to improve technological innovation of technology-based enterprises, but it is not conducive to improving technological innovation of traditional enterprises. Industry competition has a significant regulatory effect on the relationship between PPP projects and technological innovation of enterprises. With the strengthening of industry competition, the greater the positive correlation between PPP project participation and technological innovation of technology-based enterprises, the smaller the negative correlation between PPP project participation and technological innovation of traditional enterprises. Therefore entrepreneurs should have a long-term awareness, adhere to innovative development, and at the same time, regulatory authorities should make full use of the market competition mechanism to accelerate the transformation and upgrading of industries, and break the monopoly relationship.

Key words: PPP project, enterprise technological innovation, industry competition, double difference model