通过选取国内科技创新领域100个典型PPP项目作为案例，应用模糊集定性比较方法（fsQCA）进行组态分析，研究影响PPP可融资性必要条件，探索不同付费模式下科技创新PPP项目可融资性提升路径。研究结果表明：（1）合理的物有所值评价（VfM）和财政承受能力评价是影响融资交割的必要条件，印证了PPP项目“两评一案”的重要性；（2）存在6条提升科技创新PPP可融资性路径，利益分配机制、风险分担机制和运行合理性是这6条路径的关键因素，科技创新PPP项目对社会资本实力要求最低；（3）可通过提高利益分配机制合理性及政府管理水平提升政府付费项目的可融资性，通过提高PPP项目运行机制合理性和市场需求稳定性提升使用者付费项目可融资性，通过提高PPP项目利益分配机制合理性提高可行性缺口补助项目可融资性。

Through selecting 100 typical PPP projects in the field of scientific and technological innovation in China as a case, by using fuzzy set qualitative comparison method (fsQCA) for configuration analysis, this paper studies the necessary conditions for PPP financing, and explores the ways toenhance the financing ability of PPP projects in the field of scientific and technological innovation with different payment models. The research results show that: (1) The rationality of value for money (VfM)and government fiscal capacity evaluation are the necessary conditions which affect the financing delivery of PPP projects, which confirm the importance of prior evaluation of PPP projects. (2) There are six paths to improve the financing ability of PPP, and reasonable benefit distribution mechanism,risk sharing mechanism and operation mechanism are the key factors of them, PPP projects in the field of scientific and technological innovation have the lowest requirements for social capital strength. (3) By improving benefit distribution mechanism and the government’s managing level, the financing of the government payment projects can be improved.By improving the rationality of PPP operation mechanism and the stability of market demand, the financing of user-paid projects can be improved. And the financing of the feasibility gap subsidy projects can be improved by improving the rationality of PPP project benefit distribution mechanism.

F840.612

国家自然科学“大数据驱动信息基础设施PPP可融资性影响因素获取及评价方法研究”(71964018)；云南省省院省校合作项目“云南公共基础设施PPP规范发展对策研究”(SYSX201911)；广西哲学社会科学规划研究课题一般项目“广西大数据产业公私合作发展协同演化机制研究” (18BGL014)