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In recent years, the PPP mode as a new model of guiding the social capital and the government, its use and development is more and more brought to the attention of the countries. However, due to the impact of many national leveraged policies since the subprime crisis in 2008, the operation and development of PPP project enterprises have been greatly challenged. On the basis of the listed PPP project enterprises micro data in China in 2014-2017, this paper first constructed the analysis and evaluation system of comprehensive efficiency, pure technical efficiency and scale efficiency of sample companies with DEA model, and then further analyzed the impact of enterprise leverage ratio on the operation efficiency in China with the Tobit panel data model. The study found that the operating efficiency of enterprises was seriously affected by the stock market crash in 2015, and there were certain differences in different efficiency conditions. Increasing the leverage ratio obviously promotes the operation efficiency of enterprises, but it shows some difference in the pure technical efficiency. It is suggested to increase debt financing, expand enterprise scale, form scale efficiency, reduce operating costs, and improve the operating efficiency of PPP project enterprises, promote technological innovation and increase the core competitiveness of enterprises, establish and improve the supervision system of PPP model, and guard against political chaos when PPP projects run into problems in the relevant policy. Keywords—debt leverage; the PPP mode; DEA model; Tobit model; enterprise operating efficiency

The Study of Leverage Ratio on the Operation Efficiency of PPP Project Enterprises in China: Analysis Based on DEA-Tobit Model