| Transportation plays a leading role in economy and society development. In retrospect,the comprehensive transportation system in our country has initially formed. The level of infrastructure, technical equipment and transportation service continuously improved. A number of traffic indexes ranked in front of the world, and make "Chinese characteristics"contribution to transportation construction in all over the world. Transportation construction will be a brilliant chapter in the "two one-hundred-year" grand target in 2049.However,conflicts between the need of transport infrastructure "moderate advance" and the supply of institution "lagging behind" become increasingly prominent. If these contradictions can't be effectively solved, it will seriously affect the traffic construction process, and even affect the quality and efficiency of economic and social development. Therefore, adjust and optimize the production of existing transportation infrastructure is imminent. As a new kind of public-private partnership,PPP has characteristics of "risk sharing" and "benefit sharing",which is also a new kind of system supply from investment and financing mode, management mode to governance model. If we can establish a PPP system framework based on the whole life cycle, and promote the transportation infrastructure PPP system improve, it will effectively break the current institutional barriers in transportation infrastructure construction,operation, maintenance and other major aspects, and help achieve the grand goal of traffic construction. That means, exploring and studying the PPP system has great practical significance at the new historical starting point.In order to explain the necessity and feasibility of PPP system, this paper analysis the conflict between demand side and supply side from the angle of transportation infrastructure.At the same time, this paper also dialectically analysis successful experience and failure lessons of the PPP system in perspective of national governance and project management.Finally, with the main line of the whole life cycle of the PPP project, this paper not only construct the framework of PPP system in the process of traffic construction, but also put forward the system optimization path and policy proposals. In generally, the main content of this paper is divided into four parts:Firstly, the "confusion" of PPP system in transportation construction: contradictions and conflicts. From the demand side, after calculation, China's transport infrastructure investment needs will be about 15.5-17 trillion yuan, which is still large during" the thirteen five-year development planning". What's more, According to Hu huanyong Line,the density of rail and road traffic network still fall behind developed countries in both southeast wall and northwest wall. Investment needs are still more. From the supply side, there are many contradictions and conflicts between the need of transport infrastructure "moderate advance" and the supply of institution "lagging behind",which reflect as the "high debt,high leverage" financing system,the "low efficiency, low benefits" management system,and the "no rules,no order"governance system are conflicted with the need of building, operation, and service. As a result, it is imminent to adjust and optimize the structure of transportation infrastructure.Secondly, establish transportation infrastructure: the realization and possibility. PPP system has the feature of "risk-bearing and benefit-sharing",which is beneficial to ease the pressure of local government expenditures and debt. Enhancing PPP financing system will help improve the quality and efficiency of transportation infrastructure. Enhancing PPP performance system will help reduce the risk of project management. Enhancing PPP management system flexibility will help accelerate the process of contract law. At the same time, we have a fine operating base, a positive policy direction and the strength private capital of promoting PPP system.Thirdly, the use for reference of transportation infrastructure's PPP system. United Kingdom, Canada and South Korea have successfully promoted their national economic and social development through promoting PPP project management. From the perspective of international comparison, this chapter summarized three successful PPP project model, that is,government pay (PFI, DBFMO) and consumer pay (BTL, BLT). On this base, we promoted the enlightenment to our country, which included the PPP management mechanism, the legal system of contract, the sharing of benefits and risk sharing mechanism. What's more, after the summary of the successful experience and failure lessons of 10 domestic infrastructure PPP project, we found successful PPP projects generally have good partner screening mechanism,consensus contract, reasonable risk sharing mechanism and benefit sharing mechanism etc. In contrast, failure PPP projects each have their own misfortune. Some parties did not practice the spirit of contracts which leading to increased transaction costs, some failure lied in the lack of mutual trust and communication mechanism, some failure was due to the distribution of benefits over.Fourthly, the framework and optimized path of transportation infrastructure's PPP system.From PPP projects' design, funds raising, construction, operation, and transfer, this chapter discussed related project sponsor, government departments, social capital, commissioned agent in PPP project companies in the whole process. On this basis, a potential logic of establishing cooperative relationship between government and social capital is keeping their respective advantages, realizing advantage complementary during the process of public service and production, no matter in public sector and private sector. Furthermore, according to the main line of PPP projects' life cycle, we can identify the main points of system optimization, and explore the path of the system optimization. The development of transportation infrastructure PPP projects will not only promote the innovation of financing system, but also put forward a new requirement for the management system especially at thelevel of governance. Three main policy measures are needed: the first one, we need to promote transportation infrastructure PPP system optimization through planning guidance,financial innovation, performance management, property rights system and legal contracts.The second one, combine with specific characteristics in different kind of infrastructureconstruction areas, and improve supporting measures of railway, highway, airport, port and other PPP projects. The third one, improve policies and measures related to traffic construction PPP system by planning method, tax system, financial system and land use system, etc.The main innovation of this paper lies in the following three points: firstly, from the view of resource constraints, this paper give comprehensive analysis and prospects, and put forward different ideas, objectives and tasks on different "Hu huanyong line" sides. This will improve the pertinence of traffic construction PPP project. Secondly, from the perspective of supply side reforms, this paper analysis conflicts and deviation between traffic construction"moderate advance" and the supply of institution "lagging behind",which embody as the unsustainable of traffic infrastructure financing,the lag of management level,the lack of governance mechanisms. Through traffic construction PPP projects, construction and operation system is optimized.This provides a theoretical basis for promoting the supply of transportation construction PPP system. Thirdly, Using methods of induction and classification, this paper systematically summarized successful experience and failure lessons of the PPP project at home and abroad, and proposed the whole life cycle framework of traffic construction PPP system. On this basis, this paper put forward the optimization path of PPP system from financing system, management system and governance system.At the same time, there are three deficiencies in this paper. Firstly, this paper has not built a theoretical model of PPP system yet. Secondly, this paper lack quantitative analysis about successful and failing cases which can be an important supplement of existing cases,such as using structural equation model to estimate the successful probability of different factors on PPP projects. Thirdly, the design of current PPP system framework and optimized path are preliminary, which need to be tested and perfected in practice. |
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