Research On The Preliminary Decision-making Of Highway PPP Projects From The Public Sector's View

As the development of Chinese highway,there has been great requirement for capital in highway's construction,reconstruction and expansion.Financial fund is difficult to meet the demand of highway development under the existing budget system.So,it is urgent to broaden the financing channel of highway construction.Public Private Partnership can be a developing model to mollifying the contradiction of the construction capital need and financial fund supplement.Although PPP has been more and more widely applied in highway,there has no mature preliminary decision-making system of highway PPP projects in China.Being short of decision-making system will lead to long preliminary approval process,project starting without clear object,project risk increase,and project efficiency decrease.So,the reasonable preliminary decision-making system of highway PPP project is highly needed,which will ensure the effective application of PPP in the field of highway in China.The decision evaluation system of PPP projects is not perfect,poor in operating and too subjective.Different government apartment has different views on the “Value for Money” evaluating.So,it is necessary to do research on the feasibility of highway PPP projects.So as to the PPP model can stimulate the development of Chines highway and avoid the haphazard development as well.By summarizing the foreign advanced experience and the current situation in China,this study induced the key factors and characteristics of the preliminary decision system and successfully constructed the preliminary decision-making system of highway PPP project.This study identified 7 modules of preliminary decision-making system of highway PPP project.This preliminary decision-making system also includes 18 key factors.This decision-making system covers the project process,the implementation process,implementation department,approval authority and so on.Among them,the project "operation mode" and "private partnership selecting" are the key modules of the preliminary decision-making system.The decision system fuses of engineering feasibility study,establishes a joint approval system,strengthens the role of the expert database and increases information disclosure efforts.The decision system also improves the existing decision process.Through information investigation at home and abroad,literature analysis and causes analysis of the failure case,this study refined the existing VFM qualitative evaluation index system and got the initial refinement indicators,including 21 secondary indexes;6 specific supplementary indexes.Through the statistical analysis of the scores of experts included the questionnaire survey,the validity coefficient and the reliability coefficient of the preliminary index were calculated,and the validity and reliability of the preliminary index system were questionnaire survey,the validity coefficient and the reliability coefficient of the preliminary index were calculated,and the validity and reliability of the preliminary index system were judged.After excluding 5 unstable indexes,the validity and reliability of the VFM qualitative evaluation index system were significantly improved.The validity coefficient of the VFM qualitative evaluation index system was decreased from 0.22 to 0.18,and the reliability coefficient was raised from 0.85 to 0.94.Based on the idea that the weights of VFM qualitative evaluation indexes are not fixed,the dynamic index weight assignment method of VFM qualitative evaluation indexes was established based on the Modified — Analytic Hierarchy Process(M-AHP).This study suggests that VFM quantitative evaluation should be repeated at proposal stage,quotation receiving stage and private partnership selection stage in highway PPP project.The results of VFM quantitative evaluation will provide reference for private partnership selection and performance evaluation.This study used scenario analysis method to quantify the valuation of risk cost based on “construction of costs "," operating costs "," third party income”.This study listed the specific calculation part and data source of the PSC value and PPP value respectively.Based on the case study,the sensitivity of the VFM value is analyzed.The results showed that the VFM value was most sensitive to changes in toll income under the circumstances of the case,and there was a certain risk warning function in the quantitative calculation of VFM.Through the analysis and comparison of "Bidding Law" and "government procurement law",and the applicability of these laws with PPP project,the highway project in the present stage of our country,private partnerships selecting method should be the form that open tender mainly and other ways as auxiliary.The construction enterprises take the form of consortium as the private partnership of the highway PPP project,which will help to ensure the successful implementation of the project.Based on the Best Value Approach(BVA)method,the index system of private partnership selection for highway PPP project is constructed,including 5 basic indexes and 25 secondary indexes.Based on the M-AHP method,the weights of the index of the private partnership selection were evaluated.Through empirical analysis,the feasibility of the weight assignment method was verified...