Research On The Relationship Of Cooperation,Transaction Cost And Performance In PPP Project

PPP, also known as public-private cooperation, or cooperation between the government and social capital, it is a kind of public or quasi-public projects financing of which the infrastructure construction as the main content, or construction operation model about such kinds of projects. PPP is also a series of collaborative relationships of risk-sharing derived from public and private sectors’ acts of providing goods or services. The PPP model has many advantages, such as solving the difficulties of government financing, updating the management and operation technology, improving the efficiency of the project and the quality of the public service, and so on. However, due to the PPP project usually has a long construction period, large investment amount, large number of participants, uncertain factors and other characteristics, a greater challenge has been faced to both public and private partners. Therefore, healthy and good collaborative relationship between public and private participators in PPP project is very important to improve project performance and ensure the success of the project implementation.Based on the above background, this paper summarizes and analyzes a large number of relevant researches at home and abroad, founding that the public-private partnerships and the project transaction costs are important factors affecting project performance. The paper analyzes the collaborative relationship and transaction costs in the field of PPP, and dissects the performance of PPP project based on the VFM evaluation theory. Through the literature analysis and the theoretical derivation, hypotheses about the relationship between public-private partnerships, transaction costs and performance of PPP project, as well as assumptions of the trust, commitment, adaptability, communication as dimensions involved in cooperative relationship, transaction costs and performance are proposed. Meanwhile, the theoretical model is built. Then, the author uses the questionnaire to the representative PPP project in some areas of our country, so as to get the first-hand research data. Finally, after the full test of the sample data, the collaborative relationship and its dimensions, transaction costs and performance variables are substituted into the regression equation to test the hypothesis. Empirical study finds that in the PPP project, public-private partnership and its dimensions: commitment, adaptability and communication respectively show U-shaped and inverted U-shaped relationship with transaction cost and performance; transaction costs have a negative impact on performance; transaction costs play a mediating role in the relationship between public-private partnership and performance.In this paper, the study on the relationships between public-private partnership, transaction costs and performance of PPP project is further complement and expand in empirical research of PPP project performance, and may provide a reliable way to improve the PPP project performance in practice.