Research On Performance Evaluating Indicator System Of Public Investment Projects

In response to the supply side of structural reform policies,the Government will new add highway about 4500km in the transport area in 2016.A number of major projects will be implemented in the "Thirteen-Five" period,including major water projects,nuclear power,UHV,urban rail transport,and plans to invest 1.65 trillion yuan in highway projects,more than 800 billion yuan in railway project.Areas of public investment are related to people's livelihood,national security and strategic projects,aims at taking advantage of optimizing the allocation of resources by the Government in the areas of market failure.There are many long-standing problems in Chinese public investment projects,including high rates of wrong decisions,low efficiency of government investments,vanity projects,short-lived building frequently,and so on.There are many weaknesses in the infrastructure and the people's livelihood areas in China,the space is enough for effective investment to realize.Performance evaluation of public investment projects is an important method to achieve effective investment.China began to evaluate the performance of public investment projects,later than in Western countries,and is still in the exploratory stage.Main problems in index system design include:first,the arbitrary and overly complex situation;second,the evaluation is more focused on the project itself,rather than external evaluation of public projects;third,the lack of evaluation of public satisfaction.Setting up a scientific and rational evaluation index system is the primary task for perfecting the system of performance evaluation,will contribute to public awareness of effective oversight of public projects,make the allocation of social resources efficiently,and achieve the healthy growth of the economy as a whole.This article uses literature research and case analysis to design a set of common indicators combined with the special index system of performance evaluation of public investment projects,hoping to provide a reference to promote the further perfection of the index system of performance evaluation of public investment projects.The first part describes the background and significance of this article and the research of performance evaluation of public investment projects at home and abroad on the theory and practice,then summarizes content and framework of the research,ideas and methods,innovations and shortcomings.In the second part,mainly analysis of public product theory,the principal-agent theory and the theory of sustainable development and explains the significance for the construction of the performance evaluation system of public investment projects.In the third part,analysis status of the performance evaluation of public investment project in China,summary problem present and trend of research.Through compared analysis between logic model and BSC model,based on the basic idea of constructing the index system and design principles,from the aspects of public investment project management performance,social impact and environmental protection performance,in accordance with the hierarchy analysis method,from target layer to index layer,index layer decomposition by detailed planning,eventually formed a relatively complete set of supported dynamic evaluation index system of performance evaluation of public investment projects.In the fourth part,choose a hydro-junction project as the object of study,to design of water conservancy project special indicators,and evaluate.In the fifth part,summarize the main conclusions and policy recommendations.Conclusions of this study,as follows:Firstly,according to how the United States Program Assessment Rating Tool gives to weights,we should distinguish project benefits with project external effects.Particularly distinguish between project economic benefits and socio-economic benefits.Use budget performance indicators to reflect the pure public projects'economic benefit,and use indicators of profitability and solvency indicators to reflect other public projects' economic benefits.Project management performance reflects project benefits,and project external effects can be divided into social impact performance and environmental protection performance.Secondly,segment the construction process of the project to implement dynamic evaluation.Use the work breakdown structure to divide the project life cycle into several modules,can be reduced to advance performance evaluation,middle performance evaluation and the ex-post evaluation.The mid-performance evaluation includes financial management,internal control,technical indicators and:indicators of resource utilization.Thirdly,pay attention to the performance evaluation of knowledge sharing,mainly reflected in the process of building information management and communication,and information disclosure evaluation of the degree of public satisfaction.Innovation points of this article:(1)Establish a set of index system of performance evaluation of public investment projects,supporting dynamic evaluation and combination of general and special indicators,provides practical significance to promote the development of index system of performance evaluation of public investment projects.(2)Pay more attention to the external evaluation of the project.Detailed analyses on the performance of social impact and environmental performance,combined with case to design special index system of external performance,and evaluation.