Study On VFM Evaluation Model And Its Application In PPP Project

The PPP mode can introduce private capital to ease the pressure of financial capital,improve the level of public service supply,so the government actively promote the PPP mode in public service in the field of application.But the PPP model also has its inherent disadvantage,so it's not suitable for all projects,thus requiring the government to make optimal decisions between traditional procurement and PPP models.To this end,VFM evaluation have been introduced to our country,but as a result of the evaluation in our country is still at the preliminary stage of stage,there are still some problems,such as the imperfect evaluation system,the evaluation of stereotype,and the lack of enough attention in quantitative evaluation.This may lead to errors in government decision-making,and become an obstacle to the promotion of PPP model.Based on the above background,the article summarizes and analyzes a lot of related research at home and abroad.Firstly,the PPP and VFM theory is studied,introduced the application status of VFM and existing problems in our country,the factors influencing the key discount rate,risk,profit and concession period of VFM are expounded and the influence mechanism is revealed.Secondly,according to the existing problems of VFM evaluation in China,this paper constructs a framework of quantitative evaluation,divided into reference value calculation model and PPP value adjustment model.In the calculation of the reference value,the components of PSC and PPP are identified respectively,and the method of determining each part is given.Aiming at the risk of the key elements in the evaluation,the value of risk is determined by the set value statistics,and according to a certain share of the original risk will be allocated between the government and the private sector.The adjustment model of PPP is mainly considering the inconsistency between the two models,in order to make the calculation more accurate,the method of determining the PPP value adjustment coefficient is given,the Delphi and entropy methods are used to determine the indicators and weights.By comparing the adjustment factor for the PPP value,the actual value of VFM is finally obtained.Finally,the newly constructed VFM quantitative evaluation model is applied to the example,demonstrate the calculation process,verify the practicality and feasibility of the model,and guide the application of the evaluation method.This paper constructs a complete set of VFM quantitative evaluation system with strong operation,scientific and reasonable characteristics,it could better guide the government to make decisions to promote the development of PPP model in China.