Quantitative Assessment On Value For Money For Urban Rail Transit Public-Private Partnership Projects

The investment of rail transit construction is large and the payback period is long.When the government revenue is insufficient,The public-private partnership,which attracting social capital into the field of infrastructure model has been widely recognized.However,when the government has the ability to build an infrastructure project independently,Adopting PPP model requires scientific analysis rather than a subjective assumption.At present,VFM(Value for Money)known as value for money evaluation methods is common in evaluating the PPP model.The basic idea of the value-for-money evaluation method is to compare the cost to be paid by the government through Self-procurement construction and the cost of to be paid by the government through the use of PPP model in the project cycle and then choose the model whose cost is smaller.This paper analyzes the basic theory and application of VFM quantitative evaluation,and combines the characteristics of PPP project in China's urban rail transit,pointing out that the future development direction of urban rail transit is "subway + property" mode.On this basis,this paper puts forward the VFM quantitative evaluation method to evaluate whether the urban rail transit project adopts the PPP model or not.the public sector comparison value(PSC)and the PPP value are the two components of the VFM quantitative evaluation method Analysis,constituting a complete VFM quantitative evaluation used in urban rail transit PPP project.For quantification of the risk and discount rate selection in the VFM evaluation method,two kinds of treatment schemes are proposed,which are based on the domestic and foreign practical experience.First,we choose the risk-free discount rate and quantify the risk.Another is a simple algorithm that uses a discount rate that contains a risk and no longer quantifies the risk.Finally,the VFM quantitative evaluation method of urban rail transit PPP project is applied to evaluate the Kunming rail transit project.According to the specific data of the project,the applicability and feasibility of the constructed VFM quantitative evaluation model are verified,providing scientific basis for the question of whether China's urban rail transit project should choose PPP model.