On Performance Evaluation Of Self-Compensating PPP Projects Based On VFM

With the domestic investment in infrastructure and the expansion of public services,as a developing country,the lack in the use of resources,capital allocation,risk sharing,technical mastery,management level and other aspects in China has gradually revealed.The public-private-partnership(PPP)mode can effectively alleviate the financial pressure of the public sector,build a friendly cooperation platform between the public and private sectors,and meet the needs of the public.The current PPP boom is only increasing in the country,however,the actual PPP project floor rate of less than half.In fact,not every project will achieve VFM after the application of PPP,especially in the low rate of purely operating and quasi-operating projects,which will cause more waste of professionals,financial resources,and the use of resources.From the perspective of performance evaluation of the PPP project,covering the project investment,planning,design,construction,operation,transfer until the end of the scrap phase,will help the PPP mode of standardized operation and healthy development.Firstly,VFM evaluation and PPP performance evaluation arc taken as the starting point of research.After self-compensation project is defined as the object of study,VFM and stakeholder performance objectives arc clear.Then,the value loop of stakcholders in self-compensating PPP projects is constructed,and conceptual mode for performance evaluation of self-compensating PPP projects based on VFM is constructed.Besides,the performance evaluation implementation mode of self-compensating PPP project based on VFM is proposed.Secondly,the key elements of the self-compensating PPP project lifeeycle stages are refined through the use of fishbone diagrams.After the second integration,screening and optimization,self-compensating PPP project key success factors(CSF)and the corresponding key performance indicators(KPI)are clear.Thirdly,according to the balanced scorecard performance evaluation method and the combination of VFM economic,cfficicnt,effectiveness and cooperative performance objectives and performance objectives from PPP project stakeholders(the public sector,the private sector and the public),the performance evaluation of self-compensating PPP project is divided into five dimensions:project physical feature dimension,financial analysis and market development dimension,process control dimension,stakeholder satisfaction dimension and innovation and learning dimension.Then,5 first-level indicators,11 second-level indicators and 33 third-level indicators were finalized.Finally,by using principal component analysis method to determine the index weight and Li Kete scalc scalc assincnt mcthod,the typical self-compensating PPP projeet Changchun IIwjm sewage treatment plant's performance level has been evaluated synthetically.The feasibility and validity of the evaluation system and the evaluation method are verified by the empiricd analysis of the performance evaluation system of the self compensating PPP project.The internal and external physical characteristics,financial analysis and market development,process internal and external control,stakeholder satisfaction and innovation and learning,and other key performance indicators of the seaf-compensating PPP project have been fully studied,making the performance evaluation system as an effective tool for self-compensation PPP project to make decision,adjust program,supply management and sum up experience.