| The government-social capital cooperation model originated from the Public-Private Partnership in the United Kingdom and other Western countries,referred to as the PPP model and PPP project.It is a new investment and financing model launched in recent years in China.Through the PPP model,we can achieve a win-win cooperation of long-term cooperation?risk sharing and benefit sharing between government departments and social capital,effectively bring into play the technological,management,and operational advantages of social capital,and achieve effective allocation of resources and reasonable sharing of risks.Strive for the lowest cost and highest output of the entire life cycle,maximizing project value and value for money.Since the large-scale PPP project was launched in 2014,China has achieved remarkable results,accelerated infrastructure construction,improved the quality and efficiency of public service supply,and promoted local economic transformation and supply-side structural reform.The value-for-money evaluation plays an irreplaceable role as a standard for screening PPP projects and as a method and means for tracking and evaluating PPP projects.This paper systematically studies the value-for-money evaluation methods of PPP projects,which is helpful to summarize the excellent experience accumulated in the previous stage,analyze the key points and difficulties in the current stage,and propose the improvement direction in the future stage.It will provide guidance and reference significance in the theory and practice of value-for-money evaluation of PPP projects.This paper takes PPP project value evaluation method as the research object.Firstly,comparative analysis is used to compare and analyze the similarities and differences between the evaluation methods in the United States,the United States,Canada,Australia and Japan in terms of organizational structure,qualitative evaluation,quantitative evaluation,project risk,discount rate selection and evaluation stages.Compared with the evaluation methods in China,the excellent experience of foreign evaluation methods is summarized and the reference of foreign experience to China is expounded.Secondly,based on the shortcomings of China's traditional value-for-money evaluation methods,the advantages of sustainable oriented value-for-money evaluation methods areelaborated.Using project risk management theory,real option theory and economic externality theory,sustainable orientation,scientific setting of evaluation indicators,comprehensive and accurate evaluation of project value and independent objective and fairness as principles,a sustainable oriented value-for-money evaluation method was constructed,including improved project risk management,added the calculation of the real option value implied in the contract terms of the PPP project,improve the social value and environmental value indicator system of the project and establish a full-process evaluation with emphasis on each stage.Then,using the case analysis method,this paper selects the PPP project of TB CSP base as an example,a sustainable oriented value-for-money evaluation of the PPP project was conducted,which verifies the Applicability and operability of the theory.Finally,the advantages and disadvantages of the method adopted in this paper are summarized and forecasted,and the direction of subsequent research is proposed. |
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