| In recent years,with the continuous increase of urban population,the demand for the quantity and quality of municipal pipelines is also gradually improving.However,if the existing municipal pipe network system needs to be expanded,updated and maintained,it will not only cause the "road zipper" and affect people's daily life,but also lead to many construction safety accidents and threaten people's lives and property.Therefore,the construction of utility tunnel is an urgent task.In the process of urbanization,redevelopment of old urban and construction of new urban are proceeding,so,it may be a good time to construct the utility tunnel.Although the government is aware of this problem and try to popularize greatly the construction of utility tunnel,most of those measurements can not achieve the desired results because of lack of financial funds.Until the introduction of Public-Private Partnership(PPP)mode,it can not only solve the problem of funding gaps by attracting social capital,but also achieve tripartite wins among the government,social capital and the public through the efficient management of infrastructure projects by social capital.However,it does not mean that the construction of utility tunnel by using PPP model is absolutely right,because PPP model is more complex and more risky than traditional procurement model.Once PPP projects fail,the government and social capital will suffer great losses.Moreover,due to abundant financial funds of foreign governments,they will construct utility tunnel on its own and lease out it to pipeline units,so,there is not much experience for us to refer to the quantitative evaluation of value for money for utility tunnel projects.For Chinese government,it is necessary to have a scientific and systematic evaluation standard which determines how the utility tunnel projects will be provided.At the same time,this standard can also help the government make the optimal decision and achieve value for money of projects.At first,after extensive literature reading and specific understanding of the basic concepts and methods of VFM,this paper decides to take the PSC-PPP comparison as the research object.Then,this paper compares PSC's concept,function,structure,calculation,evaluation process,disclosure or not and the selection of discount rate through analyzing policy documents on PSC evaluation system of Australia,South Africa and Hong Kong.Also,it puts forward the corresponding advice combining "value for money guidelines(try out)".Secondly,taking the utility tunnel projects using BOT mode and feasibility gap subsidy payment mechanism as the research object,this paper establishes a quantitative evaluation model of value for money based on utility tunnel projects,which is from identification,preparation,procurement to implementation stage.This model not only introduces in detail the calculation process of PSC value of utility tunnel projects,but also illustrates the calculation of PPP value under shadow quotation and actual quotation.Thirdly,this paper discusses the selection of discount rate and risk quantification under the VFM quantitative evaluation of the utility tunnel projects using PPP.The discount rate adopts the cost of government funds that is based on the coupon rate of local government bonds with the same term with PPP projects.For the risk quantification,this paper identifies 36 risk factors of the utility tunnel PPP projects using the risk level classification structure method combining with literature research and the actual case.Also,this paper extracts the key risk factors by using a questionnaire and quantifies respectively the size and probability of risk factors which is based on the fuzzy analytic hierarchy process(FAHP)and the collected value statistic method.Finally,this model is applied to Weihai utility tunnel PPP project to verify its applicability and effectiveness,it will provide a quantifiable basis for VFM of utility tunnel projects. |
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