Research On Critical Successful Factors Of PPP Project Of Urban Rail Transit In China Based On Governance Theory

At present,with the rapid economic growth of China,the rigid demand for urban rail transit has increased sharply with the acceleration of urbanization.In order to alleviate the financial pressure of the government and improve the quality of infrastructure construction,more and more local governments choose to build urban rail transit through PPP(Public-Private-Partnership)mode.As there are many participants in the construction and operation of PPP project of urban rail transit,involving political,market,society force and other interests,the complexity and risks of the project,the contract rate is low and projects are hard to land.Fully identifying the critical success factors of urban rail transit PPP project and studying the mechanism of success factors on the success of the project will help to improve the possibility of success of urban rail transit PPP project.Firstly,this paper takes the critical factors for the success of urban rail transit PPP project as the research object.Based on the governance theory,the factors affecting the project are divided into two levels:external governance and internal governance.At the same time,the external environmental factors and the main participants involved are divided into three categories:government governance,market governance and social governance.The mechanism of how external governance factors influencing project internal governance factors and finally to project success is constructedSecondly,by systematically combing the relevant research,combining with the characteristics of urban rail transit PPP project and interviews with relevant experts of urban rail transit PPP project,21 factors affecting the success of urban rail transit PPP are identified.Based on the analysis of the mechanism of the critical success factors,a model of the critical success factors of the urban rail transit PPP project is constructed,which takes the stakeholder goals as the success criteria,and a questionnaire of the success factors of the urban rail transit PPP project is designed accordingly.Finally,in the process of empirical analysis,this paper uses the method of structural equation model.In order to verify the rationality of the initial model construction and the objectivity of the questionnaire data,a test of the reliability and validity is conducted through SPSS statistical software.In addition,the principal component analysis method is used to analyze the success factor indicators in order to verify the rationality of the index system and lay the foundation for the analysis the model of PPP project success factors in urban rail transit.At the same time,the paper analyses how the critical success factors affect the success of the project through the structural equation model,and ranks the critical success factors by the contribution of the critical success factors to the success of the project.Through empirical analysis,it is found that the internal cooperation process of the project is the main path for external factors to affect the success of urban rail transit PPP project.Government governance and market governance contribute more to the success of the project.The critical factors contributing more to the success of the project are Emulative,Transparent recruitment process,Reasonable income distribution mechanism,Incentive subsidies mechanism and Stable traffic demand and so on.At the same time,the conclusion is verified by the case of Beijing Metro Line 4.Accordingly,the paper puts forward the countermeasures and suggestions for the smooth implementation of PPP project in urban rail transit.