Study On Mechanism Optimization Of Investment Return For Transportation PPP Projects

Nowadays,China's transportation infrastructure has insufficient total amount,insufficient funds,and extensive operational management.Traditional delivery methods are unable to fill the growing demand for urban construction.Public-Private Partnership(PPP)is established by the government and enterprises to balance the limited budget with growing infrastructure needs.Under PPP mode,it not only eases the burden of funds between the government and enterprises,but also stimulates the efficient management and operation of the enterprises,which brings about “spill-over effect”.However,due to the complexity of the actual operation process,it is particularly important to rationalize the profit distribution,which will decide whether the project can be implemented successfully and the social party can get the expected profit.Firstly,the PPP development trend is analyzed.From the amount of transportation infrustructure PPP projects in 2018(1110),it can be seen that the transportation PPP projects have achieved a good result in China.This mode is suitable for the construction and development of transportation.In this study,45 typical trasportation cases at home and abroad are colleted and analyzed,and 36 fators that affect the investment return are determined through the grounded theory and the fishbone diagram is drawn based on analyse resluts.Then,36 factors are analyzed in detail to form an allocation system of investmen return factors through the questionnaires and factor analysis method.The threestage game mode is used to clarify the risk allocation of the government and enterprises.Finally,taking Urumqi Metro Line 2 as an example,new Shapley value that consider the effet of the total investment quota,cooperation urgency,risk allocation and the optimum profit distribution is obtained,which provides a theoretical basis for the practicality of the actual case.The investment return of PPP projects is an important basis for PPP participants to make investment decisions and prepare investment and financing plans.And it is also a key factor to determin whether PPP projects are feasible and can be implemented.Based on the above research,three conclusions are drawn:(1)Combining the current development trend of PPP and policy guidance in China,it is concluded that PPP is more suitable for the construction and development of transportation projects compared with the traditional mode;(2)Using factor analysis and game theory,the distribution system of investment return factors is determined,and the risk weights of both the government and enterprises are clarified;(3)Considering the effect of risk factors,total investment quota and cooperation urgency,a more operable modified mode is obtained.