| Nowadays,China's new urbanization is developing rapidly.The development of characteristic towns has received widespread attention from practitioners and scholars.It contributes the construction of new urbanization by demonstrating and industrial platform which combines cultural,ecological and economic functions.However,the current implementation of the characteristic towns is still not as expected.It brings great pressure to the local finance.At the same time,due to the weak operational capacity of the government in the later period,the capability of profitability is low,and even the phenomenon of empty city and ghost towns appeared.However,the adoption of the PPP model provides a solution to this problem.Social capital has sufficient funds to ease the financial pressure,and it also has strong management and operation ability,which forms a joint force with the government departments to build characteristic towns.However,not all characteristic town projects use the PPP model will provide value for money.In order to find an effective way to decision-making of characteristic town project models,this paper starts form the two perspectives of qualitative and quantitative evaluation,and combines case to explore the VFM(Value for Money)evaluation method for the PPP project of the characteristic town.(1)In terms of qualitative evaluation,based on the literature review,this study selected 14 qualitative evaluation indicators in four dimensions.A total of 223 valid questionnaires was received by questionnaire survey.Through the SPSS and AMOS software,the Structural Equation Model was used to analyze the obtained sample data to get the degree of influence of each dimension and the weight of each index.And the expert scoring method was defined to construct the qualitative evaluation system.(2)In terms of quantitative evaluation,this study used PSC-PPP comparison method.Through the literature review,identified the risk and adjust the initial PSC value by risk adjustment and competitive neutrality.After determining the PSC calculation model and calculating the PSC value,compared the PSC value with the PPP value to determine whether the item is worthwhile.This study found that the four influencing factors affecting the value for money of PPP projects were ranked as government department,project characteristics,social capital and external environment.(3)Case study.Case verification.This paper takes the real data of the Laozishan Hot Spring Town Project in Hongze County,Huai'an City,Jiangsu Province as the verification case.Through the analysis and calculation of the evaluation system established in this paper,the project VFM qualitative score is 82.112 points,and the qualitative evaluation is qualified;the quantitative analysis shows that the PPP model is adopted.It can save the financial expenditure of 44.447 million yuan.(4)The results show that the realization of PPP value-for-money depends not only on the social capital,but also on the government departments' participation.Therefore,the government departments need to give certain support and maintain good cooperative relations.At the same time,it is necessary to do a good job according to local conditions,because the characteristics of the project itself have a greater impact on the realization of its value for money.In addition,this study suggests that the VFM evaluation of the characteristic town PPP project should be evaluated from both qualitative and quantitative aspects.The two evaluation methods are indispensable to decide whether to adopt the PPP model,both confirm and complement each other.In the early stage of the project,a comprehensive evaluation of the project should be well done,and then the development and construction of the characteristic town will be better completed,which will help the build of new urbanization in China. |
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