Research On Investment Decision Of Social Capital In PPP Project Of Expressway

In recent years,PPP（public-private partnerships government and social capital cooperation）mode has been widely used in the field of highway construction.Using PPP mode to build highway plays an important role in reducing government financial pressure,transforming government functions,improving public service quality and efficiency,and promoting economic and social transformation and upgrading.According to the division of responsibilities and rights of PPP mode,the social capital side is responsible for project investment and financing,construction,operation and other work,and bears the project cost,responsibility and risk.The highway PPP project has the characteristics of large investment amount,long cooperation period,low economic benefit,strong public welfare attribute,and many participants.At the same time,the social capital side is faced with many decision-making factors and difficulties when participating in project investment Time is short.Clear and changeable responsibility risk,complex and multi-dimensional project characteristics and multi-objective decision-making attribute all bring great challenges for social capital to participate in project investment.Therefore,it is particularly important to study how social capital to make scientific and reasonable highway PPP project investment decision under the new situation.In the past,there was a lack of systematic research on the investment decision-making of highway PPP projects,and the research mostly started from a single dimension,such as finance,law,finance and engineering.Although some studies started from multiple dimensions,they involved complex methods and models,which made practical application difficult.In the case of policy and regulation becoming more and more perfect and theoretical research lagging behind the actual operation,it is necessary and practical significance to systematically study how to make scientific and reasonable decisions when social capital parties participate in highway PPP project investment.In order to make the decision-making more scientific and reasonable,reduce the investment risk,improve the investment income and promote the economic and social development.Firstly,by using the methods of policy analysis,literature research,case analysis,expert interview and expert investigation,this paper constructs the expressway PPP project investment decision-making index system.The index system consists of four first-class indicators: Government factors,project factors,enterprise factors and financing factors,as well as the government’s support for enterprise investment,the government’s willingness and ability to manage service projects and the government’s financial support for projects It consists of 17 secondary indicators such as expenditure feasibility.Secondly,the evaluation method of index weighting and the project investment decision-making method are selected,and the priority method and the grey correlation method are selected as the evaluation methods in turn to build the application model of social capital investment decision-making of Expressway PPP project based on priority grey correlation method.Finally,taking the highway PPP project that a social capital party intends to participate in as an example,the paper compares and selects the proposed projects based on the priority grey correlation method,which provides reference for the social capital party to make investment decisions on highway PPP projects.