At present,China’s economy has entered a stage of high-quality development.government investment funds,as an important tool for transforming financial investment methods,play a positive role in optimizing the traditional industrial structure and helping economic transformation and upgrading.Since the large-scale development of government investment funds in 2015,with the purpose of "playing the role of financial leverage",government investment funds have helped PPP projects improve their credit rating,attracted more social and private capital for PPP projects,and promoted the implementation of PPP projects.However,in the current hot situation,how to apply government investment funds to PPP projects,how to select more suitable investment projects and what factors need to be considered are the most practical and the most lack of research.In view of this,This article first sorts out the relevant research on PPP models and multi-attribute group decision-making methods at home and abroad,expounds the concept and relevant theoretical basis of government investment fund,including fuzzy set theory,decision-making and efficiency evaluation theory,and multi criteria decision-making method.On this basis,the main research work of this paper is as follows:1.Establish the evaluation index system of PPP projects invested by government funds.Based on the analysis of the government investment fund management methods and related policy documents of 20 provinces in China,the preferred evaluation indicators for PPP projects invested by government funds are initially selected,and the improved gray correlation analysis method is used to calculate the correlation between various factors.The indicators are optimized.Therefore,based on the government’s perspective,a comprehensive evaluation index system for the application of government funds to PPP projects has been established from the three dimensions of local government capacity and environment,project characteristics,and project impact.2.Build the PPP project optimization evaluation model of government fund investment.The traditional analytic hierarchy process(AHP)and the distance between superior and inferior solutions are improved and combined.Triangular fuzzy numbers are introduced into AHP to avoid ignoring the ambiguity of human judgments when constructing pairwise comparison judgment matrices.The TOPSIS method is put in a fuzzy environment and used to form fuzzy AHP-TOPSIS.Through the empirical analysis of five projects in PPP project database issued by Shaanxi Provincial Department of Finance in 2019,the paper simulates the government to use AHP method based on triangular fuzzy number combined with fuzzy TOPSIS method to optimize and evaluate the five projects,and illustrates the feasibility of the model proposed in this paper,which can provide reference for the government to make early decision on using government funds to invest in PPP projects.3.The simulation government uses fuzzy ahp-topsis method to make an empirical analysis of five PPP projects in Shaanxi Province in 2019.The best quality projects are selected from the 5 projects to illustrate the feasibility of the model proposed in this article,which can provide a reference for the government to use government funds to invest in PPP projects in the early stage of decision-making.4.This paper puts forward three suggestions for the current government to use government investment funds to select PPP projects,which are to strengthen the audit of project application information,select projects according to government fund management measures,and strictly control the published policies,so as to lay a theoretical foundation for the future government funds to be better used in PPP projects and play a good role.This paper explores the decision-making process of government investment funds in PPP projects.First,the evaluation index system for PPP projects invested by government funds is established.Second,the PPP project optimization evaluation model for government fund investment based on fuzzy AHP-TOPSIS is proposed.Five projects in the PPP project database released by the Department of Finance of Shaanxi Province in 2008 were taken as examples for empirical analysis.The research in this article not only has important practical application value for the government to apply government investment funds to PPP projects,but also has greater theoretical significance in the management of government investment funds. |