| As the cornerstone of economic development,infrastructure construction is a material engineering facility that provides public services for social production and citizens' life.The investment in infrastructure can bring "multiplier effect" several times the amount of investment,and has a pivotal "leading position".With global infrastructure and public services increasingly in short supply and ageing,infrastructure investment poses a continuing challenge for governments.As a result of public sector fiscal expenditure and debt pressures caused by traditional procurement models,as well as inefficient delivery of assets and services outcomes,infrastructure is shifting from public supply to private supply,a trend supported by shifts in thinking patterns and good practices,and reinforced by technological advances and institutional innovations.In the 1990 s,with the rise and spread of the New Public Management,the Public-Private Partnership PPP,which gives consideration to benefit,efficiency and fairness,came into being.At present,135 countries in the world have carried out PPP in infrastructure,but PPP operation efficiency varies greatly among countries.When PPP is popular around the world,Canada has developed into one of the countries with the most PPP market heat and maturity.This paper conducts a comprehensive and systematic study on the PPP model of infrastructure in Canada,showing the overall picture of the Canada PPP.Based on PPP model related theories,this paper explores the deep driving force behind the leading position of Canada PPP by exploring the whole life cycle procurement management,risk management,diversified investment and financing market,and the construction of legal system and government regulatory system in the development process of Canada PPP.At present,China PPP is undergoing a stage of standardized development from high growth to high quality,at the same time facing many difficulties and challenges.Through this study,it is of profound practical significance to learn from the experience and lessons of the development process of the Canada PPP and to exchange and appreciate the past experiences between China and the West for the stability and long-term development of China PPP model and the deepening of international cooperation in the field of infrastructure.First of all,this study discusses the relevant theories and institutional advantages of PPP from four aspects.Firstly,it expounds the concept of PPP mode,five main characteristics,as well as the PPP value drivers.Than,it analyzes the application objects of PPP,including the characteristics of public goods and quasi-public goods,the attributes of infrastructure and market failure,and the application field of PPP in infrastructure.Thirdly,based on the three supply-side theories of public choice and government failure,new public management and practice,and privatization of public utilities,the origin of PPP is explored.Finally,based on the Transaction Cost Theory,the Property Right Theory and the Principle-Agent Theory under Incomplete Contract Theory,this paper analyzes the PPP contracting mechanism,which is helpful to deeply understand a series of key issues such as value for money,financing structure,risk and benefit distribution,contract management,performance supervision and incentive mechanism.Secondly,from the perspective of the demand side and the supply side of the infrastructure,the paper explains the reasons for the introduction of PPP in Canadian infrastructure construction.This study summarizes the two waves and characteristics of PPP development in Canada in the past 30 years,and presents the basic situation of projects in various infrastructure fields,jurisdiction levels and geographical distribution at a macro level.The first wave was from 1991 to 2003.It experienced a difficult process from theory to practice.With the failure of some projects,it accumulated experience and lessons in the questioning.The second wave is since 2004,Canadian government at the provincial level as the PPP main pioneers,the municipal government as a practitioner,to build a more vibrant infrastructure PPP market,public sector borrows the advanced consulting services has more professional evaluation and regulation technology,made a more clear legal system,deepening the public sector and private sector partnerships.In the project practice,the transformation of the demand for private capital,the optimization of transaction structure and return mechanism,and the adoption of limited demand and market risk transfer have greatly improved the output efficiency and complexity of PPP projects.Thirdly,The Canadian PPP shows the gradual decentralization of the rights of the public and private parties from consulting partner,operating partner,cooperative partner and contributing partner.According to the degree of participation and risk transfer of the private sector,form a continuous combination of responsibilities including design,build,finance,maintenance and operation.On Canada PPP is found in the whole process running mechanism and purchasing management,main PPP application Canada although compared with other countries and regions on the project examination and approval and procurement management more complex and elaborate,but in fact Canada PPP project procurement efficiency is extremely high,characterized by shorter average acquisition time and lower cost of bidding.This high efficiency is attributed to the operation supervision and procurement structure design in three aspects,namely,pre-procurement project review and decision,bidding evaluation and competition and contract negotiation,and contract system establishment.Fourthly,the prerequisite for infrastructure development is the availability of adequate,long-term and stable funding.One of the driving factors of the PPP core value is to give play to the advantages of private capital and relieve the pressure of government fiscal expenditure and debt.The rapid development of PPP in Canada also benefits from its mature and profound PPP project investment and financing market.The study answers about the questions of the Canada PPP project financing structure,and emphatically expounds the including the PPP project bonds,green bonds,social bond,bond financing;policy and commercial Banks and other financial institutions;represented by the pension of institutional investors;and the PPP funds and Canadian federal infrastructure fund.The above four types of important and distinctive diversified investment and financing tools;support for Canada the PPP,investment and financing characteristics.Fifthly,in terms of the risk management of The Canadian PPP,it explains the complexity,extensiveness,high uncertainty,stage,transmission and dynamic gradualism of PPP project risks.On the side of the Canadian risk management system,the principle of risk management and risk management tools as the basis,discussed the Canada seven tasks in the process of the PPP project risk management,risk the whole process of communication and negotiation,respectively,to establish risk management scope and standards,risk identification,risk analysis,risk assessment,risk management,and risk the whole dynamic regulation process.Based on the risk matrix of Transportation PPP projects in Ontario,the risk identification and risk assessment of PPP projects in Canada are discussed.By summarizing the risk allocation information of 19 transportation projects in major Canadian provinces,this paper explores the risk allocation characteristics of PPP projects in Canada.Sixthly,The Canada PPP has a relatively sound legal system,but its macro governance capacity still needs to be improved.First of all,the significance of the PPP system construction and the characteristics of PPP legislation under the common law system and the civil law system are deeply discussed,and the PPP legal system of Canadian federation and major provinces is summarized.Secondly,governance ability,human resources and coordination ability are summarized as the core competence elements of Canadian PPP professional institutions,which reflect the strategic guiding role of federal PPP institutions and the operation and execution ability of provincial PPP institutions.Finally,this paper analyzes the broad macro-governance system of PPP in Canada from three aspects:performance supervision,financial supervision and audit supervision.Finally,the study evaluates the PPP in Canada.The paper mainly analyzes the on-budget and in-time delivery efficiency of PPP in Canada,the recognition degree of the public and major participants,and the systematic influence of the project economy.This paper discusses the challenges faced by Canada in PPP project operation and development,including the constraints on the development of municipal PPP market,the impact of reducing the demand for long-term private capital and limited demand or income-risk transfer,and the reasons why some regions and projects have not realized real value for money.Through the research,we get the inspiration for the development of PPP in China.At the end of this study,the research on PPP of Canadian infrastructure is summarized and prospected. |
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