| With the rapid development of China’s economy, the process of urbanization is accelerating, the demand for infrastructure is increasing day by day. For a long time, the government, as the roles of investors, managers and operators, intervenes non operating infrastructure projects construction in the city, forming a high-input, low-efficiency, low-level public goods production mode.Because non-operating infrastructure has the characteristcs of quasi public goods, natural monopoly and capital aggregation, and governmental departments are facing the fund requirement of the massive urban infrastructure construction, the traditional mode of financing has become slow and weak. How to accelerate the reform of the financing mode of government investment projects, improve the efficiency of investment and widely attract social capital into the fields such as the construction of urban infrastructure to solve the contradiction between supply and demand of funds in the period of urbanization construction, has become the most important thing for the government investment in non operating infrastructure projects.PPP (Public Private Partnership), often translated as "public-private-cooperation mechanism", in essence, is the cooperation of government and social capital, providing the whole-process cooperation for the provision of public goods and services. Private enterprises and governmental departments, on the basis of the duty and obligations of the both parties, with the characteristics of mutual benefit and risk sharing, take the full advantages of both sides, so as to improve the quality and supply efficiency of public goods or services. Under the current economic situation, PPP model can promote the diversification of investment subjects, broaden sources of funding channels and accelerate the investment and financing system reform. The PPP model also plays the active and effective role in transforming goventment functions, easing the financial pressure on the government, dissolving the local government debt risk and improving efficiency in the use of funds, which improves the efficiency of public goods supply and enhances the quality of social services. Therefore, PPP model becomes one of the best adaptive models for the development of infrastructure projects in China.This study, on the basis of the theories of the public goods, the sales theory of infrastructure, the theory of development finance and the commissioned agent theory, summarizes the status quo of the domestic and foreign non-operating infrastructure project investment and financing mode, and describes the definition, classification and typical patterns of the PPP model. It then discusses the current situation of the non operating infrastructure project, the traditional modes, development and change of financing models. Moreover, this study expounds the drawbacks if the non-operating infrastructure projects adopt the traditional mode of financing, as well as the necessity of utilizing the PPP financing mode. Furthermore, this study will also adopt the SWOT analysis method in the field of management and analyse the feasibility of using PPP financing mode in non operating infrastructure projects, from the perspective of private enterprises. Meanwhile, this study will adopt the mixed methods combining both the qualitative and quantitative methods, based on the value for money theory evaluation system and the analysis the decision-making characteristic of infrastructure PPP project in order to discuss in detail the decision-making mechanism of the PPP project. Finally, combined with the existing problems of PPP model in China, this study proposed some governmental suggestions to improve the PPP model, from the aspects of the legal system construction, government support construction,risk management, information platform-construction. |
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