Research On The Return Mechanism Of ZN Highway Under PPP Mode

Public private partnership(PPP)is a model which governments using market-based methods,introducing social capital to construct the large public infrastructure while providing public goods and service.In this model,governments award franchise to the social capital or purchase service from the social capital,instead of governments investing in public infrastructure construction directly to provide public goods and service.The social capital replaces governments conditionally to provide public goods and service.Popularizing the PPP model is a valid measure to promote transformation and upgrade the economic development model.It can release the folk capital investment activity,improve supply efficiency of the social public goods,service and the quality of effective measures.It is also helpful in broadening the social capital investment channels,enhancing the endogenous power of economic growth,promoting mutual fusion and complementary advantages of all kinds of capital,and sharing benefits in a win-win cooperation.However,promotion of the PPP model only relying on the public support and legal protection is not enough.It also needs the business environment for its survival and development.In particularly,the inherent profit-making attributes of social capital must require the PPP project to prossess a modest profit spaceand a clear return on investment mechanism,so that the project is commercially viable.Therefore,to follow the objective law of the market economy and to explore the social capital investment return mechanism is an important prerequisite to actively promote the PPP model.This paper mainly discusses the issue of highway PPP project return mechanism,mainly from the following aspects to analyze.Firstly,it introduces the theoretical basis of PPP project,including the concept of PPP model,characteristics of highway and the typical PPP model.Secondly,it analyzes the return mechanism of highway PPP mode construction,including the universal return mechanism of PPP mode and the principle of return mechanism of PPP project on highway,and proposes highway PPP project return calculation formula on this basis.Taking the ZN project as an example,the paper analyzes the effect of ZN highway project return mechanism from the aspects of project procurement and social capital determination,project contract system,investment union establishment and project financing plan.Then,according to the practice experience of PPP model of ZN highway project in Henan province,this paper puts forward the countermeasures and suggestions for the design and application of the PPP mode return mechanism in the transportation field.The last part is a summary of the paper to propose further study of the problem while looking forward to the next step.