Research On VFM Evaluation Of PPP Project Of Tollway

At present,the PPP model has become the main choice for the government to provide public infrastructure all over the world.China also hopes to promote the diversification of investors and alleviate the financial pressure of the government through the innovative and apply of the PPP model.In order to rationally allocate social resources and standardize the mode of investment and financing of PPP projects of toll way,China has also begun to implement the VFM evaluation of PPP projects,but there are some problems such as the evaluation system is not mature enough,the evaluation indicators are too subjective and arbitrary,which makes the VFM evaluation difficult to play its due advantages.Firstly,the paper establishes the theoretical basis from three aspects:the theory of PPP model,the theory of risk management in PPP project,and the relationship between PPP model and VFM and its impact.Then,it discusses the research space of this paper through the relevant research on the implementation of VFM evaluation of PPP project at home and abroad.Secondly,the paper points out that the traditional value evaluation methods of PPP projects have some problems,such as insufficient consideration of risk,insufficient consideration of project cost and efficiency,etc.Therefore,the traditional value evaluation methods have great risks in evaluating PPP projects.However,the VFM evaluation method has not been widely popularized or applied formally.To a large extent,it has some problems,such as imperfect qualitative analysis index design,vague determination of index weight,imperfect quantitative analysis of discount rate,risk allocation and quantification,and imperfect competitive neutral adjustment value,in addition to the law,when evaluating PPP projects.Lagging laws and regulations,lack of relevant research results and databases,and low credibility of social capital are the main reasons for the above problems.On this basis,based on the VFM evaluation process of toll way PPP project application,the paper selected and analyzed the relevant indicators of the qualitative evaluation of toll way PPP project,and analyzed and constructed the quantitative evaluation of PSC and PPPSB value.Combined with the above problems and the influencing factors of parameters,the evaluation system of PPP project VFM of toll way is improved and perfected.Then,the PPP project of G309 reconstruction is taken as an actual case to verify,the final results show that the framework of the evaluation system is feasible,but also show that the project through value for money evaluation,while saving costs,can have certain social benefits.Finally,it summarizes and prospects,it is pointed out that the paper has certain practical and theoretical significance in the construction of the evaluation system of the VFM of toll way PPP project,but there are also shortcomings and space for further research.Continuing to carry out in-depth thinking and research in this field is of great significance for value for money evaluation,and can effectively promote the development of PPP model in the field of public utilities in China more scientific,rational and efficient.