Public Sector Comparative Benchmark(PSC) Study Of Expressway PPP Project

By the end of 2018,China's PPP project pool has reached 8,654,with an investment of 13.2 trillion yuan.The widespread use of the PPP model has accelerated the construction of infrastructure and eased the government's financial pressure.However,with the large number of PPP projects,the implementation experience,the lack of relevant laws and regulations,and the imperfect decision-making system in the early stage,the PPP model has not been able to fully utilize the advantages of social capital to reduce costs and improve efficiency,but due to the PPP model.Long negotiation time and complicated cooperation frameworks lead to increased project costs or project failures.In China,the PPP model's early decision-making only requires the completion of value-for-money evaluation and financial capability argumentation.The current evaluation method is not sufficient to demonstrate whether the projects with large investment amount such as expressway and long franchise period are suitable for adopting PPP mode.The Public Sector Comparative Benchmark(PSC)-based value-for-money(VFM)quantitative analysis is a quantitative evaluation method that is more commonly used internationally and has a well-established normative system and practical experience.This paper mainly studies the public sector comparison benchmark(PSC)of expressway PPP project,and analyzes the characteristics of initial PSC,competitive neutral adjustment value and risk adjustment combined with expressway characteristics,and summarizes the initial PSC and competition with the gorgeous highway in Yunnan as an example.Neutral adjustment calculation index,determination of 23 risk indicators and 5 risk variables,construction of public sector comparison benchmark(PSC)net present value calculation model,quantitative analysis of project risk using Monte Carlo simulation method based on its probability distribution function,calculate the public sector comparison value.The article aims to improve the value-added(VFM)quantitative evaluation system by standardizing and simplifying the selection and calculation of indicators for public sector benchmarks,and providing a basis for government departments to make decisions on whether to adopt the PPP model.