Research On Investment Decision-making About PPP Projects Of Large State-owned Construction Enterprise

Since the third Plenary Session of the 18 th CPC Central Committee,the Party allowed social capital to participate in urban infrastructure investment and operation through franchising,PPP related policies were intensive,and PPP projects erupted in quantity.Next,the nineteen Party’s proposals put forward a resolute effort to prevent and resolve major risks and further standardize the operation of PPP projects.In 2018,the Ministry of Finance issued Article 54,and conducted a centralized clean-up and standardization of some PPP demonstration projects.Seeking stability and heavy quality and doing "true PPP",the PPP project is gradually changing from quantity type to quality type,from extensive type to fine type,so that the healthy,standard and continuous development of PPP in our country is the direction of the common efforts of all social parties.In view of the development process,trend and national conditions of the large state-owned construction enterprises,it is necessary and possible for the large state-owned construction enterprises to participate in the infrastructure PPP project as an investment subject.Therefore,it has the foundation and significance of this research.The paper integrated used the Literature method and Emprical analysis to study on inverstment decision assessment of the large state-owned construction company.Firstly,through literature analysis combined with questionnaire survey and statistical analysis,the index system of PPP project investment decision-making of large state-owned construction enterprises is obtained.The evaluation index system can be divided into seven categories: project construction risk,project operation risk,government capacity,construction enterprise capacity,stakeholders,political environment and economic environment.It can also be divided into 25 risk indicators,which are 21 qualitative indicators and 4 quantitative indicators.Secondly,this paper combines AHP with entropy method to determine the index weight,and constructs the investment decision-making evaluation model of state-owned large-scale construction enterprise PPP project based on multi-level grey evaluation method.Finally,a large state-owned construction enterprise participated in the highway PPP project case analysis,obtained the project investment decision-making evaluation results,and on this basis gives the corresponding investment decision-making risk prevention measures.