Effect Of Path Analysis On Critical Success Factors Of Municipal Engineering PPP Project Based On SEM

With the steady and rapid growth of China's economy and the acceleration of the urbanization process,the public's demand for public infrastructure and public city service has increased sharply.In order to improve the level of infrastructure construction and effectively relieve the financial pressure of local governments,more and more government departments choose to implement the PPP model in the field of municipal engineering.However,due to the long duration of the municipal engineering PPP project,the involvement of the government,the market,the public and other stakeholders,and the complex factors affecting its successful implementation,leading to the current municipal engineering PPP project is not smooth.In related research at home and abroad,is more of the PPP project risk allocation,operation process,the single influencing factors and so on.And most of the studies about influencing factors focus on the identification and sequencing of factors,but few on the path of factors to project success.By identifying the critical success factor of municipal engineering PPP project and studying its specific action path to the success of the project,it is beneficial to increase the possibility of the success of the municipal engineering PPP project.Paper first summarizes the relevant research status of the PPP project critical success factor,combed related concepts and theories of the municipal engineering PPP project,such as characteristics of municipal engineering PPP project,the critical success factors theory,stakeholder theory,laid a theoretical foundation for follow-up study.After determining the five success criteria of the municipal engineering PPP project,the author preliminarily summarized the key factors for the success by selecting literature research method and expert interview method,and established a list of key factors for the success of the municipal engineering PPP project from four aspects: external implementation environment,stakeholders,internal implementation mechanism,characteristics and development of project.Secondly,the structural equation model was briefly introduced,and designed a questionnaire based on the criteria for project success and the list of key factors,and distributed to the relevant staff,scholars and experts.With the aid of SPSS software analysis reliability and validity,the data were validated the reliability and rationality.Then according to the previous relevant theory,the relationship of four levels offactors to the successful implementation of the project is assumed,and the structural equation model of key factors to the success with "stakeholders" as the core intermediary is constructed.Use AMOS software to get results through structural equation model fitting and model evaluation of standard research order.On this basis,the author analyzed the five path of factors effect on project success and it was found that stakeholders level had the most direct impact on project success,while the external implementation environment,internal implementation mechanism,characteristics and development of project all had positive impact on project success through stakeholders level.At the same time,the external implementation environment and internal implementation mechanism will be significant positive impact on project success directly.Combining all the path value and the contribution of single factor,we can get comprehensive sequencing of critical success factor of municipal engineering PPP project,“perfect legal system”,“powerful private subject”,“regulatory mechanisms”,“investment and financing structure and operation mode”are the most important factors in the corresponding level.At last,by combining with the case analysis of Zhengzhou 107 auxiliary lane PPP project,proposed the policy suggestions to promote the success of municipal engineering PPP projects in our country.