Study On The Risk Assessment During The Value-for-Money Appraisal Of The PPP Project From The Social Benefit Perspective

Since 2014,the PPP projects in our country have blossomed.However,the PPP projects also have a series of problems,including the unreasonable allocation of the risk,putting emphasis on building but operations,high financing leverage ratio of social capital,and so on.Then,the Value-for-Money(VFM)appraisal will play a more important role.This paper found out that the assessment of risk is the key to the VFM quantitative appraisal on the PPP project,through combing the related theory about the PPP financing mode,the risk assessment on the PPP project,and the VFM appraisal on the PPP project.Based on the social benefit perspective,this paper carried out the identification,analysis and assessment of the risk on the PPP project combining with the PPP project appraisal and related consulting business operating guidelines.This paper adopted the analytic hierarchy process(AHP),scenario analysis and the theory of CIM model to make the risk measurement and the VFM appraisal,to provide reference for the asset appraisal institution to booster the development of the PPP pattern.Combining the social benefit evaluation index with the the characteristics of the PPP projects,this paper constructed an integrated risk evaluation system by the factor decomposition method.Then,this paper adopted the analytic hierarchy process(AHP)to determine the weight of each risk indicator,and used the scenario analysis and the theory of CIM model to make the risk measurement,thus formed a complete set of risk assessment methods for the VFM quantitative appraisal of PPP project.On the basis of all above,this paper chose the "Smart City" e-government PPP project as an example to make empirical analysis,and make VFM appraisal with the considering of social benefit and not.On above,this paper put forward some suggestions to optimize the VFM appraisal from the perspective of social benefit for the PPP projects,to provide reference for the the asset appraisal institution to carry out VFM appraisal objectively,and contribute to the economic growth and the improvement of social benefits.