Research On Value For Money Evaluation Of Urban Rail Transit PPP Project

With the continuous development of China’s economy and urbanization,the problems such as urban traffic congestion and environmental pollution,etc.became increasingly serious.The state started to vigorously promote the construction of rail transit which have the characteristics of high efficiency,low pollution and environmental protection,etc.,so as to ensure good,rapid and sustainable development of the city.But investment on the construction of rail transportation is huge and as a result,it is difficult to satisfy its construction and development by the national financial capital.Using Pubilc-Private-Partnership(PPP)Financing Mode to introduce social capital can solve the contradiction and effectively resolve the financial pressure.However,PPP Mode is only one of modes which can provide infrastructure products or service,the government can’t just choose PPP Financing Mode and needs to do "Value for Money"(VFM)evaluation,so as to confirm that PPP Mode is superior to the traditional construction mode.VFM evaluation is an evaluation method to judge whether PPP Mode can be instead of the traditional mode that infrastructure and public service products shall be provided by government.It has important practical significance to make the VFM evaluation before investment and construction which can provide scientific basis for project decision-making and also can avoid the phenomenon of "Value not for Money" caused by blind use of PPP Mode.On the basis of researching the concept and theoretical of PPP Financing Mode and VFM quantitative evaluation,this paper builted a model of VFM quantitative evaluation for urban rail transit in PPP mode by combining with the specific characteristics of urban rail transit project in PPP modet,and proposed the composition and calculation model of PSC(Public Sector Comparator)and PPP(PPP value based on shadow bid)value which are the two components of the model,and also made analysis on the critical points of quantitative evaluation such as discounting rate and risk quantification.Finally,the developed model was applied to Tianjin Subway Line 8 first-stage PPP project,according to specific information and data to analysis the VFM quantitative evaluation,hoped that it will provide a scientific and quantifiable basis for government whether to adopt PPP mode to construct urban rail transit proj ect or not.