Research On The Improvement Of PPP Project Value-for-money Evaluation System

The original intention of the government to promote the PPP model is to achieve value for money,but its "value is worthy or not" requires a scientific and quantifiable tool for analysis,rather than judging without thinking,value-for-money is an important standard to decide which items is the PPP mode can be adopted.With the promotion of the PPP model,China has established its own value-for-money evaluation system,but because of its many defects,PPP has not made the real value for money.At this stage,although the evaluation of value for money in China is biased towards qualitative evaluation,it has not played its role.Some projects have been quantitatively evaluated,but they are only formalized,lacking a data foundation,and often relying on experience to value,which is not conducive to the PPP model‘s scientific decision-making and has not played a role in guiding the reality.Based on the theory of value for money,based on the current application status in China,this text finds out the problems of qualitative and quantitative evaluation by studying China’s value-for-money evaluation system and learning from foreign advanced experience.And propose improvement measures in turn for these problems.In the qualitative evaluation of value for money,there are defects in the three aspects of index selection,index empowerment and expert scoring.This text reconstructs the qualitative evaluation index system from three aspects: feasibility,usefulness and achievability.And then combining the intuitionistic fuzzy set theory and expert scoring method to determine the specific weight of the index and solves the problems of the subjectiveness,hesitation and uncertainty of decision-making information in the previous evaluation methods.Finally,an example is given to demonstrate the feasibility and scientificity of the improved method.The key factors affecting the quantitative evaluation results,such as the discount rate,the operating subsidy formula,the reasonable allocation of risks and the cost quantification are discussed.A new view is drawn on the selection of the discount rate,that is,the risk-free interest rate is adopted in the calculation process of PSC value and PPP value;the risk of social capital is considered to be larger than that of the government department in the operation subsidy formula.It is recommended to adopt the capital asset pricing model.The impact of the risk and inflation on the improved discount rate.In order to solve the problem that the “No.21 Document” subsidy expenditure is low and high,the project construction cost,operation cost and overhaul cost are all allocated during the operation period based on the “Annuity Formula”.The probabilistic method is integrated into the scenario analysis method,and based on the questionnaire survey,the risk cost is quantified by the analytic hierarchy process.It is suggested that the proportion of the total cost should be relatively lowered,and the proportion of the government’s self-retaining risk should be relatively raised to improve the accuracy of quantitative evaluation results.In this text,the relevant theories and models for improvement will be applied in the examples.And by comparing with the results obtained by the original system,the validity and superiority of the results will be proved,and the research value will be reflected in practice.