Research On Critical Success Factors And Mechanism Of PPP Project Of Urban Rail Transit

Since the beginning of the 21^stcentury,China's urban rail transit has entered the rapid development stage.In recent years,under the new financial regulations and budget system,PPP mode has become the most important means of diversified financing in the field of urban rail transit.The use of PPP mode can greatly relieve the fund pressure of various local governments caused by the construction of urban rail transit.During the 13^thfive-year plan period,the number of PPP projects of urban rail transit has shown a rapid growth trend,involving a huge total investment.From the perspective of typical PPP projects of urban rail transit at aboard,there are a number of failure cases,indicating that PPP projects of urban rail transit have great risks.In addition,PPP mode has been applied in the field of urban rail transit in China for a short period of time,and the relevant experience of the government and social capital is relatively insufficient.Under the new development situation,urban rail PPP projects present a series of unique development characteristics in China.At the same time,there are also some problems and challenges.At the present stage,it is difficult for the state,local government and social capital enterprises to ensure the smooth progress of the construction stage and operation stage.It is difficult to realize the success of the whole project.Based on the above background,this paper starts with the critical success factors.The following research results are obtained:Firstly,through literature review and analyzing several typical PPP projects of urban rail transit at home and abroad,the influencing factors of success are identified preliminarily.And the influencing factors of success are adjusted by means of expert interview.In the end,33 influencing factors of success are determined.Secondly,data were collected by means of questionnaire survey,and 31 critical success factors were determined by SPSS statistical software.And by using the factor analysis method,the 31 critical successfactors are divided into five categories:main participants,external environment,industry regulation,project characteristics and transaction structure.Thirdly,the critical success factors are divided into different levels by using the interpretative structure model,and the mechanism of critical success factors on PPP projects of urban rail transit is analyzed.Finally,based on the research results and the experience of typical successful cases at home and abroad,combined with the development status of PPP projects in China's urban rail transit,suggestions and countermeasures are proposed from the three dimensions of policy level,local government and social capital side.The conclusion can be used as a reference for PPP project management of urban rail transit.