Study On Key Influencing Factors Of Overseas “Investment-Construction-Operation” Projects Implemented By China's Construction Firms

With the construction of the Belt and Road and further advancing of global cooperation on production capacity,China's international construction Firms accelerate the “Go Global” strategy.Facing increasing competition the international contracting market,China's international construction Firms actively seek the sustainable development path and explore the transformation and upgrading of business for industry of international contracting for construction.Overseas infrastructure projects have developed from the traditional project contracting model to the Integration of Investment,Construction and Operation model,and the project structure,implementation environment,business model,development cycle and relevant stakeholders have already changed fundamentally,which puts forward higher requirements on the strength of the implementer and their ability to integrate global resources.China's international construction Firms just starts their business of the Integration of Investment,Construction and Operation overseas and the corresponding system and the management pattern has yet to mature.So,there are kinds of phenomena and problems such as valuing contracting more than investment and operation,developing the “integration” formally,showing strong purpose on contracting,single financing channel and weak ability in financing,inadequate understanding for developed economies,weak consciousness of risk prevention,lacking the experience,lacking the idea of social responsibility,long chain of approval for investment,and fierce competition during the process of implementation of actual projects.Based on the theory of value chain and vertical integration,this paper proposes the understanding and manifestation of the concept of "Integration of Investment,Construction and Operation" through studying on the implementation of "Integration of Investment,Construction and Operation" overseas of China's international construction Firms and analyzing the problems in the actual implementation process of the project.Combined with the literature research status at home and abroad,this paper systematically sorts out the influencing factors of the implementation of "Integration of Investment,Construction and Operation" overseas of China's international construction Firms.Through the form of questionnaire survey,advice from stakeholders of the project of "Integration of Investment,Construction and Operation" are fully consulted,including implementing units,banks and insurance institutions,law firms,etc.The method of combining analytic hierarchy process with decision-making trial and evaluation laboratory(AHP-DEMATEL)is adopted to study the mutual relationship and degree of influence among various influencing factors,which is to identify that the key factors for China's international construction Firms implementing "Integration of Investment,Construction and Operation" are the project host country's foreign investment policy,monetary financing and tax policy,and national credit and government policy stability,the executors' ability of integrating internal and external resources and its implementation capacity,and China's financial support policy.Finally,suggestions are put forward from the levels of nation,industry and executor,so as to provide reference for China's international construction Firms to “Go Global” and carry out "Integration of Investment,Construction and Operation" business.