Research On PPP Project Evaluation Of Traffic Construction Based On VFM Model

With the continuous opening of the field of infrastructure construction to private and social capital,PPP mode(i.e.cooperation between government and social capital)will become a more effective choice for the development of infrastructure and public service projects,and play an increasingly important role in promoting the urbanization of China.PPP model is a bridge for the government and social capital to carry out equal and fair cooperation,which is conducive to promoting the mobility of social capital and making full use of the advantages of social capital.Its advantages include not only capital but also management and operation,professional technology and innovation.PPP mode can also improve the efficiency of public infrastructure construction and public services,so that people can enjoy public construction products and services of higher quality earlier,faster and more quickly.Therefore,the promotion and application of PPP model has played a positive role in adapting to the modernization of national governance,accelerating the transformation of government functions,and promoting the establishment of a modern financial system.The value for money evaluation model is an important basis for deciding to adopt PPP mode.VFM evaluation shows whether PPP mode can replace the traditional procurement mode and the advantages if PPP mode is adopted.VFM evaluation is a technical means to solve whether PPP mode is adopted compared with traditional procurement mode,and it is not to evaluate whether the project itself has value for money.If the project passes the VFM evaluation model,PPP mode can be adopted,otherwise traditional procurement mode or other modes should be adopted.Therefore,the research of VFM evaluation model has certain theoretical and practical value for the development of PPP project.This paper mainly takes traffic construction as an example and uses VFM evaluation model to analyze and evaluate PPP project in detail.Specifically,it includes: first,qualitative evaluation and analysis,which mainly analyzes the advantages of PPP mode compared with the traditional mode from six basic evaluation indicators and supplementary indicators: the integration of project cycle,risk factors of the project,efficiency and efficiency of the project,potential competition degree of the project,implementation ability of government participants,project financing situation.The second is quantitative evaluation and analysis,which mainly compares public sector comparator(PSC)and PPP.PSC value refers to the cost under the traditional procurement mode,which is mainly obtained by calculating the sum of initial PSC value,competition neutral adjustment value and risk adjustment number.PPP value is calculated and analyzed to get the cost of adopting PPP mode.Then we get the conclusion that the cost is smaller under PPP mode.Finally,in the process of using VFM to evaluate traffic construction projects,the paper provides suggestions on the shortcomings of PPP mode decision-making,so as to promote the healthy development of PPP projects.