Research On Investment Efficiency Of Ppp Model Expressway Project-Social Investor Perspective

PPP mode is one of the main modes of expressway project financing at present.Under this mode,the government and social capital parties jointly set up a project company,in which the social capital party pays more attention to the economic benefits of the project than the government party.The previous research on the investment efficiency of highway projects mainly focuses on the perspective of the government.With the wide application of PPP mode,it is necessary to study the investment efficiency of expressway projects in PPP mode from the perspective of social capital.The literature survey shows that the research on investment efficiency has always been the focus of domestic and foreign experts and scholars.The goal of this study is to study the investment efficiency of expressway projects from the perspective of social capital.First,based on efficiency theory and data envelopment analysis,through the comparative analysis of the input and output items of expressway projects from the perspective of the government and social capital,Input and output index system of the PPP model expressway projects is constructed from the perspective of social capital,and analyzed the factors that affect the project input and output.Then,taking eight expressway projects implemented in the PPP mode during the 13 th Five Year Plan period in Hebei Province as examples,the paper used data envelopment analysis to evaluate the project investment efficiency from the perspective of social capital.The evaluation results show that: first,the investment efficiency of expressway projects analyzed by empirical analysis is significantly different,In particular,the investment efficiency of some projects in the operation period is low;Second,the general contractor as the social capital party uses BOT+EPC mode to participate in the expressway project,which helps to improve the investment efficiency of the project and will become the cooperation mode preferred by the social capital party under the current financing background.The research shows that the investment efficiency of expressway projects in PPP mode from the perspective of social capital is uneven,which has much room for improvement.At the same time,the general contractor’s participation in PPP projects as a social capital party will help to improve the investment efficiency of projects.The research conclusions and suggestions of this paper will help the social capital party to more comprehensively examine the investment efficiency of expressway projects and improve it,and have a certain reference significance for the social capital party to participate in PPP mode expressway projects.