Research On VFM Economy Of Urban Underground Comprehensive Pipe Gallery PPP Project

China’s GDP has stably ranked second in the world since the chinese economic reform,and people’s living standards have been greatly improved in the past four decades.During this period,the Chinese government also vigorously promoted the construction of a new type of urbanization with basic characteristics such as harmonious development,Economical and intensive,ecological livability,and Industry interaction.China’s urbanization rate has risen rapidly from 17.9% in 1978 to 64.7% in2021.With the new urbanization construction entering the stage of large-scale development,the maintenance and expansion of the original directly buried urban pipeline network has seriously affected normal life,daily traffic order and travel safety of urban citizens.The phenomenon of "road zipper" caused by repeated excavation of the same road has caused huge losses to the government.The urban underground comprehensive pipe gallery can effectively solve the above problems,but its huge initial investment,heavy dependence on local government policies,long investment return period,and livelihood projects determine the entire urban underground comprehensive pipe gallery project are all depends on the local government from project initiation to later maintenance.The PPP project mode promoted by the central government in 2014 combines social private capital with government public facilities construction projects,which can not only alleviate the shortage of government funds in super long and super large projects,but also give full play to government functions and optimize resource allocation,and improve the efficiency of project construction and management,so as to achieve a win-win situation between project participants and urban residents.Although the application of PPP mode to the construction of urban underground comprehensive pipe gallery has many advantages,the complexity of the project itself makes it difficult for government departments and private investors to quantify the economy of the whole life cycle of the urban underground comprehensive pipe gallery and make decisions when making project initiation decisions,and the investment value of the project is also the primary concern of urban managers and social investors.This paper first introduces the basic concepts and theories such as PPP mode,VFM theory,AHP method and fuzzy analysis method,and then establishes the qualitative and quantitative evaluation model of VFM economic evaluation of urban underground comprehensive pipe gallery PPP project based on the relevant theory of VFM(value for money)and the research of domestic and foreign scholars on PPP projects;Then it introduces in detail the determination of the evaluation index and its influencing factors,the weight distribution of the evaluation index,the calculation of the overall evaluation level and the determination of the qualitative evaluation conclusion;The determination of PSC value,PPP value and conclusion of quantitative evaluation are also introduced in detail;Finally,the model is applied to the actual urban underground comprehensive pipe gallery PPP project,and the VFM economic evaluation results are calculated to verify the applicability of the VFM economic evaluation model.