| With the rapid development of the national economy and the increasing demand for higher quality public services,scientific investment in public infrastructure upfront and operational management at a later stage are crucial.Based on financial considerations,it is impractical for the government to take over the entire process of directing and operating a project.With the trial and practice of the PPP operation model in the public infrastructure sector,the financing and operation problems faced by traditional public projects have been solved to a certain extent.The promotion of the PPP mode of operation has raised the importance of project performance management while improving the quality of public services,and more and more enterprises have begun to participate in PPP projects and some have even incorporated PPP business into their main business.Therefore,it is of great practical significance to study the impact of participation in PPP project operations on the financial performance of enterprises.As a leading private enterprise in the construction industry that participates in PPP projects,Longyuan Construction is a typical and representative case study for its participation in PPP operations.This paper firstly compares and summarises the relevant literature on PPP operation mode and financial performance by scholars at home and abroad.Secondly,by analysing the background,advantages and current situation of Longyuan Construction’s participation in PPP project operations,the path of influence of the enterprise’s participation in the PPP operation mode on financial performance is explored.Again,based on the operational management characteristics of Longyuan Construction and the characteristics of the construction industry,13 financial indicators are selected from four capability dimensions,and two empirical methods,factor analysis and data envelopment analysis,are combined to construct an evaluation system for the financial performance of the case company,evaluating the financial performance of Longyuan Construction before and after its participation in PPP project operations in terms of DEA validity,efficiency value,evaluation projection value and sensitivity,and finally A cross-sectional and vertical comparative analysis of the company’s financial performance was completed by combining empirical evidence with industry data.The empirical results show that the government’s promotion of the PPP operation model in 2014 did have a certain impact on Longyuan Construction’s financial performance during the time period examined.there is a lag in the impact of the promotion of the PPP operation model on financial performance,with Longyuan Construction’s financial performance showing a downward trend in the short-term1-year period,but gradually rebounding in the foreseeable medium to long-term future.Longyuan Construction has a high sensitivity in terms of development capacity,solvency and operating capacity,and a moderate sensitivity in terms of profitability.Within the construction industry,the companies involved in the operation of PPP projects with excellent financial performance ratings continue to be dominated by state-owned enterprises,and Longyuan Construction’s development is in the upper reaches of the industry,with the improvement in financial performance mainly constrained by technological innovation and management levels.Therefore,this paper focuses on the selection of quality PPP projects,risk management measures,speed of capital recovery,PPP project financing channels and improvement of technology and management level,and makes several suggestions for Longyuan Construction’s participation in PPP project operations and proposes feasible suggestions at the national level. |
