随着城市现代化进程的加快，为了进一步提高人民生活水平、完善城市基础 设施，地下综合管廊越来越多的运用到城市基础建设中。然而，由于建设成本昂 贵、政府财政短缺等问题，地下管廊的落地建设受到阻力。PPP 模式（Public- Private-Partnership，政府与社会资本合作）将社会资本引入基础设施建设投资领 域，不但缓解了政府财政资金短缺，还能更好的发挥政府和社会资本职能、有效 分配社会资源，进而提高建设效率，实现公私双赢。但是，PPP 模式作为提供基 础设施产品和服务的选项之一，政府不能主观偏好或者否定某一采购模式，应当 有科学可量化的依据来判断该模式是否物有所值（ValueforMoney，简称 VFM）。 因此，在项目运营初期，需要用科学的方法进行探讨，判断 PPP 模式的经济可行 性。 本文基于财政部颁发的《PPP 物有所值评价指引（试行）》对 VFM 评价体系 的描述，对开展 PPP 模式的项目进行事前决策评价，运用实例展示定量分析的评 价全过程，为未来城市基础设施的 PPP 项目提供参考。 首先，对近几年国内外的运用 VFM 评价 PPP 项目的发展现状进行总结，简 要介绍城市地下管廊建设的相关理论研究，着重阐述 PPP 模式的概念内涵，说明 VFM 评价体系的关键参数。 其次，结合地下管廊项目实际案例，建立地下综合管廊 PPP 项目的 VFM 评 价模型。对 VFM 评价中关键值的计算方法进行类比，选择适用我国地下管廊 PPP 项目的计算方式，对原有的 VFM 定量评价模型进行调整和改进。 最后，利用本文建立的城市地下管廊 PPP 项目的 VFM 定量评价模型，验证 PPP 模式对南宁市地下管廊的适用性及可行性，以期为政府在项目采购阶段的融 资方法选择上提供科学的可量化的依据。 关键词，城市地下管廊；PPP 模式；物有所值评价法II Abstract With the acceleration of urban modernization process, in order to improve people's living standards and urban infrastructure, underground pipe gallery is increasingly applied to urban infrastructure construction. However, because of the high cost of construction and the shortage of government finance, the underground pipe corridor is resisted. PPP mode (Public-Private-Partnership) brings social capital into the field of infrastructure investment, alleviating the shortage of government financial funds,make full use of the functions of government and social capital, and effectively distributing social resources, so as to improve construction efficiency and achieve win-win situation. However, the PPP model as one of the options to provide infrastructure products and services,the government can’t prefer a purchase model or refute it.Thus, we should find a secientific quantitive foundation to judge it whether is a VFM choice. Therefore, in the early stage of the project operation, it is necessary to use scientific methods to discuss the economic feasibility of the PPP model. Based on the description of the VFM evaluation system the evaluation system ,which is issued by the Ministry of finance.We should carry out the decision- making process in advance.Then, I will demonstrate the example quantitative analysis, which can be for government. First, I will briefly introduce the related theoretical research on the construction of urban underground pipe gallery. I will emphasize the concept and connotation of PPP mode and the VFM evaluation system and summarize the development status of PPP project in recent years . Secondly, based on the specific object of the underground pipe Corridor project, I establish the VFM evaluation model of the underground comprehensive pipe Corridor project under the PPP model. The core elements of VFM evaluation model are analyzed in detail, and compare the calculation method of components and connotations.Then, I select the suitable calculation method for underground pipe corridors in China and bulidIII a complete VFM quantitative evaluation model. Finally, using the VFM evaluation of the PPP projoct model in Nanning city underground pipe gallery, I can verify the applicability and feasibility of VFM quantitative evaluation model. Thus, this can provides a scientific basis of measurable PPP model for the underground pipe gallery project for government. Key words: Urban Underground Pipe Corridor; PPP model;Value for Money1 目录 摘要 ...............................................................I ABSTRACT ..........................................................II 1 绪论 ............................................................1 1.1 研究背景及意义..................................................1 1.2 文献综述........................................................4 1.3 研究内容及方法..................................................9 1.4 研究框架及技术路线.............................................10 1.5 创新之处.......................................................13 2 PPP 模式在地下管廊中运用的理论基础 ..............................16 2.1 PPP 模式的内涵 .................................................16 2.2 PPP 模式与其他类型合作方式的对比 ...............................17 2.3 PPP 模式在地下管廊项目中的优越和局限之处 .......................18 3 VFM 基本概念和实现方法 ..........................................22 3.1 VFM 的基本概念和内涵 ...........................................22 3.2 实现 VFM 评价的方法.............................................22 3.3 VFM 定量评价中关键参数分析 .....................................25 4 PPP 模式下地下综合管廊项目 VFM 评价模型 ..........................31 4.1 物有所值定性评价分析...........................................31 4.2 物有所值定量评价分析...........................................33 4.3 PPP 模式下的地下综合管廊 PPP 影子报价的确定 .....................39 5 地下管廊 PPP 项目的 VFM 评价，以南宁市为例 .......................42 5.1 南宁市地下综合管廊市政基础设施建设项目简介.....................42 5.2 南宁市地下综合管廊 PPP 项目 PSC 值的计算.........................44 5.3 VFM 计算结果分析 ...............................................472 6 结论与展望 .....................................................49 6.1 结论...........................................................49 6.2 研究不足和展望.................................................50