为鼓励和引导民间投资参与基础设施和公益事业项目建设中，在经济发展的推动 与一系列政策的引导下，我国在公共项目改革上做出了大量工作。财政部首次定义PPP （Public Private Partnerships，即PPP）模式，并积极推行。PPP 模式主要指公、私部 门为提供公共产品或服务而建立的长期的合作关系，物有所值是 PPP 模式的核心概 念，也是判断是否采用PPP 模式代替政府传统采购模式，提供公共服务项目的一种 评价方法。在我国社会新常态经济逐渐形成背景下，深入探讨 PPP 模式及其物有所 值评价功能，有利于为PPP 的推广做贡献。 论文研究了 PPP 模式的概念、特点与作用，分析了 PPP 与物有所值之间的关系， 和两者的在国内外的应用，以及PPP 模式物有所值的定性评价和定量评价在各学者 研究的应用和它们的评价流程，结合某高速公路LH段 PPP 模式的背景介绍，分析 某高速公路LH段PPP 模式是否物有所值，从而得出研究结论并提出建议，某高速公 路LH段 PPP 模式物有所值评价是本论文的重点研究内容。本文创建某高速公路LH 段定性评价体系以及定量评价体系：定性评价采用专家组评分法进行，结合项目的情 况根据经验确定定性评价体系中基本指标和补充指标的权重，制定专家评分原则，专 家打分，形成定性评价结论，为了减小专家确定权重时主观性的影响，本文通过采用 熵值法作进一步的检验，形成定性评价结论；定量评价体系通过确定和计算某高速公 路LH段公共部门比较值(PSC值)和PPP值的大小，并在定量评价过程中增加敏感性 分析，结合项目的情况，选取项目的折现率、运营成本、竞争性中立调整值和风险承 担成本作为敏感性因素，进行单因素敏感性分析，分析出影响定量评价结论的最主要 影响因素，以及各指标的影响大小，对定量评价结论做进一步验证分析，形成定量评 价结论。 通过计算分析得出 PPP 模式下的专家评分和成本，得出某高速公路LH段 PPP 模式通过物有所值评价的结论。某高速公路LH段 PPP 模式的成功大力推动了我国 PPP 模式的发展，对于投资方来说解决了融资困难问题和节约成本的效果，实现政企 合作的双赢局面。 关键词：物有所值 PPP 公共部门比较值 熵值法 敏感性分析 ABSTRACT In order to encourage and guide private investment to participate in the construction of infrastructure and public welfare projects, China has done a lot of work in the reform of public projects under the promotion of economic development and the guidance of a series of policies. Public Private Partnerships (PPP) mode was first defined by the ministry of finance and actively implemented. PPP mode mainly refers to the long-term cooperative relationship established by public and private sectors to provide public goods or services. Value for money is the core concept of PPP mode, and it is also an evaluation method to judge whether to use PPP mode to replace the traditional government procurement mode and provide public service projects. Under the background of the gradual formation of China's social new normal economy, in-depth discussion of PPP model and its value-for-money evaluation function is conducive to the promotion of PPP. Paper studied the concept, characteristics and functions of the PPP mode, analyzes the relationship between the PPP and value, and the application of both at home and abroad, and the PPP mode value of qualitative evaluation and quantitative evaluation in the academic research of application and their evaluation process, combined with a highway LH period of the PPP model of background introduction, analysis of LH section of an expressway PPP mode whether content is worth somewhat, thus study conclusions and recommendations, LH period of PPP mode of an expressway value evaluation is the key research content of this thesis.This paper created a highway section LH of qualitative evaluation system and quantitative evaluation system: qualitative evaluation expert grading method, combining with the situation of the project according to the experience to determine the qualitative evaluation system of the basic indexes and complementary indexes and weights of the experts marking principle, form the qualitative evaluation conclusion, the scores given by experts, in order to reduce the influence of subjectivity while experts to determine the weight, in this paper, by using the entropy method for further inspection, form the qualitative evaluation conclusions;Quantitative evaluation system for calculation and determination by LH of an expressway section of the public sector more value the PSC and the size of the value of the PPP, and increase the sensitivity analysis in the process of quantitative evaluation, combining the situation of the project, select project discount rate and operation cost, competitive neutrality modifier and risk-taking as sensitivity factors, single factor sensitivity analysis, quantitative analysis the impact assessment conclusion of the main influence factors, and the influence of various index size, for further verification analysis on quantitative evaluation conclusion, form a quantitative evaluation conclusion. Through calculation and analysis, the expert rating and cost in PPP mode are obtained, and the conclusion that the PPP mode in LH section of a highway is evaluated by value for money is obtained.The success of the PPP mode in LH section of a highway greatly promotes the development of the PPP model in China, which solves the financing difficulties and saves costs for investors, thus achieving a win-win situation of cooperation between government and enterprises. 目 录 摘要 ...................................................................... Ⅰ Abstract .................................................................................................................................................... Ⅱ 第一章 绪论 ............................................................. 1 1.1 选题背景与研究意义 ................................................................................................................ 1 1.2 国内外研究现状 ........................................................................................................................ 3 1.3 研究思路与方法 ........................................................................................................................ 7 1.4 本文创新点 ................................................................................................................................. 8 1.5 主要研究内容 ............................................................................................................................. 9 第二章 PPP与物有所值评价相关理论 ..................................................................................... 11 2.1 PPP模式 .................................................................................................................................... 11 2.1.1 PPP模式概念 .................................................................................................................... 11 2.1.2 PPP模式特点 .................................................................................................................... 11 2.1.3 PPP模式作用 ......................................................................................................................... 11 2.2 物有所值与PPP项目 ............................................................................................................. 12 2.2.1 物有所值概念 .................................................................................................................... 12 2.2.2 PPP项目物有所值评价在国际和我国的应用 ............................................................ 12 2.3 基于物有所值理论的PPP项目评价 ................................................................................... 14 2.3.1 物有所值的定量评价 ........................................................................................................... 14 2.3.2 物有所值的定性评价 ........................................................................................................... 14 2.3.3 评价流程 .................................................................................................................................. 15 第三章 某高速公路LH段PPP项目概述 ............................................................................... 17 3.1 LH段PPP项目背景 ........................................................................................