随着城市化进程不断推进，我国基础设施建设需求也在不断提升。在PPP模式进 入中国后，该模式作为政府与社会资本合作的新模式，也成为政府与社会资本在高速 公路领域全方位合作的新途径。伴随着PPP模式实践的不断推进，该模式下存在的问 题逐渐暴露。为确保项目质量，按照财政部要求，项目入库前必须进行物有所值评价。 本文基于贵州省交通现状和贵州省A市和Q州财政状况，ZW高速公路项目拟采用PPP 模式。在这一背景下，对该项目物有所值情况进行评价，并将它作为评判项目是否可 采用PPP模式的依据。 本文首先对国内外基础设施采用PPP模式进行总结分析，在此基础上对物有所值 理论进行概述，分析了国内物有所值评价体系的演进及存在不足，借鉴国外主流PPP 项目物有所值评价体系做出阐述。以ZW高速公路为论证对象，首先对该项目进行物 有所值定性分析，结合评价指标体系中的各项评价内容进行分析评价，通过百分制评 分法进行打分，得到该项目定性评价得分87.19分，大于60分，通过物有所值定性评 价。再对该项目进行物有所值定量分析，根据参照项目计算PSC值和PPP值，得出该 项目物有所值量值为332148万元，物有所值指数为43%，两者均大于0，该项目通过 定量评价。 综合评价结果，认为该项目适合采用PPP模式实施。通过采取PPP模式导入社会 资本加以优化，与政府采取传统投资模式相比，在筹集资金、施行运营、偿还债务和 资产管理等方面均更具有优越性和合理性。 关键词：PPP；物有所值；基础设施；政府财政；高速公路 西南交通大学硕士研究生学位论文第II页 Abstract Withthedevelopmentofurbanization,thedemandofinfrastructureconstructionin Chinaisalsoincreasing.AfterenteringChina,PPPmode,asanewmodeofcooperation betweengovernmentandsocialcapital,hasalsobecomeanewwayofall-roundcooperation betweengovernmentandsocialcapitalinthefieldofexpressway.Withthecontinuous promotionofPPPmodepractice,theproblemsunderthismodearegraduallyexposed.In ordertoensurethequalityoftheproject,accordingtotherequirementsoftheMinistryof finance,itisnecessarytoevaluatethevalueformoneybeforetheprojectisputintostorage. BasedonthecurrenttrafficsituationofGuizhouProvinceandthefinancialsituationofa cityandQPrefectureofGuizhouProvince,theprojectofZWExpresswayplanstoadopt PPPmode.Inthiscontext,thevalueformoneyoftheprojectisevaluated,anditisusedas thebasistojudgewhetherthePPPmodecanbeadoptedfortheproject. Atfirst,thispapersummarizesthePPPmodelofinfrastructureathomeandabroad, thensummarizesthevalue-for-moneytheory,analyzestheevolutionofdomestic value-for-moneyevaluationsystemanditsshortcomings,drawlessonsfromabroad mainstreamPPPprojectvalue-for-moneyevaluationsystemtomakeanelaboration.Taking ZWexpresswayasthedemonstrationobject,firstly,theprojectisanalyzedqualitativelyon thebasisofvalueformoney,combinedwithvariousevaluationcontentsintheevaluation indexsystem,andscoredbythepercentagesystemscoringmethod.Thequalitative evaluationscoreoftheprojectis87.19points,whichismorethan60points,andtheproject isevaluatedqualitativelyonthebasisofvalueformoney.Thenthequantitativeanalysisof theprojectvalueformoneyiscarriedout.AccordingtothePSCvalueandPPPvalue calculatedbyreferencetotheproject,thevalueformoneyoftheprojectis3321.48million yuan,andthevalueformoneyindexis43%,bothofwhicharegreaterthan0.Theproject haspassedthequantitativeevaluation. ThecomprehensiveevaluationresultsshowthattheprojectissuitableforPPPmode. Comparedwiththetraditionalinvestmentmodeadoptedbythegovernment,PPPmodehas moreadvantagesandrationalityinfund-raising,operation,debtrepaymentandasset management. Keywords:financing;privatecapital;infrastructure;finance;railtransit 西南交通大学硕士研究生学位论文第III页 目录 第1章绪论..........................................................................................................................1 1.1研究背景...................................................................................................................1 1.2研究意义....................................................................................................................2 1.3国内外研究现状.......................................................................................................2 1.3.1国内研究现状...................................................................................................2 1.3.2国外研究现状...................................................................................................3 1.4研究方法和研究内容................................................................................................4 1.4.1研究方法...........................................................................................................4 1.4.2研究内容............................................................................................................4 1.5技术路线....................................................................................................................5 第2章PPP模式和物有所值理论概述...............................................................................6 2.1PPP模式概述.............................................................................................................6 2.1.1PPP的定义和特征............................................................................................6 2.1.2国内PPP模式发展历程..................................................................................7 2.1.3发达国家及国内其他地区的有益探索...........................................................8 2.2物有所值理论概述......................................................................................................9 2.2.1物有所值的涵义..................................................................................................9 2.2.2物有所值评价内容...........................................................................................10 2.2.3国外主流PPP项目物有所值评价体系...........................................................12 2.2.4我国PPP项目物有所值评价体系的演进特征...............................................14 2.2.5我国PPP项目物有所值评价体系的不足.......................................................16 第3章ZW高速公路项目物有所值定性分析...............................................................18 3.1项目概述..................................................................................................................18 3.1.1项目背景..........................................................................................................18 3.1.2项目概况..........................................................................................................19 3.1.3运作机制..........................................................................................................20 3.2定性分析基本思路..................................................................................................21 西南交通大学硕士研究生学位论文第IV页 3.3定性分析过程..........................................................................................................21 3.3.1确定定性分析指标........................................................................................21 3.3.2成立专家小组..................................................................................................23 3.3.3指标权重确定..................................................................................................23 3.3.4专家小组打分..................................................................................................26 第4章ZW高速公路项目物有所值定量分析...............................................................28 4.1定量分析流程..........................................................................................................28 4.2设定参照项目..........................................................................................................29 4.3PSC值的计算..........................................................................................................29 4.3.1计算依据........................................................................................................29 4.3.2建设和运营维护净成本................................................................................30 4.3.3竞争性中立调整............................................................................................31 4.3.4项目全部风险成本.............