某某市某某区某某河水环境综合治理PPP项目物有所值评价报告某某有限责任公司二〇一六年七月目录第1章项目基本情况................................................................11.1项目概况.........................................11.2项目服务范围.....................................11.3项目背景.........................................21.4项目工程内容.....................................21.5项目投资建设计划.................................31.6项目操作模式.....................................51.6.1基本模式......................................51.6.2PPP合作期限..................................61.6.3项目公司......................................61.6.4补贴机制......................................6第2章PPP物有所值评价总体思路..........................................82.1物有所值评价依据.................................82.1.1主要政策依据..................................82.1.2某某市相关法律法规、规划和产业政策............92.1.3本项目PPP有关文件...........................92.2项目物有所值评价背景.............................92.2.1PPP模式的提出................................92.2.2物有所值评价的提出...........................112.3物有所值（VFM）评价基本思路.....................132.3.1评价原则.....................................132.3.2评价框架.....................................142.3.3评价对象.....................................172.4物有所值评价的风险识别与分配....................182.4.1科学识别项目风险.............................182.4.2PPP模式风险分配原则.........................212.4.3本项目风险分配机制...........................25第3章物有所值定性分析及结论.............................................263.1定性分析基本指标说明............................263.1.1全生命周期整合程度...........................273.1.2风险识别与分配...............................273.1.3绩效导向与鼓励创新...........................273.1.4潜在竞争程度.................................283.1.5政府机构能力.................................283.1.6可融资性.....................................293.1.7项目规模及资产寿命...........................293.2定性评分标准....................................303.3定性评价结论....................................343.4定性评价专家组意见..............................353.5物有所值定性评价结论............................35第4章物有所值定量分析及结论.............................................364.1定量评估基础条件................................364.1.1测算前提条件.................................364.1.2测算原则.....................................374.1.3测算假设.....................................384.1.4财务测算模型.................................424.2PSC值的评估....................................434.2.1PSC初始值...................................444.2.2竞争性中立调整值.............................454.2.3可转移风险及保留风险承担成本.................464.2.4PSC值测算结论...............................464.3PPP值的评估....................................464.4物有所值定量评价结论............................48第5章结论与建议..................................................................495.1结论............................................495.2建议............................................49附件一：专家签到表...................................................................51附件二：专家打分表...................................................................52附件三：专家意见表....