摘要：通过VFM理论与专家访谈得到27项PPP项目VFM驱动因素清单。利用问卷调查和因子分析，提取出六个主成分因子：社会资本方因素、政府方因素、风险类因素、成本收益类因素、项目特征因素和项目合同因素。研究结果表明社会资本方因素是最重要的宏观驱动因素，合理的风险分配是最重要的微观驱动因素。基于此，构建PPP项目的VFM驱动因素影响框架和项目全寿命周期内的VFM管控流程，提出提升PPP项目VFM的措施建议。

关键词：PPP项目；物有所值（VFM）；驱动因素；因子分析

Abstract：The paper gets the list of 27 VFM drivers in PPP projects through the VFM theory and expert interview method. Then，extracts six principal components including private sector factors，government factors，risk factors，cost and benefit factors，project feature factors and project contract factors by questionnaire survey and factor analysis. The result shows that，private sector is the most important macro factors，and reasonable risk allocation is the most important micro factors. Based on this，builds the influence frame diagram and management processes of VFM drivers in PPP project life-cycle，and puts forward some measures to improve VFM in PPP projects.

Keywords：PPP project；value for money；drivers；factor analysis

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