Abstract：

As China's economy enters a stage of high-quality development, the strategic importance of infrastructure construction and public service provision in the national economy has become increasingly prominent. Against this backdrop, the public-private partnership (PPP) model has gradually become an important area of research in academia. Currently, the development of PPP projects in China exhibits stage-specific characteristics: on the one hand, project scale continues to expand, while on the other hand, implementation outcomes show significant variations, manifested in notable fluctuations in project implementation rates and inconsistent operational performance. PPP project operational performance also varies widely. Based on operational performance theory and stakeholder theory, this paper employs literature review and multi-case analysis methods to identify six key factors influencing PPP project operational performance and analyses their underlying mechanisms.

Key Words：

PPP projects, operational performance, stakeholder theory