Abstract:It is the key for PPP projects to get success that the good cooperation between the public and the private, however the project success and the project (management) performance cannot make a more detailed evaluation on the cooperation effects of the public and the private. Therefore, the construct of the efficiency of the PPP project is proposed based on the “contract efficiency”, which is from the contract economics. Firstly, based on Grounded theory, the original data are obtained through literature analysis and interview, and the research materials are coded through the software of Nvivo10 to get the dimension of the PPP project efficiency, which includes twenty-one sub categories, eight main categories and three sub-core categories. Secondly, the concept model of PPP project efficiency is obtained according to the coding results, corresponding concepts are interpreted, and the definition of the concept is proposed by distinguishing the existing similar concepts. The results show that the efficiency of PPP project has nothing to do with the innate and objectivity factors, which is mainly determined by the relevant institutional arrangements and the factors of the project participants. Finally, the efficiency of PPP project is measured by the degree of performance of the contract subject, the realization degree of the project goal and the satisfaction degree of the core stakeholders.