Abstract: This study analyzed 5 cases of the private enterprise to participate in PPP projects and extracted 11 major influencing factors for it as follows: returns on investment(ROI), operational efficiency, policies and regulations, lack of government commitment, fair competition, risk distribution, governmententerprise relationship, government concept, risk bearing capacity, entrepreneur opportunity identification and technical management experienceBased on ISM (interpretation of structural model method), A multilevel hierarchical structure model(EGM)of influencing factors for private enterprises to participate in PPP projects is constructedWe have concluded the three factors that influence the participation of private enterprises: marketled factors, governmentled factors and enterpriseled factorsIn addition, this study puts forward several suggestions from the government and the enterprise level to improve the participation of private enterprises

Key words:  , private enterprise, Publicprivate partnership, Urban public utilities, influence factor

摘要： 本文以５个参与城市公用事业PPP项目的民营企业为案例研究对象，提炼出民营企业参与城市公用事业PPP项目的11个主要影响因素，即投资回报率、运营效率、政策法规、政府承诺缺失、公平竞争、风险分配、政企关系、政府观念、风险评估、企业家机会识别和技术管理经验。基于解释结构模型法，本文构建了民营企业参与城市公用事业PPP项目影响因素的多级递阶结构模型（EGM），归纳出影响民营企业参与度的三要素（市场主导型因素、政府主导型因素和企业主导型因素）及其内在的逻辑架构，并从政府层面和企业层面提出提高民营企业参与度的建议。

关键词: 民营企业, 政府与社会资本合作, 城市公用事业, 影响因素