This study develops a post-value for money (post-VfM) evaluation model for public–private partnership (PPP) road projects in Korea. Following the abolition of the minimum revenue guarantee system, the demand risk was transferred to the private sector, thus necessitating an unbiased and data-driven assessment under the new adjusted build-transfer-operate (BTO-a) framework. The proposed model extends the existing ex-ante VfM analysis by incorporating actual operational data and estimating government payments for both public-sector comparator and private finance initiative alternatives on a lifecycle cost basis. Using an actual BTO project restructured as BTO-a, the simulation shows that the post-VfM ratio increases from 23.5% to 37.9%, thus confirming fiscal efficiency and balanced risk sharing. This model enables feedback between planning and operation, supports transparent policy evaluation, and provides a foundation for sustainable PPP governance in future infrastructure projects.

ABSTRACT
1. 서론
2. 기존 연구 및 제도 고찰
    2.1. 투자평가 제도
    2.2. 사후 평가 관련 연구
    2.3. 시사점 및 연구의 차별성
3. 모델 개발
    3.1. 모델의 틀
    3.2. 민간투자대안(PFI) 추정 모델 개발
    3.3. 정부실행대안(PSC) 추정 모델 개발
4. 모델 적용 및 시뮬레이션
    4.1. 모델의 적용
    4.2. 모델 시뮬레이션
5. 결론 및 향후 연구과제
감사의 글
REFERENCES

• 권혁(한국교통연구원 민자도로관리지원센터 부연구위원) | Kwon Hyug
• 조윤지(한국교통연구원 민자도로관리지원센터 전문연구원) | Cho Yun ji
• 김범일(한국교통연구원 민자도로관리지원센터 부연구위원) | Kim Beomil Corresponding author