| Public-private partnerships are a way of public product provision, which is between service outsourcing and privatization and combines the characteristics of the two management styles. Under ppp mode, the public sector and private enterprises participate in public construction projects and operations, share the risks, and exert their own advantages to provide better provision of public services together. The understandings about cooperation mechanism of the PPP mode that people have are not deep enough, in addition to long-term implementation of PPP model and fewer examples that can be imitated, so to some extent, this way has limited the promotion and application of the PPP model. At the basis of PPP model's economic characteristics and the formation mechanism of public-private partnerships in public projects, this paper will research on the relationship of the structure of property rights and social efficiency of PPP project, risk-sharing mechanism, and mechanism of microstructure evolution; set up management structure of PPP and the policy decision on saving the projects in a difficult situation; advance the risk-sharing and management method of PPP projects, government regulatory policy and institution security system. Finally, a water project and highway project about public-private partnerships are taken as an example to carry out PPP projects empirical analysis of the mechanism.Compared with the general contracts, PPP model has its economic characteristics, including united inputs, social welfare's Pareto sub-optimal,social cost savings which are greater than the loss of social welfare, the twofold duty of the government and PPP project's property rights is distinct etc. By analyzing the economic characteristics of PPP, it is necessary to redefine the role of the public sector in public-private partnerships, manage PPP projects targeted and enhance the level of the supply of public services.Main theoretical basis of cooperation mechanism on PPP model includes the distinction theory of public projects, the theory of effective competition, the theory about the competitive market , the theory of incentive regulation and the theory of funding value of PPP model's selection.It is required to design a scientific co-operation mechanism to implement PPP model. For the realization of project's investment returns, it is necessary to set up the mechanism of the income's equitable distribution and benefits compensation, the win-win cooperate mechanism,the mechanism of the function of public-private partnership and benefit's coordinate. Considering the public welfare of public projects and quasi-public goods, it should take into account efficiency and equity,set up a prompting mechanism and a science market monitoring mechanism to the project company. In order to control the risk of moral hazard, it also should set up the self-regulatory mechanism on moral hazard of public-private partnerships, enhance the costs of moral hazard and exiting to the investor.The research on PPP project's structure of property rights has shown that: when it is hold by a private company, the level of cost savings depends on the level of the ratio of profit distribution. When it is hold by the government, the welfare loss is smaller, however, the effort of private companies is lower than the optimal level. Based on cost savings brought about by public-private partnerships and the size of social welfare's loss, government should select the structure of property rights reasonably ,and the high cost is mainly provided by the government. This paper has set up the general framework of the project governance under the PPP model, and has set up the project management structure, which makes property rights identified clearly, makes residual claim and controls over basic corresponding, and has a combination of government supervision, social supervision and contract constraints.In accordance with the principle of capacity and the principle of losses, this paper has discussed the PPP projects'identification of typical risk and approaches of risk-sharing, set up a risk-sharing mechanism for the risk which could be transferred, calculated the risk-sharing coefficient of both public and private and the distribution methods of interests based on the risk with the use of Fuzzy Comprehensive Evaluation Method. In order to control the risks of PPP projects effectively, a public-private collaborative risk management platform should be set up.Because of the long time of public infrastructure of PPP models'implementation, it is inevitable that there are difficulties in co-operation; this paper has analyzed the general process of the PPP model's evolution. The interests of balance and stability interacted between public and private are determined by the contribution coefficient of each other and the effectiveness growth rate of independent investment together, when one side's contribution is positive to the other side, then the two sides are very cooperative. The studies have shown that the foundation that government saves the projects in a difficult situation is that administrative costs of bankruptcy are greater then administrative costs of saving-subsidies.The government should set up supervision and regulation methods according the different nature of the project, determine the scientifical supervision way. In order to supervise price effectively, the thesis sets up the pricing mechanism. Using the Baron-Myserson theory, a prompting mechanism model which realizes the maximum of social welfare and satisfies to private enterprise participating in restriction and consistent restriction is built, induces private enterprise to show the true information of cost and quality,and constitute controlled price by cost and quality. The thesis raised that the implementation of PPP models is required to set up security system related institution. This paper has carried out empirical analysis about PPP's management organizations, pricing mechanisms , risk-sharing and buy-back of project with the example of a water supply project and highway about public-private partnerships.
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