Study On Risk Of PFI Project Financing In InfrAstructure

Infrastructure construction is the basis of national economic growth, and it has indispensable effect on economic development. But today the relatively insufficient contradiction of infrastructure construction is more and more in evidence , the most directly restrictive factor that affecting the infrastructure construction in China is the insufficient fund resources , and it has become the'bottleneck'of Chinese economic growth .Under the background, this paper suggest that it is time to introduce the mode of PFI into Chinese infrastructure construction field, the mode of PFI(Private Finance Initiative) has proved to reduce the insufficient fund problem of infrastructure construction to some extend in some countries such as UK. So it provides a new financing way for infrastructure construction in China.The paper is on the basis of analyzing the current study situation both at home and abroad of the Project Financing risk management, combining the own characteristic of the Project Financing risk management of the infrastructure construction and the applied situation in China. It regards the basic step of risk identification , risk assessment and risk distribution as the clue , carrying on research to the PFI Project Financing risk management of the infrastructure construction in China.Firstly, this paper applies the basic method of risk identification, classifying the PFI project risk of the infrastructure construction in China, then analyses and illustrates the risk factors of the PFI mode project in detail . Secondly, it applies the method of AHP and expert investigation to assess the risk of the mode of PFI in Chinese infrastructure construction, then sets up the risk assessing mode of the PFI projects in infrastructure construction, and analyses them concretely. In the discussion of risk distribution, it applies the analysis method of game theory to explain the basic principles of risk distribution. Thirdly, it introduces the research status of risk distribution of PFI projects in UK. After that, it combines the reality of our country , putting forward the main risk treating method of PFI project, and provides the risk distribution table of Chinese PFI infrastructure projects to carry on quantitative analysis.Finally, aiming at some problems of the PFI project Financing risk management in China, this paper put forward some suggestion such as the perfecting of policy and law, establishing the mechanism of Capital Guarantee and investment return fund, and developing the intermediary service organization etc.