Research On Risk Allocation In Urban Rail Transit Projects Of BT Mode

As China's quick urban rail transit construction development, BT (Build-Transfer, abbreviated as BT) construction mode is getting more and more extensive use. The broader implementation and use of BT construction mode, on the one hand, it has opened up a new investment channel for private capital and surplus capital of the enterprise, which meets the requirements of diversification of investment for urban rail transit construction, on the other hand it also help the government relieve fiscal pressure on the shortage of investment for rail transit construction, which has a powerful impetus to the development of modern urban rail transit construction in our country.This paper studied on risk allocation problems in construction projects of BT mode on the basis of the analysis of the reason why BT construction mode can be used in urban rail transit construction projects. Then we make a theoretical research on the general principles of risk allocation, mechanism of risk allocation and risk identificationAccording to the special economic characteristics of urban rail transit project and BT construction mode, we summed up risk allocation principles and mechanism for urban rail transit project of BT mode With all the summed principles mechanism above, we identified all the major risk factors in urban rail transit projects of BT mode and established the risk allocation framework for urban rail traffic projects of BT mode.On the basis of acceptability of both participants in BT projects in practice, we introduced utility theory function and established risk allocation model for urban rail traffic of BT mode based on the utility theory. Then we theoretically proved this model can be successfully used to allocate the join risks between the sponsor and building contractor in BT projects. Ultimately, we verified the above model by using actual example analysis.