Research On Risk Management Of Government Investment Project

Development Economics Research proves that government investment project is a prerequisite and guarantee for economic development.It is a typical investment-driven economic growth in China. In the lastest30years investments have been the first driver of China’s economic growth, occupied an important share of the gross national product. In future, the Government investment will continue playing an important role in economic growth,industrial upgrading,structure adjustment,and macro-control.Due to the lack of a strict constraint and punishment mechanism、risk consciousness、insufficiency of supervision, our country government investment project has the problems of risk management backward、investment benefit in low,which result a large number of government investment projects having high potential risks, accidents, a serious threat to public safety.In the light of the problems, earnestly needs to have a practical engineering project risk management methods and scientific evaluation mechanism to guide, to further perfect the mechanism of government investment project risk management,and to provide a safe and healthy environment for people’s life,economic development and social progress.Familiar with and mastering of the research theory on domestic and international risk management and practice development are the premise and foundation of solving our country government investment project risk management and assessment problem.Based on the understanding of the risk management theory and the practice originated, analyses the project risk management research and practice progress of domestic and abroad.The western developed countries (such as the United States, Britain and Japan) in investment project risk management have experienced four stages which are the traditional risk management, risk management, based on the total life cycle risk management and integrated risk management. At present not only has formed a mature theory system, and obtained a good bind between the theoretical study and practical application.Many research results are applied to large project project, obtained remarkable result. Currently, in the international academic community it has agreed on the theoretical research of the connotation of risk management,argument now is concentrated on the method of risk identification and risk assessment. Research on risk management in China started late,the research methods and angle can be divided into technical angle, engineering angle and the angle of the organization theory results. Specific to the project risk management, domestic research has also gone through several stages which are the traditional risk management, comprehensive risk management, based on the whole life cycle risk management. However, at present the research of integrated risk management is little. But the risk of the project has a new understanding, in large engineering project practice achieved obvious effect. In our country the government investment project risk management although also formed some research results and system, but overall risk management level is still in the introduction, absorption and digestion phase, need to use more open and more specialized theoretical guidance identification, analysis and disposal technology risk.Compared with the general investment project government investment project has some characteristics which are larger scale, longer duration, higher risk,broader impact and so on. In general, the risks of government investment project can be divided into natural risk, social risk, human behavior or decision-making stage risks, risks during the design,construction and operation stages,and so on.Risk identification is the first step of government investment project risk management, and in the present stage is particularly important. There are some differences between the risk identification of government investment project and the general risk identification method proposed in risk management theory.The auther of this article thinks our country government project risk identification should through empirical analysis, risk investigation, expert consultation and experimental demonstration, on the project risk for the multi-dimensional decomposition and recognition, establishing engineering risk sheet, its core job is to "risk decomposition" and "identification of risk factors, and consequences of risk event".On the comparison and analysis of all kinds of risk identification and evaluation method, the article thinks the work breakdown structure (WBS) method and fuzzy comprehensive evaluation method are more suitable for our country government investment project risk identification and evaluation.And the corresponding risk disposal methods include six ways:risk avoidance, risk transfer, risk reduction, risk retention, emergency measures, risk sharing in.Application risk assessment steps, risk identification, risk assessment and decomposition method, risk disposal measures, this article takes the Qingdao city residential building project as a case to reseache that practices the proposed theory and methods,comes to the conclusion that this case overall risk is not high conclusion, basic accords with practice, better verified the theory research. Case analysis results show that the proposed to work breakdown structure (WBS) risk identification method, weight fuzzy weighting method and the overall risk fuzzy comprehensive evaluation method as the main contents of the risk assessment model can better solve the government investment project risk evaluation,and has higher reference value on strengthening the government investment project risk management.Due to the limited level, this paper research also exists some shortage.The theory and method of development about project risk management is not enough. It is need further promotion and expand on risk identification, evaluation theory and methodr, for example the identification of risk are careless, the risk evaluation is not enough precise, etc.These problems in the future research will be solved.