| In 2016, the State Council promulgated a series of laws and regulations in succession to promote the construction of new urbanization. It can be forecasted that investment in urban roads, water conservancy, environmental protection and other infrastructure projects will be greater during the 13 th five-year plan. At the same time, local governments will face a lot of financial pressure. In this case, PPP financing model has been developed rapidly, which can use the funds more efficiently and flexibly. But generally, the PPP project has a huge amount of investment, long construction period, various risk factors and many participants with their own different interest demands. Therefore, the reasonable and effective risk sharing scheme has become the key factor for the successful operation of the PPP project.Firstly, this paper reviews the research literature at home and abroad, introduces the related concepts and theories. On this basis, this paper brings in the case of Beijing Metro Line 4 PPP project, introduces its background, the scheme, the main participants, the related mechanism and the implementation of the project, and then analyzes the rights and obligations of the public and private parties, the risk categories of the project and the risk sharing scheme between the government and the private sector in Beijing Metro Line 4 project. At the same time, the two important principles of risk sharing are introduced by game theory, and then this paper analysis the optimal risk sharing scheme combined with the case of Beijing Metro Line 4 project. The results show that the risk sharing arrangement between the government and the private sector is basically consistent with the optimal risk sharing framework in Beijing Metro Line 4 project. In the view of actual running, Beijing Metro Line 4 runs smoothly, achieves the expected result and the risk is well controlled. But at the same time analysis also indicates that some risk sharing designs are not reasonable and need to be adjusted. |
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