Study On The Risk Sharing Of Public Private Parterships In Infrastructure Project Under The Perspective Of Stakeholders

With the advancement of China’s modernization process, the construction ofinfrastructure projects related to people’s livelihood will become the basis for the project.Infrastructure projects have a large investment, large-scale and long construction period,financial support from the government alone can not fully afford, funding support of privateinvestors is necessary. In this realistic background, a new project of cooperation—public-private partnerships pattern emerged. Through public-private partnership (PPP) model,partners share the project risk, so we can achieve a more favorable outcome than expectedacting alone. This paper will examine the research perspective under the individualstakeholder perspective, research the risk of public-private partnerships in infrastructureprojects for sharing, build a "risk-sharing theoreticalâ†'risk identificationâ†'initial risksharingâ†'determine the proportion of risk sharedâ†'empirical analysis" as the maincontents of the risk-sharing mechanism, in order to achieve the mutual checks and balancesof the project’s risk-sharing powers, responsibilities and interests between the relevantstakeholders, and achieve win-win public-private partnerships in infrastructure projects.First, this paper introduces the public-private partnership infrastructure projectsrisk-sharing theories, including the concept definition of public-private partnership modeland other stakeholders, PPP model, risk factors that impact PPP infrastructure projects andthe risk-sharing features. Then, make a stage division about public-private partnershipsinfrastructure projects based on milestone plan, using the Delphi method to determine theinitial36risk indicators, combined with principal component analysis to remove the19"minor" indicators, build public-private partnerships infrastructure project risk index in thisarticle. Secondly, use the basic idea of gray correlation method to establish risk-sharingmodel, divide the risks into risk that stakeholders commit alone and risk that commit together.As to the risk commit alone, according to the size of the correlation between risk indicatorscalculated with stakeholders to determine the various stakeholders who should bear this riskfactor; in this process we use rough set to determine the index weight, making the riskindicators be more applicable. Thirdly, as to the risk commit together, in full consideration ofrisk appetite as well as cooperation between the various stakeholders, based on cooperativegame with random method to determine the proportion of total risk-sharing, in order toachieve the overall project risk’s minimized. Finally, take China Railway Tunnel Group for example, make empirical analysis of public-private partnerships about Qingdao Jiaozhou Baytunnel project risk sharing case. Select five stakeholders of the project, use gray correlationanalysis to share risks, then take the risk of missing contract terms for example, calculatewhat risk ratio the China Railway Tunnel Group and Qingdao Guoxin Group should bear is,in order to enrich and validate the theoretical perspective of individuals under public andprivate stakeholders in infrastructure projects in cooperation risk sharing.In this paper, by building infrastructure project risk index system of public-privatecooperation, establishing of risk analysis methods of gray correlation sharing model, buildingthe proportion models of risk-sharing about public-private partnership infrastructure projectsbased on random cooperative game, to explore a set of relatively complete risk-sharingmechanism about public-private partnership infrastructure projects under the perspective ofindividual stakeholders, to make its various stakeholders should share the risk of moretargeted, lay a good foundation for risk control.