Research On The Risk Management Of Urban Infrastructure PPP Project From The Perspective Of Private Investor

Accompanied by rapid urbanization in China,the infrastructure in most cities has been unable to meet the functional requirements for developing local economic.Hence,it is urgent for each local government to strengthen and improve the urban infrastructure construction to satisfy the potential needs of social and economic development.Government everywhere are facing the pressure of insufficient construction fund at present.At the same time,a single investment,dominated by financial fund,has not been contented more and more construction fund with various projects started.Therefore,as an emerging investment and financing mode which attracts social capital to participate in urban infrastructure construction,PPP is the optimal solution to funding “bottleneck”.The PPP mode is widely promoted and applied all over the world,making full use of social capital management resources’ capital,technology,etc.,and combining with the policy bonus of the public sector.However,given the diversity of the PPP project operation mode,the particularity of participants,and PPP project itself has a long construction period,large and long payback period of investment and uncertain risk factors,Applying this mode to the field of urban infrastructure construction in China still contains much higher risk.Accordingly,how to low down the PPP mode private investment risk and strengthen management of the project risk on the project private sector becomes the key to the smooth implementation of the infrastructure construction project and important research topic to be solved.This thesis is discussed from the perspective of project private sector’s risk.Firstly,the author reviews the definitions of PPP mode and urban infrastructure project,their features,and Risk Management theory based on much literature at home and abroad.Secondly,based on literature review of urban infrastructure PPP project risk cases,the author designs a questionnaire containing seven aspects including 50 factors--policy,market,finance,contract,law and society,harmonious management and construction operation,aiming at recognizing risk factors of project private sector.What’s more,the risk identification,risk assessment,risk control,risk response are as the research path.Then,the final list of risk is decided by expert interview and questionnaire survey and all risk factors are evaluated.The collected raw data,analyzed by SPSS22.0 with clustering of multiple risk factors,determines the key to investment sector’s crucial factor of the PPP projects in urban infrastructure in China.Later,the author sets up a project investment risk evaluation index system of PPP mode.Combining quantitative and qualitative extension risk evaluation on the comprehensive evaluation model of entropy,the author testifies the validation of evaluation model in PPP model in Shui Yangjiang Avenue in Xuancheng program and gives a conclusion: Severe risks exist in the policy,contract,legal and social aspects;Moderate risk comes from coordinated management and finance;Slight risks are in the markets and construction operations in varying degrees.Some suggestions and countermeasures are given in the process of the research.By analyzing the case of PPP program in ShuiYangjiang Avenue in Xuancheng,on one hand,this thesis can offer some risk management advice to project private sector and propose corresponding solutions.On the other hand,it further enriches the study of the risk cases of PPP projects.