Research On Risk Allocation,Incentive And Supervision Punishment Model Of PPP Project Based On Sybergy Effect

The PPP mode is a kind of long-term partnership which established by government and social capital participant on infrastructure project.The government chooses the social capital participant which has complementary advantages to form synergistic ability,make effective risk-sharing,incentive,supervision and punishment programs to promote the development of two parties and achieve the synergistic effect of PPP project.The paper first analyzes the connotation and mechanism of synergistic effect of PPP project.It is found that the synergistic effect is that the project participants make full use of the complementary advantages so that the government or the social capital participant can achieve better results than the expected individual actions,improve the efficiency and realize win-win situation.Therefore,in the process of assessing the value of PPP project,the value of the project participants taking full advantage of the complementary advantages and synergies should be considered in the paper.However,the previous researches about risk allocation and incentive,supervision and punishment didn't take the complementary advantages into consideration and ignore the synergistic effect among project participants,which in turn leads to mistakes made by the government and the social capital participant.Secondly,this paper studies investment risk allocation between the government and the social capital participant by use of the theory of coordination.The results show that when the government chooses the social capital participant with the complementary risk control ability,the two parties can not only reduce the total risk loss of the PPP project,but also promote their risk-taking intention and bear the project risk actively.Finally,this paper compares the synergistic effect of PPP project and the cooperative research project,and puts forward the total output model of PPP project.Combined with the coordination theory and principal-agent theory,the paper takes into account the efforts and synergies of both the government and the social capital participant to analyze incentive mechanism and supervision and punishment mechanism of the PPP project under synergistic effect.The results show that the increase of synergistic effect coefficient is conducive to enthusiasm of both parties and the total income of the PPP project.When the social capital participant has speculative behavior,the co-operation,incentives and supervision and punishment and other measures of both parties can effectively curb the speculative behavior of social capital participant.Moreover,when the synergistic effect coefficient increases,it is appropriate to increase the incentive intensity of social capital and reduce the supervision and punishment of the government.