The Game Research Of Primary Participants In Assets Securitization Of PPP Project

In recent years,the development of urbanization of China has been higher and higher demand for infrastructure construction,government of China spending alone has been difficult to meet.This project has three characteristics of long period,high investment and high risk,consequently requires PPP asset securitization which is a new pattern(PPP is short of Public—Private—Partnership).To develop a new channel for private capital entering the field of infrastructure so the government strongly advocates the new equity trading of infrastructure of PPP project,Compared with the others,There still exists information asymmetry in PPP project.In this paper,we will discuss that the game between the participants and puts forward some relevant suggestions which based on the analysis of the principal-agent relationship and the information asymmetry of the participants in the PPP.Firstly,this paper formulates that the research background,research significance,and proposes the research thinking and framework of PPP.Combine with the present situation of domestic and foreigh research,the paper mainly discusses the key problem of PPP,the game analysis of participants as the main research methods.Secondly,the paper summarizes the theory of asset securitization and the theory of game theory,and defines the participants of the PPP project in the process of asset securitization,including the government,PPP item company,SPV and investors.Meanwhile,the author points out that all parties should be moral hazard and adverse selection problem caused by information asymmetry.Then we construct the dynamic game model of three groups of both sides,include the game between the government and the PPP project company,the PPP project company and the SPV's game and the game of SPV and investors,it isconcluded that the PPP project company screening behavior,the SPV sells behavior,investors investment behavior and government supervision and behavior of the optimal probability.Assume that the PPP project company and SPV "conspiracy",we construct the tripartite game model,analysis of optimal action of investo rs' complaints strategy and puts forward some countermeasures for preventing the risks of collusion.Finally,we propose optimal operation suggestions of participants and establish relative mechanism to avoid the risk of information asymmetry.On the part of mechanism design,we can illustrate it from the supervision mechanism,incentive mechanism,the review mechanism,tracking participation mechanism and comm unication mechanism,respectively and propose the corresponding suggestions based on the mechanism,Then to maximize the interests of the project,optimizing the behavior of participants By the research of participants in the asymmetric information game and countermeasure,we provides practical reference for asset securitization and healthy development of the PPP project...