Research On Investment And Benefit Distribution Of Highway Construction Related Parties Under Public-private Partnerships

Public-Private Partnerships have developed rapidly in recent years and have become a model of new project financing favored by governments,and there are many applications in various countries.Public-private partnerships are used in road construction projects,not only to broaden the financing channels of the public sector,to ease financial pressures,but also to improve the efficiency of projects using the advanced technology and management models of the private sector.But in the process of cooperation between the public and private departments,the two sides of the pursuit of different goals,the public sector hopes to use private capital to solve the funding gap,the private sector is expected to invest a greater return on investment.Investment and the distribution of benefits has become the focus of both sides are eager to solve the problem,whether to determine a reasonable and feasible ratio of investment and benefit distribution program is the public and private cooperative system under the highway construction project can be the key to the smooth implementation.On the basis of reading a large number of documents,this paper analyzes the public-private cooperation mode,analyzes the essential characteristics of this model,and studies the stakeholders of highway construction projects under the public-private partnership system.Through the study of the interests of the core stakeholders and the influencing factors of the investment and the distribution of benefits,this paper puts forward the investment and benefit distribution model.Based on the theory of risk management in public and private projects,this paper uses the ratio of risk sharing as the proportion of forecasted operating profit at the time of investment,and uses the profit rate as the constraint factor to determine the expected investment amount of the private sector.And through the introduction of game theory to establish the amount of private sector investment bargaining game model.This paper proposes a two-stage benefit allocation scheme for highway public-private partnership project,namely the initial benefit distribution and the second benefit distribution.The initial distribution of benefits refers to the allocation of the profit at the initial stage of the project,and the proportion of the distribution is adjusted on the basis of the shapely theory,which is distributed according to the ratio of the investment ratio and the risk sharing factor.The second benefit distribution scheme The distribution of benefits refers to the difference between the actual operating profit andthe predicted operating profit.The purpose of this part distribution is to report the specific contribution of the public and private parties to the project during the implementation of the highway project.The results of the evaluation of the effectiveness of the work as a measure of contribution to the project by the public and private parties,so the second distribution of benefits in accordance with the project implementation process of public and private work efficiency coefficient distribution.The greater the contribution of the public and private parties to the project during the implementation of the project,the higher the operating profit of the corresponding project,and the more benefits allocated when the second benefit is allocated.The solution to the problem of investment and distribution of benefits is the key to the effective implementation of public and private cooperation model in highway construction projects.Through the study of investment and benefit distribution of public-private cooperative projects in highway construction,the theory of investment and benefit distribution is enriched by the theory of public-private partnership The project operational efficiency.Using the research results of this paper,it is reasonable and efficient to determine the proportion of investment and benefit distribution,so that both public and private enterprises have the incentive to participate in the project,which is of great practical significance to promote the development of highway construction projects.