Research On The Payment Mechanism Of Transport PPP Projects In China Based On Demand Risk Characteristics

PPP(Public-Private Partnerships),as a new way of suppling public goods,plays an important role in the present stage of our country.So far,Transport PPP Project(T3PP)is one of the most important investment area,account for nearly half of the total sum of investment and the average investment scale of each T3 PP is far more than that of other sectors.However,in practice,there is no clear arrangement for T3 PP in terms of demand risk allocation and profit sharing mechanism towards their specialties.As a result,the unreasonable payment mechanism leads to project failure.Therefore,it is necessary to go deep and explore the payment mechanism of T3 PP.At beginning,the thesis clarifies the concept and working flow of payment mechanism.After that,it uses statistical analysis to carry out the status of China's T3 PP leading to the great importance of these projects.Moreover,the characteristics of demand risk of T3 PP are identified,that is,exogeneity and optimistism.The hypothesis is built that these characteristics will influence the payment mechanism since they lead the SPV to take excessive demand risk over its capacity.Based on the above research,through literature research on Project Management and Economics in this field,it establishes the principal-agent model with expressions and parameters using mathematical economics analysis paradigm.Then,solving and transforming the mathematical method of model,it explores the relationship between variables and finds explanation of the target problem.Research results show that users charges is relatively of the highest cost efficiency due to the distribute cost of tax,but cannot release the financial pressure.In terms of the return for the SPV,floating return with minizone and minimum revenue guarantee is most appropriate payment mechanism for T3 PP.One case study carries out to demonstrate the value and usage of theoretical conclusion.The thesis put forward three policy recommendations at end.This study aims to establish a scientific and effective payment mechanism for China's T3 PP and offers a new perspective on demand risk allocation.