Research On The Risk Sharing Problems In The PPP Projects Of The Infrastructure In Our Country

In recent years,the public service demand in our country has increased dramatically,and the government is in trouble in funding problems so that turn to the market for seeking the breakthrough point to solve the problems of money.Based on the situation,the Public-Private-Partnership(PPP)model gets a rapid promotion.Li Keqiang,the premier of the State Council mentioned in the fifth annual session of the 12 th National People's Congress that in 2017 we should invest 800 billion yuan to the railway construction and 1.8 trillion yuan to the transport of the road and water,then 15 important water conservancy project will be in constructed.Besides,we will strengthen the construction of the rail,the civil aviation and the telecommunications.He emphasized that we would complete the preferential policy of price and tax to improve the Public-Private-Partnership projects.The key for PPP projects run smoothly is that there is a completed system of risk sharing in every phase like identification,preparation,procurement,execution and transfer in the projects.The ministry of finance,national development and reform commission and the people's bank of China delivered the requests in the notice of “Promoting the cooperation of government and social capital”(the national development and reform office [2015] No.42)that “having an equal and negotiable view and holding the principle of more responsibility,more rights in sharing the risks of projects”.It has emphasized on the importance of risk sharing as well as making a good example to the practices of the PPP projects.Based on this,this paper integrated use of research method combined of literature research and quantitative analysis,have a further research of the PPP model in infrastructure projects risk sharing problems.The paper mainly includes following contents: first,make the background and significance clear that the risk allocation problems of our country's infrastructure constructed by PPP mode.After a literature review and comments of current research situation of PPP risk management,basic research concepts and aims.Second,comb the source of risks in PPP projects and analyzes the main body of risk sharing and the principle to be the theory basis of for the later theory.Third,identify the risks of PPP projects.Using the tripartite complete information static game to the PPP project risk into two categories,the first part of them are solo risks which need only one participate to undertake like technical risks,risks of corruption etc,and the others are multi sharing risks which need two participates or more to undertake like inflation risk and rate risk etc.Then build a mode used Shapely theory to calculate the share of every participants about the multi sharing risks.Fourth,using the ideal of the paper to identify the type of risks in the city S,XZ PPP project.Then calculate the share of the participants when the project meet rate risk,the XZ management committee should share 63.66% and the HD company should share 36.34%.Finally,analysis the results and think it is conform to the situation,and think it can push the projects' operation.So the results of this paper is reliable.Fifth,summarizes all of the paper,points out the shortage of this it and make it clear that what should we do about the research in the future research.This paper make the process of solving the PPP project's risk sharing more complete.It is that based on the three complete information static game theory to the PPP project risks into solo risks and multi risks,then used the theory of Shapely to make the share that each participants should take.And the paper has made some innovation on this.