Research On Social Risk Perception And Decision-Making Behavior Of Stakeholders In Public-Private Partnership Projects

As Public-Private-Partnership has been widely adopted in infrastrue investment and public services since 2014,the social risk associated with it has become increasingly prominent.There exist three charateristics behind PPP projects which lead them vulnerable to social risk compared to the general ones:Firstly,there exsit the irreconcilable contradiction between the profitability of social capital and the public welfare of infrastructure and public services;Secondly,The implementation of the PPP projects may "reset" the distribution of the interests of stakeholders,accumulate social contradictions,and eventually lead to social conflicts;Finally,the PPP projects involve a large number of stakeholders,whose interest demands are various and may cross-cutting,which make the PPP project a social risk trigger point.Therefore,it is of great significance to conduct a depth analysis of social risk behavior of PPP projects stakeholders for the successful implementation of PPP projects.However,there has been still a lack of attention paid to the issue,and the relevant literatures is very few.To this end,the paper aims to carry out research on social risk perception and risk decision making behavior of PPP projects,and this will lay the foundation for the follow-up social risk gorvernance.In the paper,empirical research were used to explore the social risk perception of PPP stakeholders,and theoretical analysis as well as mathematical modeling to explore the social risk decision-making behavior.The main contents are as follows:Firstly,some of the concepts associated with this article such as social risk,PPP project social risk and risk perception were defined in the paper,and stakeholder theory,risk society theory,risk perception theory,behavior decision theory and ERG theory were introduced subsequently.Through an extensive literature review,the paper summarized social risks of PPP projects into six levels:economic level,cultural level,social level,environmental level,privatization level and institutional level.And there are 34 social risk indicators corresponding to the six levels.In addition,on the basis of case collection,the paper summarized the PPP project stakeholders from the perspective of social risk through relevant cases,these are local government,social capital(Generalized)and the public.Secondly,the paper studied the social risk perception of PPP stakeholders.In detail,the paper defined the empirical research variables and put forward some hypothesis of social risk perception,these hypothesis are:H1.There are significant differences in the level of social risk perception among different stakeholders;H2:Demographic variables are significantly associated with the public's level of social risk perception;H3:Relevant risk experiences are significantly correlated with the level of stakeholder's social risk perception;H4:Risk appetite is significantly correlated with the level of stakeholder's social risk perception.Besides,the paper developed a preliminary scale for examining the social risk perception of stakeholders.The preliminary scale includes social risk probability perception scale,social risk hazard perception scale,social risk familiarity perception scale and social risk controllability score.What's more,on this basis,after a pre-test,the reliability and validity analysis were conducted to modify the initial scale,and the final scale was determined eventually.On this basis,the paper conducted the formal investigation and empirical study.In detail,the paper made a comparison among different stakeholders.After that,the t-test and variance analysis were adopted to verify the related hypothesis put forward in Chapter 3.And finally,the paper drawn the conclusion that:associated risk experiences,risk tendencies and demographic variables except marital status can have a certain degree of impact on stakeholders'risk perception.Then,the paper studied the social risk decision-making behavior of stakeholders of PPP projects.In detail,the paper sumed up the characteristics of social risk decision-making behavior of PPP project stakeholders through literature review.Then,the paper set up a social risk decision-making behavior model of local government and social capital base on Expected utility theory,and the relevant analysis was discussed.Similarly,the paper constructed the social risk decision-making model of the public of limited rationality base on the Prospect Theory.Finally,an example was used to illustrat it.Finally,the paper summarized the research conclusions and research limitations of the article,and looked forward to the future research direction and research work.This paper explored the social risk perception of PPP stakeholders from the perspective of cognitive psychology,and constructed the social risk decision-making behavior model of stakeholders based on Expected Utility Theory and the Prospect Theory.The research findings of this paper provided a novel method and perspective for the research of social risk of PPP project,which also may lay the foundation for the later research on social risk research.