Research On Governmental Supervision Of Social Capital In The Railway PPP Projects Based On Evolution Game Theory

In the process of railway infrastructure investment in China,social capital is allowed to enter into infrastructure investment by adopting PPP mode.This is good for the government to reduce financial burden and budget,to allow the government to invest in more social undertakings with a limited budget.This is also good for social capital.The social capital can achieve long-term and stable economic benefits.Meanwhile,through participating in social welfare projects,it can improve management level and enhance social influence.But,because of the profit-driven feature and Current weak PPP laws and regulations,the social capitalis likely to default and harm the public interest during the operation of PPP project.The railway infrastructure is a necessity of public life,which is related to the vital interests of the public.Therefore,the government must shoulder the responsibility of supervision and management in the implementation of PPP mode in the railway sector.In the event of any threat or injury to the public interest,the government should immediately suspend the cooperation with social capital and establish an effective emergency mechanism to safeguard the public interest.From the analysis on the characteristics of the PPP projects,this paper finds that only on market regulation or only on the social capital of self-discipline behavior is unable to avoid the PPP project risks and social capital default problems still exist.To correct and prevent the default behavior of social capital,the government should supervise the quality,pricing and social welfare of the railway PPP.The purpose of government regulation is to solve the market failure problem,ensure the social and public benefits of railway PPP projects,efficiency and fairness and achieve the win-win goal of the government,social capital and consumers.But many problems exist in the government for the PPP project supervision,such as imperfect laws and regulations and social supervision system,the lack of government oversight role,specialized PPP project regulator,clear regulatory standards and scientific and effective method of regulation and so on.In this paper,we construct the evolution game model of government railway PPP project.The strategy of government supervision department is divided into effective supervision cooperation and general supervision.The strategy of social capital is divided into covenant behavior and default behavior.In the game model,we add credit rating system,government supervision and accountability system,government supervision performance appraisal system and social supervision system.Through the stability analysis of the government in the evolution game,the stability analysis of social capital in the evolution game,and the system stability analysis of the government and social capital game,we analyze the stability and influence factors of the game in different situations.Based on the analysis of the mechanism of the above factors,the paper puts forward some suggestions on the supervision mechanism of railway PPP projects:to establish a perfect regulatory system for policies and regulations;to establish and improve the supervision performance evaluation and incentive mechanism;to construct the coordination operation mechanism of the supervision mechanism of PPP project;to strengthen public opinion supervision and establish perfect social supervision system;to establish the project information release mechanism to make the supervision information public;to establish a social capital credit rating system.