Research On Capital Structure Optimization Of PPP Projects

At present,infrastructure projects not only provide the public with the necessary products and services,but also drive economic development.The limited government financial resources and the low efficiency of investment,construction and operation projects have caused the phenomenon that government's investment fails to meet the needs of the society.That's the reason why more and more PPP projects have been implemented in recent years.Thus,the reasonable capital structure is closely related to the success or failure of PPP projects and it matters whether the government and private partners are profitable or not.This article first draws on the relevant theories of the PPP model and the related theories of corporate capital structure.Through literature research and the study of typical cases,this paper analyzes the composition of the PPP project sponsor,as well as the debt ratio and source of debt funds,and summarizes the capital characteristics of the PPP projects.Then,combining the influence factors of PPP projects and the influence factors of corporate capital structure,this article generalizes the main factors which affect the capital structure of PPP project.After that,questionnaire survey is conducted to obtain the main influence factors of the capital structure of the PPP project through expert scoring and analytic hierarchy process.Finally is the establishment of a simulation model of capital structure optimization.Through the multi-objective solution,establishing objective functions and constraints,substituting them into the relevant PPP cases for research and analysis to get the optimal capital structure and achieve the purpose of capital structure optimization.