Research On PPP Project Risk Sharing Based On Game Theory

PPP as a new investment financing model,it has the advantages of reducing the financial burden of government and improving the efficiency construction,Produced by States.To promote diversification of financing,reduce give fiscal pressure and increase efficiency for the benefit of the population,introduction PPP construction and Public Service Delivery in China,on the one hand,helping governments at all levels to perform their social functions,to a certain extent,it reduces the financial pressure of the government and improves the economic benefits of infrastructure construction,on the other hand,the failure of the PPP project led by the local government can also be seen,the reason for this is that the initial risk sharing of these projects was not reasonable.In the end,too much social capital took on risks beyond control,when risk occurs,the project company loses a lot due to its inability to transfer risk,resulting in project failure,so it is very important to solve the risk sharing problem of PPP project for the successful implementation of the project.In this paper,the research status of PPP mode is reviewed,the research status of PPP project risk identification and PPP project risk sharing,through deal of literature reading,it is found that the current literature has been quite mature in PPP risk identification,and the study of risk sharing is still in its initial stage,in addition,the questionnaire and case analysis are used in the study of risk,overall,the findings are not very useful.Then,the definition and connotation of PPP mode are discuss in detail,through the “Public Product Theory”and“Project Risk Management Theory”,as you can see,project risk is a complex issue,especially when it comes to paying items with common product attributes,At the same time,we can see the importance of reasonable risk for the successful implementation of the project,through the discussion of game theory,Through the discussion of game theory,we can realize that the process of risk sharing in PPP project is the process of participants haggling and getting game equilibrium.Then the static and dynamic game model is established,and the project risk sharing is analyzed,the conclusion was reached that there was a close relationship between the risk and the proportion of the participants and two specific principle,it is the principle of risk sharing and control.The principle of symmetry in risk sharing.Finally,through the analysis of the concrete cases,the conclusion of this paper is used to optimize the project risk sharing results.The innovation of this thesis lies in the perspective of the game between government departments,private sector and financial institutions,at the same time,the sharing of PPP project risks is realized in combination with the risk preference of the participants.On the basis of unilateral assumption and multivariate sharing risk classification,static game and dynamic game model are used to analyze the attribution of risk,the application of case analysis has greatly improved the practical significance of the conclusion.