Research On Financing Risk Management Of SPV Company In X Comprehensive Improvement Of Water Environment PPP Project

Since 2014,the national Development and Reform Commission and the Ministry of finance have vigorously promoted the PPP reform,and promoted the implementation of a large number of PPP projects through top-level design,policy guidance,publicity and promotion,project demonstration and other measures.PPP has risen to the level of national strategy and is an important starting point for the steady economic development and even national governance in the new era.But the PPP model has the sectors of a long period of construction & operating circle,huge amount of funds and complex operates,the management of the financing risks is key to decide the succeed progress of the SPV company.At present,most of the risk management research of PPP projects is centered on infrastructure about municipal and transportation areas.There are relatively few studies on risk management of PPP projects for comprehensive water environment improvement.Financing is the most basic part of PPP project,and also the first priority of PPP project.In recent years,scholars at home and abroad have done more research on the financing risk management of PPP projects than on the financing risk management of enterprises.In this paper,the research focus on management of the financing risks of comprehensives improvement of water environment from the perspective of SPV company.Firstly,the paper introduces the theories of PPP model and risks management;then,literature analysis,on-site visits,questionnaires and other methods are used in this paper which analyzes and studies the sectors of the financing risks,and uses the AHP to the evaluation method to assess the risks.Combining with the method of fuzzy comprehensive evaluation,the financing risk of this PPP SPV company isevaluated comprehensively,and it is concluded that the overall financing risk of this PPP project company is higher;the external risk and financial risk are higher in the standard level,and the internal risk level is general;the financing risk level is higher in the index level,and the wind resulting from the lack of commercial risk and enterprise credit strength.The risk level of insurance,construction failure and over expenditure is higher,and the risk level of force majeure is general.Finally,five risk countermeasures and methods are put forward: to optimize and perfect the project risk prevention system;to perfect the policy matching to stimulate enthusiasm for participation;to optimize the financing structure,unblocked financing channels;to optimize the internal structure of the company,improve the quality of employees;and to strengthen communication among all parties,to improve the contract system.The above countermeasures and methods will provide reference for the application of PPP financing model in water environment comprehensive renovation project.