Research On Risk Sharing Of Urban Sewage Treatment PPP Project

With the acceleration of urbanization in China,the problem of urban sewage treatment is becoming more and more serious,under this situation,China began to vigorously develop the construction of urban sewage treatment projects.Urban sewage treatment project has strong public nature,if only the government invests in the construction,the government departments will face greater financial pressure,which will seriously restrict the development of sewage treatment industry,the emergence and promotion of PPP model provides a new idea for its development.PPP model can attract social capital to the construction of urban sewage treatment project,on the basis of effectively solving the financial pressure of the government,it can also introduce advanced sewage treatment technology and management experience,and gradually become an effective financing mode commonly used in urban sewage treatment projects.However,it is found that the PPP model itself has the characteristics of large investment scale,long investment cycle and complex project stakeholders,which makes the project participation face many complex risks.If the potential risks are not fully identified and reasonably shared when signing the contract in the early stage of project operation,the project may fail.Therefore,it is very important to fully recognize and reasonably share the potential risks of PPP project in the early stage of construction.This paper analyses the related theory of PPP model risk management and the current situation of municipal sewage treatment industry,and discusses the necessity of introducing PPP model into municipal sewage treatment projects and carrying out risk identification and sharing research.On this basis,from the perspective of system integration,the risk factor identification system of hall 3D structure PCA method is proposed,and the key risk factors of PPP project of urban sewage treatment are determined to realize the comprehensive,systematic and accurate risk identification.Considering the characteristics and essence of risk sharing in PPP project of urban sewage treatment,the vector angle cosine method is selected to build the risk sharing model.However,the vector angle cosine method can only define the single risk and shared risk of government departments and social capital parties,but can not determine the specific proportion of shared risk of both parties.Therefore,the paper introduces the Shapley value method to improve and perfect the vector angle cosine method,and constructs the risk sharing model of urban sewage treatment PPP project based on thevector angle cosine-Shapley value method,so as to achieve the goal.Complete research on risk sharing of PPP project of urban sewage treatment.Finally,the above mathematical model is applied to the case analysis to verify the scientific and practical of the risk sharing model.This paper puts forward a new idea and method to solve the risk sharing problem of municipal sewage treatment PPP project,and constructs a set of complete risk sharing model,which enriches the theoretical research of risk management of municipal sewage treatment PPP project to a certain extent,and provides reference value and guidance for signing the contract in the early stage of the project.