Research On Financing Risks And Precautionary Measures Of Private Enterprises Participating In PPP Projects

Nowadays,there are still some obstacles for private enterprises to participate in the PPP model.The original meaning of the PPP model is that the government uses its own advantages to attract private sector,especially private enterprises.When it comes to the status quo of private enterprises,the financing problem bears the brunt.The PPP project has the characteristics of long time span and large investment.The primary obstacle for private enterprises to participate in the PPP model is bound to involve the financing risks of private enterprises.There are many risks related to financing methods in domestic and foreign research content,and there are few risks related to research in combination with special fields.On the other hand,research on improving the participation of private enterprises in PPP field from the perspective of optimizing the financing risk of private enterprises The research results of degree are less.Based on the MM theory,the trade-off financing theory and the principle of financing theory and the signal display theory of financing structure selection,this study uses case analysis method,based on the case study of Oriental Garden,combined with the characteristics of PPP project,the participation of private enterprises in PPP projects.The financing risks are studied and it is intended to achieve the goal of obtaining a more general conclusion.Through analysis,this study believes that this paper combines the status quo of private enterprise financing and the characteristics of PPP project system analysis,and draws the following conclusions:(1)Based on the characteristics of PPP projects,whether it is a PPP project business project or non-business project Both can make private enterprises benefit from participating in PPP projects,but all have advantages and disadvantages.PPP projects bring capital to private enterprises,but also bring risks.(2)The financing risks of private enterprises participating in PPP projects will be analyzed according to the characteristics of the PPP projects analyzed in the previous section.The financing risks mainly have the following four aspects:1)financing planning risks;2)financing period structure risks;3)financing guarantees or mortgage risks;4)financing risks brought by the project companies.(3)It can be known from the analysis of the case that the cause of these risks is internal.The risks caused by the business characteristics of the company itself.Including the lack of rationality in financing planning;the reasons for the company's operating characteristics and the lack of appropriateness in investment behavior.The second is the external cause.During the case study,it was found that the Oriental Garden was affected by the current leverage policy,which led to problems in financing.In addition,this study believes that to alleviate the financing risks of private enterprises can not be relied on by one party,the government,private enterprises and financial institutions should work together to optimize the financing risks of private enterprises to enhance their participation.In recent years,the PPP model has been a hot topic.The PPP model has alleviated the financing pressure of private enterprises to a certain extent.What kind of risks does the "double-edged sword" bring to private enterprises?.Based on the above considerations,this study has certain application value for recognizing these problems.