Research On The Risk Management Of The PPP Project Of LH Expressway

China has made great strides in infrastructure development,especially transportation infrastructure,which has laid a solid foundation for economic connectivity.At the same time,the construction of transportation infrastructure also faces outstanding problems of unbalanced regional development and unreasonable structure.Especially in the underdeveloped areas of the central and western regions,which are constrained by lagging economic development patterns,low economic aggregate and high local debt,the transportation infrastructure is faced with a large exposure to capital gaps and a single source of funds.By applying PPP model to transportation infrastructure construction,the government,the private sector and financial institutions can complement each other,relieve the pressure of construction capital,and promote the realization of economic and social benefits of the project.The LH highway project in Gansu Province uses the BOT model in PPP operation mode to carry out construction and operation,and makes a beneficial attempt.As the project is influenced by factors such as long time span,large investment volume and diversified participants,risks run through the project.The quality of risk control directly determines the success of the project.Therefore,project risk management becomes the key to the success of the project.Using PPP theory and risk management theory,this paper studies the risk management of LH PPP project by combining qualitative and quantitative methods.Firstly,the preliminary risk identification of the LH PPP project is carried out by means of checklist.Using the GEM method,the key risk list for the LH PPP project was established through expert scoring for key risk screening;Secondly,we use AHP to establish a risk assessment index system to sort the importance of risk.Finally,we will clarify the risk factors that the government and the private sector bear,further establish a risk game model for the LH highway under incomplete information conditions,and discuss the risk sharing between the two sides and the ratio of government and private risk bearing.Through the risk management research of LH expressway PPP project,this paper aims to solve the problem of the financing gap of expressway construction in the underdeveloped western regions,improve the operability of expressway PPP project risk management,and improve the project risk management ability,so as to realize the social and economic benefits of the project.