Research On Construction And Application Of Risk Sharing Model For Expressway PPP Project

With the intensification of urbanization in our country,the demand for transportation capacity is increasing day by day.It is urgent to further increase investment in infrastructure construction.However,the country's financial liabilities are serious and cannot meet the growing demand for construction.PPP,as a new financing mode,connects the government and social subjects closely and alleviates the contradiction between national construction demand and current financial shortage.It has been widely used in developed countries such as Britain,the United States and Japan.However,compared with traditional projects,expressway PPP projects have many participants,long construction of Period,diversified operational risks and other characteristics,so the risk factors of expressway PPP projects are more complex.In order to promote the smooth development of PPP mode in China,it is particularly important to ensure the successful landing of PPP projects.Therefore,this paper takes the expressway PPP project as the research object,explores the risk sharing mechanism,constructs a sharing model based on risk preference and conducts applied research,hoping to improve the construction efficiency of the expressway PPP project.First of all,on the basis of consulting a large number of documents and materials,the research contents and methods of this paper are clarified.Secondly,it elaborates the definition and characteristics of PPP mode and risk sharing,and explains the project management theory and PPP project risk management theory and other related theories involved in this paper.Thirdly,the risk sharing framework of expressway PPP project is constructed,and based on the methods of literature research and questionnaire survey,the key risk factors of expressway PPP project in China are identified.Then,a risk sharing model based on risk preference is constructed,and the refined Bayesian Nash equilibrium solution of the model is solved by backward induction.Finally,the sharing model constructed in this paper is applied to the PPP project in Jianyang Section of Cheng-an-yu Expressway,and the risk sharing scheme of the project is obtained.After analyzing the scheme,it is considered that the sharing ratio is reasonable,and the model can be applied to the risk sharing research of expressway PPP project.There are two innovations in this paper: first,it identifies the key risk factors of expressway PPP project,enriches the relevant contents of expressway PPP project risk identification and constructs a risk sharing model of expressway PPP project based on risk preference;Second,quantitative scoring of risk preference can directly reflect the degree of preference of experts and make the sharing result more reasonable.