Study On The Risk Share Of Infrastructure PPP Pattern

The PPP(Public Private Partnership)pattern can reduce the financial pressure for the local government,providing better social service and public instruments,and improving the investment management efficiency scientifically.However,government and the investment enterprises are having different needs on risk sharing and profit distribution,sometime also misidentify the risk.This will cause argument when a unexpected risk appeals,and it seriously decreased the successful rate of PPP projects.Because of these reasons above,both government and enterprises are looking for a system to help them divide the risk of these PPP projects reasonably.The first part of the thesis is starting with the background and the significance of this topic.It briefly introduced the research status of foreign countries and the research orientation of this topic.In the meantime,it points out the innovation and drawbacks of the whole research.The second part introduces the fundamental theory of the PPP pattern.It starts with determine the basic conception,the participant,and the scope of application.Secondly,it explains the conception and definition of the Economic New Normal,and concluded the basic characteristics of the infrastructure construction PPP pattern.In the end,it analyzes the influence of risk preference that cause by the New Normal.This paper intensively studies the theory of PPP both domestically and internationally.It determines the risk of infrastructure construction PPP pattern,and separated the risk into types: Macro risk,Medium risk,and Micro Risk.Based on the research,the paper created a principle and theoretical framework for a fair responsibility and equal distribution system.Based on that,the paper creates a risk sharing game model.The paper uses the static game model to analyzethe risk sharing patterns for all participants,and it uses the dynamic game model to analyze the percentage of risk that each participant will bare in the pattern.In order to improve the applicability of the results,the fifth part of the paper analyzes the risk sharing pattern on to the infrastructure construction PPP projects in Xiangshan County.It also uses Delphi Survey Method to acquire the data of Risk Preference,Loss Factor,and Bargaining Cost from the participants under the New Normal circumstances.Based on the game model and risk sharing framework it created above,the paper gets the result of the PPP project.The fifth part of the paper is built on the results from the PPP game model and offers a strategy of risk sharing for all the participants.The strategy shares the risk for all the participants in the project,which includes a system of creating contracts for risk sharing,a motivation system,and adjustment mechanism.