Decision-making On Capital Withdrawal Analysis For Public-private Partnership Projects Of State-owned Construction Enterprises

PPP(Public-private Partnership,PPP)has developed rapidly in China for the past few years,and a large number of state-owned construction enterprises have participated in PPP projects as private partner.However,some state-owned construction enterprises have been faced the problem of capital withdrawal due to undertake responsibility beyond their ability and irregularities.This thesis aims to solve the risk quantification and sharing problem of the state-owned construction enterprises in the process of the PPP capital withdrawal decision-making,providing the basis for PPP capital withdrawal negotiations.First of all,the thesis qualitatively analyzed the choice of the enterprise in the PPP capital withdrawal,then identified risk factors and determined their weights after making the choice through expert evaluation and scoring results.Secondly,on that basis,this thesis made a risk-distribution analysis with the help of building game model of incomplete information between government and state-owned construction enterprise.The model was solved by virtue of Harsanyi Transformation and ShakedSutton solving methods in infinite bargaining game.Finally,the general risk ratio of the enterprise was obtained on basis of results above,which is the minimum risk ratio in terms of enterprise.This thesis analyzed the relationship between PPP project values and net present value of the profit through enterprise value maximization,and defined calculation method of the former.At last,the thesis calculated and analyzed risk proportion after bargaining game and the corresponding optimized risk cost of the enterprise through Changji pipe gallery PPP project and the Tacheng comprehensive improvement of urban river bank PPP project,making the theoretic research to get the reasonable application.This thesis analyzes the capital withdrawal decision-making process of PPP projects for state-owned construction enterprise.It possesses strong practicality and practical significance,also providing a good reference for the PPP capital withdrawal decision-making of state-owned construction enterprises.