Research On Financing Risk Management Of Phase ? PPP Project Of Qingdao Metro Line 13

With the continuous development of the national economic construction and the gradual acceleration of the urbanization process,the demand for transportation for residents has increased sharply,and major cities have developed subway construction.However,due to the huge cost of construction,high cost of sinking and operation and poor profitability of the subway project,China's traditional construction and operation mode based on government financial funds can no longer adapt to the development of urban rail transit network.The resource allocation advantages of the PPP financing model and the support of national policies have made the combination of the PPP model and the subway project a hot spot.Due to the diversification of the relationship structure of financing entities and the complexity of the subway project itself,the subway PPP project faces many financing risks.At present,the development of PPP mode into the subway field is still not mature,and the risk management experience is seriously insufficient.Therefore,based on the theoretical research on financing risk management of subway PPP project,combined with the research content of financing risk identification and the corresponding risk assessment model,this paper studies the financing risk management of the second phase PPP project of Qingdao Metro Line 13,the main research work is as follows:(1)This paper systematically expounds the theoretical basis of subway financing,introduces the concept and economic attributes of subway,and summarizes the definition,classification and application scope and operational process of PPP mode,and analyzes the definition of risk,the connotation and formation mechanism of financing risk.On this basis,the process of financing risk management is discussed in detail.(2)Based on the national policy provisions,PPP project failure case analysis and project practice,this paper preliminarily identifies financing risk factors,and systematically analyses financing risk factors from four perspectives of man,machine,management and medium with 4M theory,identifies potential risk factors,and determines the preliminary list of financing risk factors.Based on the Delphi method and the Likert scale,the key financing risk factors are accurately identified.Based on this,the financing risk evaluation index system of the second phase PPP project of Qingdao Metro Line 13 is constructed.(3)This paper expounds the applicability and weighting steps of G1 method andinformation entropy method in detail,puts forward a combination weighting method based on game theory aggregation model optimization G1 method and information entropy method,and analyses its applicability,introduces the basic principles of set pair analysis(SPA)and grey relational analysis(GRA),and analyzes the coupling applicability of the gray correlation degree into the set pair analysis theory to determine the difference coefficient i value.Based on the division of the ppp project financing risk evaluation standard set,the GRA-SPA based subway PPP project financing risk evaluation model is constructed.(4)Taking the financing risk management of the second phase PPP project of Qingdao Metro Line 13 as an example,combined with the theoretical basis of financing risk management,the constructed financing risk evaluation index system and GRA-SPA coupled risk assessment model are applied to the comprehensive evaluation of financing risk of the subway PPP project.In the analysis of the evaluation results,based on the analysis of the basic framework of risk sharing,the corresponding risk response strategies and risk monitoring strategies are proposed.This paper analyzes and studies the financing risk management of the second phase PPP project of Qingdao Metro Line 13,it can provide some reference and experience for the future subway project using PPP mode.