Research On Risk Sharing Of Infrastructure Projects Under PPP Model

Infrastructure has greatly promoted the economic development of a country.However,in the context of the central government's strict control of local government debt in recent years,the funding gap of infrastructure projects can no longer be met through the usual direct government financing.As a result,the PPP model,which can leverage social capital to expand funding sources and reduce debt pressure,has become a realistic choice for contemporary China to face the reality of infrastructure constructionThe key to the PPP model to replace the government's traditional mode of operation to provide public infrastructure projects is to establish a reasonably optimized risk sharing mechanism between the government and the social capital side,that is,to transfer risk to the most controllable party to rationally distribute the risk.The risk sharing research of infrastructure PPP projects has very positive significance.This paper first reviews the domestic and international research status of risk identification and risk sharing of infrastructure PPP projects,analyzes the characteristics,functions and definitions,characteristics and advantages of infrastructure projects,and sorts out the problems to be solved in the whole research process.And the use of qualitative and quantitative research methods to provide theoretical ideas for the next study.Secondly,according to a batch of PPP demonstration project cases combined with relevant literature data,the risk factors are identified,which are divided into two categories whole process risk and phased risk.26 risk factors are subdivided and their meanings are explained separately.In infrastructure PPP After analyzing the project stakeholders,the risk sharing principle is proposed,and the project risk is divided into two modes:single commitment entity and non-single commitment entity.Based on this,the infrastructure PPP project risk sharing process is established.Thirdly,based on the grounded theory research method,the risk risk models of the 26 risk factors identified in the previous paper are classified.After the two-level risk sharing index system is constructed based on the risk sharing principle,the grey relational degree analysis based on the risk sharing problem of the single bearer is established.The self-sustained risk allocation model of the entropy weight method is solved.The shared risk allocation model based on the cooperative game Shapley value correction is established for the risk sharing problem of non-single bearer.Finally,through the application of infrastructure PPP project,the rational feasibility of the infrastructure PPP project risk sharing model constructed in this paper is verified,which provides reference value for the rationalization of risk allocation of infrastructure PPP projects in China.