Research On Risk Sharing Of Energy Infrastructure Projects Based On Public-Private Partnership

With the improvement of living standards,the demand for infrastructure,such as energy,transportation,water conservancy,environment and so on,has been increasing.This has aggravated the financial burden of the state.That is why the development of public-private partnerships in China has been promoted.As an innovative financing model that can effectively attract private capital and technology,it has received special attention and has developed rapidly in the last decade.But as a new thing,the government,enterprises lack of awareness of the model,making the project unique,long-term and incomplete contract features exacerbated the risk of cooperation,and multi interest demands further exacerbated the system risk and complexity can.Therefore,this paper discusses how to achieve reasonable sharing of risks among all participants,so as to achieve the most comprehensive benefits of the project and satisfy the actual interest demands of the participants.Finally,it contributes to the successful combination of PPP mode and infrastructure projects,and ultimately achieves considerable benefits.This paper takes the energy infrastructure project as the research object,and launches a series of research on the rationalization of risk sharing.First of all,starting from the feasibility and utility of PPP model,through the literature analysis,reviews the research status of related issues of risk allocation of PPP at home and abroad;it further clarifies the connotation,characteristics and development of PPP application,for a deeper understanding of the PPP model and the further research of risk sharing has laid a theoretical foundation.Secondly,based on the grounded theory research method,summed up China's energy PPP project risk factors faced by the thought of negotiation;the three stage design process based on risk sharing,and fully consider the domestic and foreign PPP development degree and energy projects characteristics,summarized the framework of risk sharing based on win-win,for the future of China's energy PPP project risk sharing provides reference.Thirdly,starting from the uncertainty of participants' cooperation and risk factors in PPP project,the optimal allocation proportion decision-making model based on stochastic cooperative game theory is constructed.The model with risk preference coefficient reflects the willingness of the parties to the risk,the weight of the traditional cooperative game Shapley value is set as the decision variable,not only to achieve the objectives of the project the largest gains,but also through the risk from avoidance direction is not circumvent party transfer,meet the sharing in the target.The case analysis shows that the optimal risk sharing ratio of the model reduces the total risk of the project.Finally,from the perspective of risk sharing,this paper puts forward some suggestions on the rationalization of the risk sharing of the energy PPP project.