Risk Management And Revenue Distribution Of Expressway Public-Private Partnership Project

Expressway is an important infrastructure to promote national economic and social development.It has the characteristics of long construction period,complicated construction environment,high technical requirement and large capital requirement.In the current economic situation,as a new financing mode to effectively alleviate capital scarcity of the public sector in the field of public infrastructure investment,PPP(Public-Private Partnership)has been widely used in infrastructure construction.PPP model can make full use of the advantages of both public and private resources,and improve the supply efficiency and quality of public products and services.The core idea of PPP is risk sharing and benefit sharing.However,the risk preference and benefit claims of the public sector and the private sector are very different.The public sector pursues the improvement of public service level and performance,while the private sector concerns more about the profit.Without a fair revenue distribution model,both the enthusiasm of private sector and public benefit would be affected.The purpose of this paper is to put forward a more perfect risk evaluation model and revenue distribution model,which may provide some guidance for the risk management and profit distribution of PPP projects.Firstly,based on related theories,this paper explained the feasibility and prospect of applying PPP model in expressway construction.Then,it summarized the research achievements on risk management and revenue distribution in PPP by literature review.Then,the research contents in this paper were outlined.Secondly,23 kinds of risks of expressway PPP projects were distinguished and evaluated using analytic hierarchy process and fuzzy comprehensive evaluation method.Then,some risk assignment principles were summarized and a risk allocation framework was proposed based on the stages of PPP project.Furthermore,this paper put forward and analyzed the factors that affect the revenue distribution,which include investment ratio,risk share coefficient,the degree of contract completion,the degree of contribution and the degree of innovation.Next,the modificatory coefficients were given by applying fuzzy comprehensive evaluation method and intuitionistic fuzzy sets theory.Then,this paper proposed a revenue distribution model based on revised Shapley-value by using multi-factor synthetical modification.Finally,an example was given to show the rationality and validity of this model.