Research On The Impact Of Government Roles On Financing Risk In PPP Projects

In recent years,the Chinese government has vigorously advocated the application of the PPP model in infrastructure construction,which has set off a wave of PPP in China and reflects different characteristics from the past,the most obvious of which is the joint venture and cooperation between government and social capital.behavior.Although the PPP project has developed rapidly in recent years,many projects have not been implemented due to financing problems.The risk of financing a PPP project is usually determined by the profitability of the project itself and the main players of the PPP project,which are all related to the role of the government.Therefore,it is of great theoretical and practical significance to study the role of government role in the financing risk of PPP projects.Based on the above background,combined with a large number of domestic and foreign literature research,this paper analyzes the government role,government commitment and financing risk in China's PPP project from a theoretical perspective,and divides the government role from different dimensions according to the previous studies,and proposes the government role.,the assumption of the relationship between government commitment and financing risk,and the construction of a theoretical model between the three.According to the proposed hypothesis and the theoretical model constructed,this paper uses questionnaires to issue questionnaires to participants of PPP projects,and treats the valid questionnaires recovered.The empirical research results show that:(1)the role of government investment decision makers in PPP projects The more fully the project organizer role,the project guarantor role and the project supervisor role are exercised,the smaller the financingrisk of the PPP project,the government's ruler role has no significant impact on the project's financing risk;(2)the government's investment decision makers The more fully the roles,project organizer roles,project guarantor roles,and project supervisor roles are exercised,the more comprehensive the commitments made by the government;(3)the more comprehensive the commitments made by the government,the less the financing risk of the project will be;(4)The government is committed to mediating the role of government investment decision makers,project organizer roles,project guarantor roles,project regulator roles,and project financing risks.At the same time,the following suggestions are put forward for the above empirical results:First,the government should strengthen the implementation of the role of government investment decision makers,project organizers,project guarantors and project supervisors to reduce the financing risks of PPP projects,At the same time,the government should make a full and reasonable government commitment to PPP projects,and also ensure that the government's commitment is fulfilled truthfully.In PPP projects,the role of government rule makers should be strengthened to ensure the objective requirements of the government's commitment,so as to avoid blind government commitment by local governments.The research results of this paper further enrich the theory of the factors affecting the financing risk of PPP projects in China.In practice,it provides suggestions for how the government should fulfill the government's role and how to provide government commitments to deal with the difficulty of financing PPP projects.