Research On Rationalization Of Risk Sharing In PPP Mode Of Urban Rail Transit Project

Since entering the 21 st century,the trend of urbanization in our country has become more and more obvious.With an increasing population of urban residents,traffic and transportation have become more and more congested.With the convenient,fast and environmentally friendly merit of Urban Rail Transit,more and more cities have joined the ranks of urban rail transit.As the construction of urban rail transit projects requires huge amounts of funds,it will inevitably create a huge financial burden if funded only by local governments.Therefore,a new project development model needs to be introduced to meet the huge capital needs.PPP model is a kind of public-private joint venture mode,which can effectively introduce social capital,reduce the financial burden while improving the efficiency of project construction and operation.However,the demand for urban rail transit projects is large and the cycle time is long.There is a huge investment risk for all parties participating in the project.Reasonable risk sharing can promote the success of the project.Therefore,this article will study rationally from the perspective of risk sharing of PPP model of urban rail transit project.First of all,based on the previous literature review,this paper analyzes the domestic and foreign research status of risk allocation of urban rail transit projects,PPP models and related projects at home and abroad,and puts forward the research directions of the dissertation.By combing the concept of urban rail transit project and PPP mode and the theory of the combination of the two,the theoretical basis for the thesis research is provided.Secondly,based on the deep understanding of the connotation of risk sharing,this paper analyzes the subject of risk exposure of urban rail transit project under PPP mode and summarizes the possible risk of the project from macro,meso,micro level at the same time,does a good job of risk prevention,sorts out a reasonable process of risk sharing,and establishes the risk sharing mechanism.The unknown risks will be processed by referencing to the risk-sharing mechanism.Third,on the basis of perfecting the risk sharing mechanism,based on the net present value of the project,the government subsidy adjustment model and the concession period adjustment model are established,and the specific risk-bearing methods are obtained by means of Monte Carlo method.Finally,empirical research shows that the risk sharing mechanism and model study in this paper have good usability and applicability.The government subsidies for private enterprises corresponding subsidies can make the project normal operate,but also ensure that private enterprises can obtain the expected benefits.Based on the empirical research results,in order to promote the reasonable sharing of risk and accelerate the application of PPP model in urban rail transit projects in China,the dissertation gives risk-sharing advice based on the PPP project's loss,the project's profitability but not good enough to meet the expectation and the project's profit over expectation.