Research On Risk Evaluation Of Private Capital Investment In Expressway Under PPP Mode

The highway is an important part of the composition of a country's infrastructure.Under the trend of new economic development and new urbanization in China,the national financial constraints and the high debt of local go'vernments have greatly restricted the demand for large-scale investment in China's freeway.The Third Plenary Session of the 18th CPC Central Committee proposed that "allowing private capital to participate in urban infrastructure investment and operations through franchising," opening up a new phase of developing PPP(Public-Private-Partnerships).However,highway project construction has huge investment volume and long payback period after project operation.Effective identification and management of risks in construction and operation process is the key to ensure effective investment of private capital.Based on the theory of PPP project and the theory of risk management,this paper aims at evaluating the risk of private capital investment,by establishing a risk assessment index system,using physical element analysis method and combining with the demonstration project of GL highway,to conduct a more in-depth study on the risk of private capital investment in PPP mode.Firstly,this paper summarizes the relevant theoretical results of the research on PPP model infrastructure projects at the present stage of domestic and foreign scholars,and introduces the definition,classification and main characteristics of PPP mode and private capital,and analyzes the investment risks and countermeasures of private capital participation in PPP project construction.Secondly,by consulting the literature,the initial risk list of private capital investment in highway projects is obtained,and then the final risk identification list is obtained through the method of questionnaire survey.Finally,the related indicators of private capital investment risk assessment of the PPP mode expressway are obtained by using the risk factors.Thirdly,the risk evaluation model of the physical element is established,and the risk of the private capital investment in the expressway is fully and carefully identified by the GL expressway,and the scientific and reasonable risk assessment management system is established.Finally,the private capital in the PPP model in the course of the construction of highway project important risk factors,put forward the corresponding countermeasures and Suggestions.