Research On The Risk Allocating Of Infrasture PPP Project

The extensive implementation of policies such as "urbanization" and coordinated regional development have led to a dramatic increase in infrastructure investment.The significant advantages of PPP model in capital supply and technological innovation can effectively overcome the defect of traditional.However,the complexity relationships,incompleteness of contracts,huge capital needing and others make PPP project exposed in extremely high risk condition.Therefore,how to allocation risks reasonably is the key to determine whether the whole benefit of project and the individual interests of stakeholders can be realized.With the goal of risk allocation as the starting,the specific model of risk-allocating is studied in-depth.First,Definite the objective of risk-allocating on the basis of the VFM.Combined with the objectives,principles and subjects of risk-allocating,establishing the framework against how to allocate risks in PPP project.Second,the model of selecting optimal risk-taker in PPP project is established.Based on the risk management process and principles of risk allocating,three essential factors to determine the best risk-takers are identified,constructing the index system of how to choose optimal risk-taker,based on the index weight determined by AHP method,the improved close value method is used to evaluate the public and private parties,so as to determine the optimal risk-taker.Last,for the risks that need to be shared,the proportion decision model of risk allocating is constructed.First of all,it is proved that only(Cooperative,Cooperative)game strategy combination can best achieve both the whole and individual benefits.Then,establishing the marginal contribution function of the participants according to the principle of risk-return relative and CAPM model.Finally,the Shapely method of is used to get the optimal risk allocation proportion between participants of PPP project.In this paper,Through the model of selecting optimal risk-taker and the proportion decision model of risk allocating in PPP project confirm the best risk taker and the optimal risk-sharing proportion,Which is important to realize the goal of risk-sharing and to define the rights and responsibilities of public and private.