Research On Risk Allocation Of Characteristic Towns Based On PPP Model

As a national strategy,the characteristic town has gradually become an important role to promote China's economic transformation and the new urbanization.However,the shortage of funds severely restricts the development of characteristic towns,and introduces the PPP model into the characteristic town projects,which not only solves the capital bottleneck,but also improves the quality and efficiency of the project.However,due to the emerging characteristics of the characteristic towns as well as the complexity of the PPP project,the risk management of the characteristic towns PPP project is particularly important.This paper completed the risk identification,risk assessment and risk sharing of the characteristic town PPP project through literature analysis,checklist method,questionnaire survey method,analytic hierarchy process and fuzzy comprehensive evaluation method.Based on the research of the theories of the characteristic town PPP project,this paper studied the risk sharing of the characteristic town PPP project from three aspects: risk identification,risk assessment and risk sharing.Firstly,it expounds the related concepts of characteristic towns,PPP projects and risk sharing,and analyzes the feasibility of the characteristic town PPP project from the perspective of government departments,private departments and financial institutions.Furthermore,the operation mechanism of the characteristic town PPP project is constructed from the aspects of organizational structure,operational process and profit model.Secondly,in terms of risk identification,this paper combines the literature analysis method with the checklist method to input the complete search term in the wos database.Screening nearly 500 articles in the search results,and obtaining 28 target documents contain PPP project risk list.According to the frequency statistics,51 risk factors were obtained,and then 40 risk factors were obtained after correction.Thirdly,in the aspect of risk assessment,the expert survey method is used to determine the risk evaluation index system of the characteristic town PPP project,including pre-project and construction period as well as operation and full life cycle period,and then through the analytic hierarchy process to obtain the weight of 37 risks at the index level.According to the results of the 37 risk factors in the indicator layer relative to the weight of the target layer,the final selection of 23 key risk factors and their importance ranking have been come out.Finally,in terms of risk sharing,the expert survey method is used to determine the distribution results of the preliminary riskfactors of the characteristic town PPP project,and the seven risk factors that need to be shared include land risk,contract design risk,public opposition risk,revenue risk,market change risk,payment risk and macroeconomics factor risk.On the basis of this,the risk sharing index system is determined through expert questionnaire,and the fuzzy comprehensive evaluation method is used to calculate the sharing capacity between the public department and the private department of the 7 risks.