Research On Financing Risk Management Of Infrastructure PPP Project

With the development of the national economy,the demand for infrastructure construction has increased dramatically.In recent years,the government has borrowed foreign experience,advocated a PPP financing model,and encouraged social financing to alleviate fiscal pressure.Since 2014,the state has vigorously promoted the PPP model of government and social capital cooperation,and the PPP project has developed rapidly.With the promotion of the PPP model throughout the country,the PPP project has exposed many problems and increased the hidden debt risk of local governments.In this context,strengthening risk management and taking effective measures to prevent and control risks are the difficulties and priorities of PPP project financing.By referring to the literature review of experts and scholars at home and abroad,this paper organizes economics related theories such as public product theory,market failure and government failure theory,as well as risk management theory such as stakeholder and risk sharing.Qualitative analysis of risk management processes such as risk identification,risk assessment,and risk sharing;comprehensively applying a variety of research methods,combined with the development status of PPP projects in the Cultural Center of A City,analyzing and arranging the risk factors of PPP projects.The first step is to find out the risk of the current PPP project through the checklist method,and then finalize the risk list through brainstorming.In the second step,the risk analysis system is constructed by using the tomographic analysis method,and then the weighting of each risk factor is obtained by assigning and calculating various risk factors.The third step is to conduct risk allocation for PPP projects.For the 18 risk factors identified by risk,risk sharing suggestions are proposed among government,private enterprises and financial institutions,and risk control measures are proposed from five aspects: politics,law,financing,project risk and data platform.As a public product,PPP projects cannot be optimally supplied through social supply due to many factors such as market defects and government efficiency.The PPP project has a long cycle,large scale,and numerous stakeholders.The existence of project risks and problems requires the joint efforts of enterprises,social capital,government and other participants to jointly conduct risk control and risk response.This paper puts forward the risk management prevention and control measures through the research on the risk management process of the A Cultural Center project,and provides reference and referencefor the smooth construction of the infrastructure PPP project.