Research On PPP Fiscal Risk Management

Research on the government and social capital cooperation(hereinafter referred to as "PPP")fiscal risk management is the government's dual status based on public entities and contractual entities,managing direct or indirect,explicit or implicit financial expenditures in PPP projects.PPP financial risk management has the characteristics of long-term,complexity and comprehensiveness.It is the ultimate goal to prevent PPP risk.According to the 4th quarterly report of 2018 released by the PPP Center of the Ministry of Finance,as of the end of December 2018,the total number of projects totaled 8,654 and the investment amount was 13.2 trillion yuan.In less than five years,China has grown into the world's largest PPP market.However,the excessive and rapid development of PPP is accompanied by many irregular phenomena and various problems,and the financial risks are continuously accumulated and fermented.By the middle of September 2018,there were 2,148 PPP retreat projects in various places,involving an investment of 2.5 trillion yuan.This is mainly because PPP development has exposed many problems too quickly.The accumulation and catalysis of risks force government departments to think about and regulate the safe and healthy development of PPP.From the standpoint of the government,the long-term,multi-step PPP,superimposed economic cycle,social evolution and government change,and other macro-environmental changes,the identified issues are likely to evolve,the uncertain matters are more uncertain,and the types of risks appear.The probability,timing,scale,and destructiveness are all unknown,which brings great obstacles to the PPP financial risk management work.In summary,PPP financial risk management mainly faces four aspects: the management basis is not clear,not only the existing regulations and policies are not targeted,and the distribution of powers and responsibilities in the contract system is not clear;the main function of management is not enough,the main performance In the central and local government mismatches,the coordination between the various departments is difficult,the social supervision is obviously lacking;the management content is relatively thick,the outstanding performance is that the three budgets are not used in a unified manner,the performance appraisal system is not perfect,and the risk responsibility is Identification,measurement and application imperfections;management methods to be optimized refer to heavy traffic management,light inventory management and project management model and administrative characteristics are obvious.In view of many problems,this paper is based on the actual case of a municipal road PPP project(municipal engineering as the PPP management library,the total number of accumulated projects and the largest amount of investment in the industry,based on the quantity,scale,data availability,this article The municipal road is the entry point.From the municipal road project,the PPP financial risk management research is discussed.The theory and practice are combined.From the key elements of risk management,a complete PPP financial risk management analysis framework is constructed.From the five aspects of basis,subject,object,content and method,this paper investigates and analyzes the current situation of PPP financial risk in China,and strives to analyze the problem of PPP financial risk management from multiple dimensions and new perspectives,and learn from other countries to prevent and resolve the financial risk management of PPP.Initiatives,put forward the three major ideas of system perfection and PPP development parallel,full-cycle tracking and refined management,dynamic adjustment and classification and policy balance.Under the guidance of these ideas,this paper has gradually strengthened the basis of PPP financial risk management.The four main angles of the main function of PPP financial risk management,the content of PPP financial risk management,and the way to improve PPP financial risk management are discussed in detail.