The Research Financing Risk Management Of PPP Project In Expressway Enterprises

Since 2013,with the promotion of the central government and the standardization of relevant policies,China's PPP model has been constantly improved,and its scale and quantity have also been greatly improved.A large number of preferential policies and incentive measures on PPP mode introduced by the state have aroused the enthusiasm of social capital and local governments,and also led to the explosive growth of the number of PPP projects in recent years.In 2014,the national new urbanization plan(2014-2020)was released,which clearly stated that in the next five years or so,the urbanization rate of China's permanent residents will reach nearly 60%,and the urbanization rate of registered population will also reach nearly 45%.Therefore,the trend of urbanization is inevitable,and the huge infrastructure construction demand hidden in it cannot be underestimated.Held in the party central committee and the state council in 2015,the specifications of the highest economic conference,the central economic work conference,but also showed that to speed up to promote and standardize the government and social capital cooperation,explore the cooperation mode of PPP,through the construction of legal system,make the process standardization of market access,equality,the rights,ensure the income of the social capital in order to enhance the enthusiasm of social capital.Therefore,the related fields of public infrastructure construction,such as transportation,medical treatment and municipal administration,still need to be vigorously developed to further promote China's economic development.At the same time,in the traditional situation,through government financing platforms,local governments usually issue bonds or choose direct financial investment,which further expands the contradiction between supply and demand due to the unitary financing channels.At present,with the increasing demand for public infrastructure construction or public services,the construction mode and scale are also constantly being innovated.The financial pressure of local governments in China is constantly increasing,and financial funds are also becoming stretched.However,the demand for public infrastructure construction is still strong,which makes the PPP model emerge.Secondly,the introduction of PPP mode,on the one hand,can ease the contradiction between supply and demand,broaden financing channels;On the other hand,it can also attract social capital to join the construction of public infrastructure and activate the social capital stock.However,due to the large investment amount and long return cycle,PPP projects have various problems when they are actually implemented.Therefore,it is of far-reaching significance to explore how to control and manage the financing risks of PPP projects of expressway enterprises.The research on the financing risk management of the highway PPP project is beneficial to improve the financing risk management level of the highway project under the PPP mode.First,this paper elaborated the research background and significance,and sorted out the literature review on PPP mode and financing risk at home and abroad,and proposed the theoretical basis based on the case study of this paper: public goods theory,principal-agent theory,financing risk evaluation theory;Then,it analyzes the financing risk management forms and characteristics of PPP projects of highway enterprises,and takes project C as an example to identify and construct the risk list of project C by literature analysis method and brainstorming method.At last,based on the project risk list identified by C project,the risk matrix method and questionnaire survey were used to effectively evaluate the financing risk of C project,and finally effective and targeted measures and strategies were proposed for C project.