Study On Risk Sharing Of PPP Model In New-type Urbanization Projects

Since the reform and opening up,China has made great efforts to develop its economy,while problems such as the gap between the rich and the poor and the gap between urban and rural areas have become increasingly prominent.With the progress of China's new-type urbanization,the demand for health care,education,water,electricity and transportation is further expanded,which cannot be met by only partial central allocation and local finance.How to raise sufficient funds is a problem that needs to be solved urgently in the process of promoting new-type urbanization.PPP mode is a new mode of cooperation between government and social capital based on the principle of benefit sharing and risk sharing--The government makes use of social capital to solve social problems,and social capital gets reasonable return,which can effectively relieve local financial pressure.However,the characteristics of PPP model determine its complexity.Risks of PPP projects are inevitable and complex,and risk sharing has always been the focus of attention of all parties,which directly determines the success of the project.This paper studies the problem of risk sharing in the process of new-type urbanization by applying PPP model,aiming at establishing a risk sharing mechanism suitable for the application of PPP model in practice,and providing reference for the government and investors in risk sharing.This paper studies the existing literature at home and abroad to understand the current situation of the development of PPP mode in China.Combined with the background of new-type urbanization,it clarifies the necessity of using PPP mode in new-type urbanization.Then,the possible risks of applying PPP model to new urbanization are analyzed.Secondly,risks of PPP projects are identified,and identified risks are risk sharing objects.The next,analysis of the relationship between the project each participant and appetite for risk,using the appropriate risk sharing method and according to the principle of risk sharing four design risk sharing mechanism.Risk sharing objects are reasonable shared in risk sharing between subjects,literature statistical scoring method is used to determine the final risk bearing,and join the incentive mechanism and constraint mechanism to ensure thenormal operation of the risk sharing mechanism.Finally,taking gu'an industrial park in langfang,hebei province as an example,this paper applies the risk sharing mechanism of PPP project constructed in this paper to share the risk of this project,and compares it with the risk sharing scheme actually implemented in this project.It is found that the private sector bears too much political policy risk and financial risk in this scheme.Therefore,the legal system and regulatory system of PPP projects should be improved,the credit management of government departments should be strengthened,the confidence of the private sector in the public sector should be established,the risk tolerance of the public sector and the private sector should be improved,and the PPP model should be better used to promote the development of new urbanization.