Design And Research Of Control Rights Allocation Scheme For Toll Road PPP Project Based On Investment Income Model

At present,the Public-Private Partnership(PPP)model is actively explored and promoted in the toll road field.PPP project contracts are incomplete and cannot be agreed in advance for the way in which all decision problems are dealt with in the future.Therefore,the scientific setting and rational allocation of project control rights are essential.The analysis of the PPP project found that the issue of control rights allocation has become one of the important reasons that restrict the efficiency of cooperation between the two parties and lead to the failure of project clearing.The rational distribution of control rights determines the power boundary between the two parties,improves the efficiency of cooperation between government and enterprises,and protects project risks.Controlling,achieving project control objectives,realizing the expected benefits of both parties,avoiding the project being cleared,and promoting the success of PPP projects have a direct impact,but the existing PPP theoretical research still focuses on the division of responsibilities and interests between the two parties,lacking the power distribution of both parties.Concern,so the design study of the control allocation scheme has both theoretical and practical significance.In practice,the project company is responsible for the whole life cycle of the PPP project.Therefore,the PPP control right allocation involves both project management and SPV corporate governance issues.Further,the allocation of control rights shows strong coupling with project risk sharing and investment income distribution.Therefore,the design of the control plan for the toll road PPP project needs to consider all aspects of project management,SPV corporate governance,risk sharing,investment and income distribution.Firstly,the thesis studies related theories,and believes that the essence of control rights is the decision-making power of project matters.Secondly,a list of decision-making items for toll road PPP projects containing 41 decision-making events and 164 powers to be allocated is established.According to the list of decision items,analyze and count 44 relevant laws and regulations and departmental rules,78 PPP policy documents,102 toll road PPP projects,and summarize the problems in the allocation of control rights.The core of the solution is the design of the control rights allocation plan;Then,establish the PPP project control allocation model with investment income as the core,and propose the relationship between the distribution of control rights and the investment incentives of both parties,the degree of product publicity,the level of investment of both parties,the level of income of both parties,and the high level of cooperation status;Furthermore,combined with model derivation results,policy research,practice analysis,and risk sharing,a proposal for control allocation at the project management level is proposed;Then,according to the control right allocation plan,combined with the relationship between PPP project management and SPV corporate governance,the paper puts forward the arrangement of the three-member structure,functions and resolution mechanism of SPV corporate governance,and implements the control right allocation plan at the corporate governance level;After that,the practical effectiveness of the control allocation scheme proposed in this paper was verified by the Guizhou A highway project.Finally,suggestions were made for the configuration and implementation of the control of the toll road PPP project from the top layer design,project management and corporate governance.The innovations of this paper are as follows: First,the new impact factor is added,the control allocation model is optimized and reconstructed,and the relationship between investment and income of both parties and PPP control rights is clearly proposed.Secondly,the control of PPP project control rights is proposed for the first time.Recommended solution.