Research On Risk Sharing Mechanism Of PPP Project Under P2G Financing Mode

In recent years,in order to speed up the process of urbanization,the demand for infrastructure construction has increased significantly.According to statistics,at this stage,more than 400000 yuan has been invested in infrastructure construction for a persom.For governments with large capital gap,especially local governments,the financial pressure is huge.In this context,PPP projects are favored by governments at all levels and scholars,and can be vigorously promoted.However,the current PPP projects in China are mainly public welfare or semi public welfare infrastructure construction projects.The project cycle is long and the income is less than that of profit-making projects.The project information disclosure is limited by channels and lacks the ability to attract private capital.In order to improve the investment intention of social capital and graft PPP project financing and social capital,the PPP project(PPP + P2 G project for short)under the mode of P2 G financing(private to government)emerges at the historic moment in China with the rapid development of Internet finance.Based on the characteristics of PPP project and P2 G financing mode,this paper expounds the operation process of "PPP + P2G" project,divides the risk sharing subjects of "PPP + P2G" project and identifies the risk factors.On this basis,combined with the principle of "PPP + P2G" project risk sharing,using bargaining game and modified Shapley value method,the model of "PPP + P2G" project risk initial sharing and re sharing is constructed.In order to effectively implement the results of risk sharing,based on the principle of mechanism design,design a reasonable and feasible risk sharing mechanism,formulate incentive system and restraint system,promote the initiative of project participants to bear risk responsibility,reduce the occurrence of "speculation",and provide guarantee for the smooth signing of the contract and the reasonable re sharing of unexpected risks in the process of project operation.At the same time,based on the conclusions of the two risk sharing model,this paper puts forward targeted measures and suggestions to ensure the smooth signing and operation of PPP projects adopting P2 G financing mode.The conclusion of the study can improve and innovate the research system of risk sharing management of PPP project in theory,help solve the financing problem of the government in the process of infrastructure construction in practice,and provide useful help to reduce the time cost and capital cost of the public and private parties in dealing with risk sharing,so as to maximize the overall benefits of the project.