Research On The Decision-making Of The Shareholding Structure Of The Public Private-partnerships Projects

Since 2014,The public-private partnerships model(referred to as the PPP model)has ushered in a new wave of development.As an important part of the PPP project preparation stage,the shareholding structure has an important impact on the project's entire life cycle,which directly affects the distribution of project risks and benefits among the various parties.Unreasonable shareholding structure may lead to conflicts and additional expenditures between the two parties,making the project inefficient and harming the public interest.Therefore,this paper builds an optimization model of the shareholding structure of the public and private parties,with a view to providing a reasonable shareholding structure allocation mechanism,thereby improving the efficiency of the use of public resources,easing the payment pressure of the government departments,and maximizing the benefits of cooperation between the two parties.Based on a thorough analysis of the current status of the study,this paper studies the equity structure of PPP project companies.First of all,this paper investigates 45 domestic typical PPP projects,analyzes the decision-making factors of the equity structure,summarizes the main factors that affect the changes in the equity structure,and sorts out the optimal equity formation mechanism.On this basis,the mechanism of equity allocation between public and private parties is studied.By analyzing the decision goals of the public and private parties,using the retention effect of the social capital as a constraint,a preliminary decision model is established based on the value-for-money expression,and then the optimal shareholding structure is determinedby considering the decision goals of the social capital.Through further research on the model,it is found that the level of effort,capacity endowment,franchise period,market retention effect,etc.will affect the optimal shareholding structure.After that,this paper introduces actual cases to test the validity of the model,and the results are consistent with the actual situation of the project.Finally,factors such as effort level and ability endowment are separated to simulate the impact of these factors on changes in the ownership structure.Through the research conclusions of this paper,the theoretical model of PPP project equity structure is enriched,which can provide theoretical guidance for the government to make equity structure decision,improve the quality and efficiency of infrastructure and public service supply,and provide a reference for the sustainable development of PPP projects.