Research On Investment Risk Management Of Private Enterprise In PPP Project

At present,governments at all levels actively respond to the call of the state to promote the construction of the "five networks" and carry out infrastructure construction one after another.However,infrastructure construction has the characteristics of large investment scale and long project cycle.Relying on the strength of the government alone can't meet the requirements of vigorously developing infrastructure construction.First of all,the government has a lot of financial pressure and capital shortage.The traditional construction mode makes the government bear too much debt.In addition,with the increasing demand for infrastructure,the government personnel do not have enough energy to manage a large number of projects.In order to reduce the financial pressure and improve the efficiency of infrastructure construction,China introduces PPP mode.On October 24,2014,Premier Li Keqiang asked at the executive meeting of the State Council to vigorously innovate financing methods,actively promote PPP mode,and make social investment and government investment complement each other.Then the State Council,the Ministry of Finance and other ministries issued a series of documents to support and regulate PPP projects.According to the data of the national PPP integrated information platform project management database,as of March 9,2020,9458 projects have entered the PPP management database,with a total investment of 1439.15 billion yuan.However,at present,the implementation of infrastructure construction with PPP mode in China is still in the exploratory stage.Since 2016,PPP mode has been implemented in large scale in China.Most projects are in the construction period but not in the operation period.There is a lack of post evaluation of PPP projects,and the social capital side lacks the experience of risk management and control of PPP projects.Under the situation of increasingly fierce competition in infrastructure project investment,the social capital side focuses on improving the investment risk management and control ability of PPP project.In order to improve the quality of infrastructure construction and reduce the investment risk of social capital,it is of great practical significance to study the investment risk management of PPP mode in line with the national conditions of infrastructure construction in China.From the perspective of social capital investors,this paper studies the investment risk management of PPP project in combination with the PPP project of B underground comprehensive pipe gallery project,hoping to further improve the investment risk management of PPP project.This paper uses inductive method to deduce and analyze the financing risk,capital recovery risk,income risk and over investment risk of social investors from the perspective of capital investment,and analyze the influencing factors.Then it summarizes the common investment factors and investment risks of PPP project,which has certain reference value for the research on the investment risk management of PPP project in the whole life cycle and promoting the smooth progress of the project.Then through the analysis of the basic construction,capital in place and return mechanism of PPP project of B underground comprehensive pipe gallery project,the financing risk,capital recovery risk,return risk and over investment risk of the project are identified.In order to evaluate the risk of the project,based on the return mechanism and basic data of the project,the financial index evaluation method is adopted to calculate the basic economic index of the project,analyze the profitability and solvency of the project,and evaluate the investment risk and risk concerns of the project in combination with qualitative analysis.B underground comprehensive pipe gallery project belongs to quasi public welfare project.On the basis of case study,reasonable assumption is put forward for risk allocation in the whole process of public welfare PPP project;combined with risk concerns in different stages,a quasi public welfare project investment risk control system is designed.Finally,suggestions and measures to reduce the investment risk of social capital are put forward from two levels of government and social capital ?...