The Research On The Risk Management Of PPP Model In Government Debt Financing Project

In recent years,with the development of real economy accelerated,we are faced with a sharp increase of demand for the construction of various infrastructure construction facilities.Public-Private-Partnership model which called PPP model is a cooperation mode with the idea of “benefit-allocation,risk-allocation” between government and social capital,and has been the most popular mode applied in providing infrastructure and public services.In the wake of the applying and expanding of PPP model in infrastructure construction field,problems and risks are risking,and some risks may even cause project failure and frustration.Therefor,it is imperative to have a comprehensive study on the risk management of PPP model and risk response strategies.Firstly,the study reviews large numbers of domestic and overseas literature and started from the connotation and operation mode of PPP mode.Basing on the achievements of domestic and abroad research,it expounds the concept and characteristics of PPP project risk management with the combination of risk management theory,and make a concrete analysis on the risk management of PPP projects from the following aspects: risk identification,risk measurement,risk control and the effect of risk management.Secondly,basing on the research of the the PPP risk management in PPP Project of Fuzhou Subway Line 2,it introduces the general situation of Fuzhou Subway Line 2 PPP project,including its transaction structure,franchise arrangement,debt financing arrangement,return mechanism and contract system.On the basis of the existing research on PPP risk factors in China and overseas and the analysis of the questionnaire of mainly risks in Fuzhou Subway line 2 PPP project,it is pointed out that the mainly risks in Fuzhou Subway line 2 PPP project included 8 aspects,they are legal risk,examine and approval risk,operational risk,regulatory risk,political risk,market risk,construction risk and partnership risk.Combining with the 8 identified risks,the expert scoring method is used to evaluate the probability of occurrence of PPP risk,the degree of risk impact and the controllability of PPP risk,and the measures taken for the risk management of PPP model of Fuzhou Subway Line 2 are also studied and analyzed.Thirdly,by comparative analysis,it finally chooses subjective grading method to evaluate the identified risk factors in Fuzhou Subway Line 2 PPP projected and trys to find the main influencing factors and importance of PPP risk of Fuzhou Subway Line 2project.Through the research,it is found that the risks ranking higher than the average are industry policies,regulatory loopholes,contract breach,risk sharing,legal changes,project revenue and operation cost risks,which are listed as the main risk factors.Finally,according to the identified risk factors,the practical and effective measures were put forward to control the risk of PPP model in government debt financing project from risk sharing and control combined with the the analysis of the successful experience of PPP model risk management in China and overseas.