Research On Risk Management Of General Contractor For Infrastructure Project Construction Under PPP+EPC Model

Infrastructure project construction is the mainstay of China’s national economic development and is the basis for the development of various undertakings.Generally,infrastructure projects are characterized by high investment,long construction period,high technical requirements and slow investment recovery.In recent years,more infrastructure projects adopted the integration mode of PPP+EPC,which not only helps to relieve the financial pressure of the government and enrich the financing channels,but also truly realizes the whole process management of the project,integrating "design,procurement and construction".However,under this model,the EPC general contractor has the dual identity of "investor + builder" and faces more risk factors in the process of project implementation.Therefore,in the construction of infrastructure projects,what risk factors the general contractor may face after the integration of the two models,how to analyze the relationship between the risk factors and how to scientifically assess these risk factors are crucial to the general contractor’s risk management in this model.Based on the perspective of general contractor,this paper conducts a study on the risk control of infrastructure project construction under PPP+EPC model.Firstly,by analyzing PPP and EPC model,defining the connotation of PPP+EPC model,analyzing the role relationship between general contractor and project company,financial institutions and subcontractors,discussing the risk characteristics of infrastructure projects under PPP+EPC model,and introducing the theory and methods of relevant risk control;secondly,on the basis of identifying risk factors in three steps,constructing a PPP+EPC model risk evaluation index system.Finally,the DEMATEL method is used to analyze the relationship between risk factors,and a gray clustering assessment model with a mixed likelihood function at the center point is constructed,and the applicability of the model is verified with specific examples.Based on the above research content,the main findings of this paper are as follows: First,combining the literature statistics method,WBS-RBS analysis method and questionnaire survey method,the risk factors that the general contractor may face are identified in three steps,through statistics,screening and optimization,a total of 7 primary indicators and 27 secondary indicators are identified to provide reference for relevant risk control research;Second,through the DEMATEL method,the analysis of the identified The influence relationship of the identified 27 risk factors was analyzed by DEMATEL method,and 19 causal factors and 8 consequential factors were obtained;Third,combined with the example analysis,the AHP-DEMATEL combined weighting method is used to determine the weights of the index factors,and the overall risk of the project was judged to be high according to the gray clustering assessment model of the central point mixed likelihood function.The results prove that the model is feasible and practical,and relevant risk control suggestions are made for the higher risk factors.