Research On The Transition Period Risk Management Of Public-private Partnership Projects

In recent years,the PPP model has been greatly developed in the field of infrastructure construction in China.Risk management has always been a hot field of research.In the past,the risk management research of PPP project mainly discussed how to establish risk sharing mechanism for identified risks,with less focus on the specific stages of implementation.The transition period of PPP projects is an important stage from the construction period to the operation period.At this stage,it is necessary to properly handle the risk s left over during the construction period,and also to clear obstacles for operation.The transition period is also a period of concentrated exposure of risks.Strengthening the research on risk management during the transition period of PPP projects can improve the construction management level of PPP projects and increase project benefits,therefore,it is necessary to study the risk management issues during the transition period of PPP projects.Based on the idea of risk management,this paper studies the risk management of PPP projects during the transition period according to the risk management principles in the ERM framework issued by the COSO committee.Firstly,by consulting research literature,case studies,and a summary of the work,the author combed out 16 aspects of risk in the PPP field and compiled a list of 23 risk events during the transition period.Secondly,on the basis of risk identification,by comprehensively classifying the risk factors that cause risk accidents,this paper uses the risk coordinate method to identify and evaluate the transitional risk of PPP project.Finally,sorting according to the risk assessment results,this paper also gives the method of coping strategy selection.Through specific case analysis,this article demonstrates the process of identifying and evaluating risks during the transition period of PPP projects under the risk management model,and put forward countermeasures and measures for medium and high risks.It can be used as a reference for the risk management of PPP projects during the transition period.Based on the COSO risk management framework theory,this paper uses the risk coordinate method to evaluate the concrete risks of municipal G project during the transition period.As a result,two specific risks fall into high-risk areas,and both of these risks come from the preparation of payments,It shows that the preparation of payment is the high-risk outbreak point and the focus of response during the transition period of PPP projects.The concept of risk management during the transition period of PPP projects was first proposed in practical research,enriched the PPP project risk management research system.From the perspective of practical work and application,this article provides strategies and measures to cope with risks during the transition period of PPP projects,which can provide relevant personnel with certain guidance and reference for the risk management of PPP projects during the transition period.