Research On Risk Assessment Of PPP Project In Characteristic Towns Based On Structural Equation Model

Since the 21 st century,the rapid development of economy and technology has accelerated the pace of social change.As China’s economy enters the new normal,regional economic transformation,upgrading and innovative development are inevitable,and the development and cultivation of characteristic towns is not only an important strategic initiative,but also an important path choice for new urbanization.In view of the fact that characteristic towns involve more infrastructure construction and multiple fields of construction,larger investment amount,shortage of funds,and long construction period,it is the trend to introduce PPP mode to overcome the obstacles to the creation and growth of characteristic towns.In contrast,China is still in the early stages of developing the characteristic town,PPP mode introduction is tardy,and there is a lack of accurate understanding and practical control mechanisms for the dangers associated with the construction of the characteristic town under PPP mode.The identification and evaluation of the risks of PPP projects in distinctive towns is a critical component because with the formation of thousands of characteristic towns across the country,numerous difficulties and dangers are certain to be disguised in the course of their promotion and construction.This study bases its research on three theoretical aspects: risk identification and screening,risk appraisal,and risk response.The research is based on PPP projects in featured towns.First,the study describe the concept,traits,and evolution of characteristic town and PPP project through the study of the actual condition of characteristic town at home and abroad,summarize the risk identification and evaluation techniques,and assess their application.Based on relevant theories,and study the failure cases of PPP projects,summarize the reasons of failure,and initially constructed a risk list of 49 risk factors in 7dimensions of political,legal,economic,construction,market,operation and environment for PPP projects in special towns.The final risk evaluation index system was obtained by expert survey method;secondly,the structural equation model was used to hypothesize the relationship between the 7 dimensions of risk and the PPP project in the special town,and the structural equation model was established;the questionnaire data were tested for reliability and validity by SPSS to prove the rationality and validity of the data.Finally,we used Fuyuan Dongji Town PPP project as a case study to conduct an empirical study and obtained the risk level of the project as "low risk",which verified the scientific and reasonable model and gave corresponding suggestions and measures based on the evaluation results,so as to provide reference for future risk evaluation of PPP projects in featured towns.The model was verified to be scientific and reasonable,and corresponding suggestions and measures were given based on the evaluation results,which will provide reference for future risk evaluation of PPP projects in special towns.Figure [9] table [18] reference [70]...