Risk Management Of Project Financing In Infrastructure

Infrastructure construction is an important component of national economic and social development. Its development should be developed with social economy in step. With the high-speed development of the economy, the relatively insufficient contradiction of infrastructure construction is more and more conspicuous, and the most direct restriction factor of infrastructure construction is lacking funds. As a new-type financing way, the Project Financing is suitable for infrastructure construction, and it has already been applied successfully in our country. With the development of economy, it will have wider application prospects. But the Project Financing has such characteristics as more participants, complicate structure, much risk factor, etc., therefore it seems particularly important to strengthen the risk management of the Project Financing. This paper is on the basis of analyzing synthetically the current study situation both at home and abroad of the Project Financing risk management, combining the own characteristic of the Project Financing risk management of the infrastructure construction and the applied situation in our country. It regards the basic step of risk management, namely risk identification, risk assessment, risk arrangement and risk supervisor as the clue, carrying on research to the relevant problems of the Project Financing risk management of the infrastructure construction in our country. Firstly, the paper analyses the characteristic and classification of infrastructure by the public products theory and the project distinguish theory. Then combined the basic theories of the Project Financing and risk management, it explains the characteristic of the Project Financing risk management in infrastructure. Secondly, the paper is on the foundation of identifying the risk of the Project Financing in infrastructure, evaluating the risk by VaR (Value at Risk).Through example, it discusses the computing method and how to assessing dynamic risk in the Project Financing, and the possible weakness. Then it applies the method of expert investigation and mark and the Fuzzy Comprehensive Evaluation to setting up the risk assessing model that is based on theVaR , and illustrates it by example. In the discussion of risk arrangement, it applies the game method to explaining and proving the basic principle in allocation of risks. After that, it combines the reality of our country, putting forward the corresponding treatment method to different risk, and adopting the risk following forms to supervising the risk, which to ensure the treatment method of the risk is implemented and realize the purpose of risk management. Finally, the paper put forward the constructive suggestion that from the perfection of law, the diversification of financing way the building of the risk information management system building, etc. which is directed against the current situation in the Project Financing risk management in our country.