Research Of Project Financing Risk Management

The project financing is applied in the projects which need a large sums of funds and have high risk, and is increasingly becoming the important financing way of the mid and long-term construction projects such as infrastructure in the way of perfect reasonable risk distributing, vivid and diverse structure form, the stronger environment orientation ability, complicated and tight agreement engagement. On being extensively applied, however, the project financing also faces many problems. Investors pay little attention to risk and the consciousness of risk is weak and without reasonable risk distribution rules among them. Therefore, the problems how to manage the risk of project financing effectively are focus on practice and theory of project financing all the way.This thesis, with the investor's visual angle, carry on ideas of risk identify, evaluate, distribution, prevent and evade, researches thoroughly on infrastructure project financing risk management.At first, the thesis, using probability analysis, carries on amended model of CAPM, and making use of the model of Cash flow and amended model of CAPM to carry on the quantitative identify to the project financing risk, setting up the dynamic state of the project financing risk evaluation model based on the theory of HAP and Fuzzy, evaluate the risk of project financing in construction, ban the production and operation period in dynamics way. Based on this, on how to initiate a project financing risk management, the author establishes the dynamic state supervision method, and to carry on dynamic state supervision management to finance risk making use of the∑DCRt, CR, NPV, PaR, Bt etc. index, and analyses the research of risk management decision of project financing under the Information Asymmetry, setting up game mode of risk distribution, to decide the most optical undertakers of the risk in accordance with maximization of the whole performance and the Superior principle of Pareto, and then every attendees sign the agreement of risk distribution, design risk measure.Through the case study of XiHe Hydroelectric power station project financing risk management, the author designs a series of measures to distribution and control risk. At last,analyses the conclusions and response on how to improve risk management in project financing. These hope to enrich the theory of project financing risk management in our country, and can provide successful experiences for other infrastructure project financing risk management.