| PPP(Public-Private-Partnerships) model is a new financing model through the introduction of social capital, reduce the financial burden of the government, effectively avoid the government funds in the construction of high input. High consumption of resources and low efficiency output unfavorable conditions, improved operational efficiency and service quality of the project, and for the private sector involved in the project, financial institutions,insurance companies and other participants also bring about a corresponding revenue is a win-win financing model. After the PPP model into China, with the rapid urbanization of domestic construction, which is used widely, is very suitable for China’s current situation.However, the application of the PPP model is not necessarily easy, when funding projects encountered problems, although the project or the development of good, but the participants would like to get more profit, in order to make the project normally, smoothly, we need to refinance the project, according to the above two reasons, divided into type rescue refinancing and refinancing profitable type, in order to increase the cash flow of the project. Due to refinancing PPP project is the development of the project to happen after a certain period, and therefore, as compared with the initial financing, refinancing failure will lead to greater losses,therefore, study the refinancing risk research has important theoretical PPP projects and practical significance.Firstly, the development process of the development of the current situation and development trend of the PPP model, the introduction of refinancing PPP projects that analyze its importance, and explains why PPP project refinancing, conditions, methods and processes.As an example of a very important project for the analysis of PPP refinancing risk. While the definition of project risk management, describes the general process of risk management.Secondly, the use of AHP(Analytic Hierarchy Process) for each risk factors are identified clearly the various risk factors that may affect PPP project refinancing, we have finally come to the eight criteria layer and eighteen layers PPP program again financing financing risk hierarchy diagram.Again, the use of AHP to the above identified PPP project financing refinancing riskhierarchy diagram was calculated, and the consistency test results, obtained the degree of importance of each sort of risk factors for all parties involved in risk sharing time providing the sharing of the order and the number of share basis.Next, risk-sharing arrangements. The first step in using TOPSIS method to share several important participants should bear the risk of their allocated, should they eventually come to bear the risk factors and share data, as participants learn from risk sharing. The second step,after the completion of the main participants assigned risk sharing for two investors, and public and private sector projects for final risk allocation, The bear TOPSIS method to get the results as a reference, at the same time, in both correct understanding of the importance of their own strength and understanding of the project, the use of bargain game model to determine the final share specific share. The third step, given PPP project refinancing risk response specific measures, for refinancing this particular period, to give the parties involved practical recommendations to ensure that the project can proceed smoothly.Finally, City A to City B Expressway project as a real case for the implementation of the above theory, the project in the process of refinancing risks systematically analyzed and studied the scientific conclusions drawn realistic, not only in theoretically PPP project financing risk management research and then made useful exploration and supplements, but also for all project participants rational treatment of risk, effective risk management provides a reference method on the PPP project on the future refinancing risk coping with more important theoretical significance and practical value. |
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