Study On The Governmental Regulatory In Urban Infrastructure PPP Projects In China

As urban infrastructure construction developing rapidly, the problem that short of construction funds has become increasingly prominent. To relieve the pressure of funds and improve the efficiency of construction and operation, our nation allows and encourages enterprises at home and abroad to adopt the PPP pattern into infrastructure construction in urban infrastructure construction and operation. But at present, there are some governmental regulatory problems in urban infrastructure PPP projects,mainly manifested in the following aspects through the literature induction: absence of regulation offside; lagging of legal system; imperfect social supervision system;immature regulatory agency; crossing of regulatory authority. So it is imperative to strengthen the regulation to social funds.According to status analysis of governmental regulatory in urban infrastructure PPP projects, the paper designs preliminary evaluation index system of governmental regulatory elements in urban infrastructure PPP projects by reading relevant literature.The paper corrects governmental regulatory index using the way of expert consultation, and ultimately determines the evaluation index system of governmental regulatory elements in urban infrastructure PPP projects. The governmental regulatory elements contains five aspects:legal environment; regulatory agency; regulatory means; regulatory content and social supervision. The paper calculates weight of each index based on Analytic hierarchy process,determines the degree of importance according to weight of index, and identifies the key elements of governmental regulatory.Next, the paper expands the analysis of the key elements of governmental regulatory in urban infrastructure PPP projects. First, based on extracting and analyzing elements of the legal environment, elements of social supervision and elements of regulatory agency, the paper constructs environment and regulatory agency of governmental regulatory in urban infrastructure PPP projects in our country.And then the paper analyzes incentive tool, which is relatively important. Based on principal-agent theory and game theory, the paper establishes moral hazard model under asymmetric information. By using research method of comparative analysis, the paper quantitatively describes of the establishment of incentive and restraint mechanism, and proposes approach to stimulate the enthusiasm of social capital.Secondly, from the perspective of life cycle, the paper analyzes the main content ofgovernmental regulatory scope and proposes implementation strategies; and finally,this paper applies the main research results to the example of Xuzhou Metro Line 2,putting theory into practice, and provides reference proposal for the smooth implementation of the project.