Study For Risk Shared By The General Contractor Of Highway Project In "BOT+EPC" Mode

Highway is characterized by a big investment, a long payback period and a complex risk. Sharing the risk which needs a deep study plays a key role in achiving the overall goal of a project. The general contractor plays an extremely significant role in the highway project where BOT+EPC mode is applied, which makes it so urgent to study the risk sharing.This paper which combines the general contractor who is defined in the highway project and the project’s characteristics analyzes the characteristics of the general contractor of the highway project in BOT+ EPC mode and the difficulty which occurs in the risk identification. Besides, it analyzes the work and risk of the contractor using WBS-RBS method to create the matrix of risk identification Also, it corrects the weight of risk factors in the method of brain storm based on a list of initial risk and presents a list of final risk with a characteristic of the contractor defined in the highway project in BOT+ EPC mode.Next,the subject who will share risk and the type of risk are determined on the basis of risk identification. An assessment system concerning the relative metric cofficient of risk aversion between the genaral contractor and investors, subcontractors is respectively built standing on the risk sharing theory to get a cofficient which can tell the attitude towards the risk is taken into consideration in the paper.A risk sharing model is respectively built between general contractor and investors, subcontractors who compete with each other where the pricipal-agent theory is applied to solve the risk proportion which should be shared by general contractor according to the contract signed between the general contractor and subcontractors. In the end, A proportion of the risk shared among general contractor,investors and subcontractor is obtained through an analysis of YJ highway project in the BOT+EPC mode, furthurmore, a series of systems of promotion and restriction are built to serve the risk sharing.The risk shared by the general contractor of highway project in BOT+EPC mode is identified in the paper systematically and completely, what’s more, the proportion of the risk shared by general contractor is gained by taking advantage of the principal-agent theory to do study into the 2 contracts signed by general contractor. In summary, the paper can provide the general contractor of highway project in BOT+EPC mode with a quantitative basis to share risk scientifically, which diminishes greatly the subjectivity during the risk sharing.