The Research On Fiscal Risk Problem Of Public-private Partnership

Up to now, the importance of PPP which is short for Public-private Parternershipis self-evident. On the micro level, PPP creates a new way to provide public goods and services;Fromamacroperspective, PPP has made people to rethink the relationship between government and the market, also, it reflects the profound changes in the mode of public governance. To operate PPP according to the standard wayis the basic guarantee to have its role to play,it will also be the focus of the next phase of work. Of course, fiscal risk prevention is an inherent part of it. But compared with the PPP development, the PPP fiscal risk prevention lags behind, even from the scope of academic research, the definition, types, significance, pattern design and operating modeof PPP are more likely to become the center of attention. Given the international experience, the PPP fiscal management work occupies very important position.To some extent,it determines the success or failure of the PPP projects.Therefore, studying the PPP fiscal risk problem and exploring the risk prevention measures in China is necessary.This article is trying to solve three problems, first of all is the definition of PPP fiscalrisk, then study the factors that can cause PPP fiscal risk problem, finally, given the specific work experience from foreign countries, put forward ideas and suggestions to guard against PPP fiscal risk problem.The article is divided into five parts:The first partintroduces the topic backgroundand significance of the chapter, also, the innovations and defects and views on related literature review is involved.The second part first introduces the basic connotation and characteristics of PPP fiscal risk, and then Hanna's fiscal risk matrix is applied to the analysis to expand the understanding of the PPP fiscal risks. On this basis, emphasizing on the analysis of the illusion of finance under the soft budget constraint, the analysis of fiscal opportunism behavior, the analysis ofrisk shiftingunder the information asymmetry, the analysis ofthe path dependence of institutional change, the chapter tends to know clearly generation mechanismof PPPfiscalrisk.The third part continues the analysis on the basis of reality. At first, do the microscopic analysis basing on project, then to explore how the difference of industry and region influence the degree of PPP fiscal risk. Finally through the narration and reflection of PPP fiscal risk management measuresin our country, this part lays foundation for effective PPP fiscal risk management mechanism.The fourth part summarizes how foreign countries manage the PPP fiscal risk, especially emphasizing onthree aspects in order to learn the experience and find the right way to achieve the same goal.The fifth part discusses main idea and specific suggestions to guard against and control PPP fiscal risk. This article's point of view is the PPP fiscal risk prevention should not be limited to fiscalmanagement, it needs the cooperation, also on the premise of standardization ofPPP.