The Research On The Fiscal Risk Of Public-Private Partnership

In recent years,our country’s economic operation has entered a new normality.It be faced with the practical problems,such as declining economic growth rate,the debt risk of local government and the new urbanization construction demands huge funds and so on.The PPP mode(Public-Private Partnership)of public infrastructure and public service industry came into being in our country.As a financing mode in the new era,the Ministry of Finance,the National Development and Reform Commission and other departments are studying and promulgating the relevant policies to provide policy support and supporting space,which can apply PPP mode deeply and widely.Local governments at all levels have also begun to draw support from the PPP mode,try to resolve the local debt risk and urbanization difficulties to solve the financial problem.It should be pointed out that the PPP mode has some financial risk in practical application.PPP mode is something fresh in China.The present domestic theoretical and practical researches are still in the early stage.Because of lacking a clear understanding of certain issues,or blindly follow the trend,it often easy to appear theoretical errors.The project will appear mistakes or failed under the wrong thoughts and guidance.In addition,in the practice of PPP mode,there are some "false PPP" project,in order to the shares of real debt,fixed income,repurchase arrangements and so on.It actually increases the financial risk.Even for some standard PPP Project,they also faced with large-scale investment,long period of investment cycle,and risk factors in the whole life cycle,lacking cash flow and other constraints,which may lead to financial risks and worth paying attentions.In this regard,it is of great importance to study the financial risks in the PPP mode.The present paper first states the connotation of the PPP mode and the connotation of the financial risk in the PPP mode,it summarizes the characteristics of the financial risk in the PPP mode,that is,the concealment of risk,uncertainty and conductivity.Secondly,this paper analyzes the specific responsibilities of PPP mode in various stages of project identification,procurement,execution and transfer in detail.Again,the paper analyzes the financial risks of PPP mode;and further analyzes the causes of these financial risks;Finally,in view of the above financial risk classification policy,the present paper put forward related recommendations to resolve the financial risk of PPP mode.