Reasearch On Contract Design Based On The Reasonable Risk Allocation To Rail Transit PPP Project

In recent years,the PPP model in the field of rail transit in China get more and more widely used.PPP financing modality(Public-Private-Partnership)has the ability of alleviating the budgetary pressure to the government,improving the efficiency of project investment management,and meeting the needs of public traffic travel service in advance.For different purposes and benefits,public sector and private sector have different preferred,while unreasonable risk allocation will bring loss to both sides.Reasonable risk allocation is the foundation of PPP contractual provisions,by restrain the rights and obligations between public sector and private sector.Base on the risk allocation and put forward a set of rail transit PPP contractual issues are very important.Based on rail transit PPP project as the research object,the paper mainly discusses the allocating of risk and the designing of contractual terms.As the introduction of the dissertation,chapter 1 introduce research background and significance,after a literature review and comments of current research situation of PPP projects’risk identification and assessment,risk allocation and mitigation with contract.Finally form the research content and puts forward the research framework.In chapter 2,combining with domestic and foreign transportation PPP project cases,and analyzes the key risk lead to the loss of project.Combined with a city rail transit PPP project case,identify the key risk factors,put forward a general risk list which is suit for our country’s rail transit PPP project.In chapter 3,base on the market test and the negotiation with private sector,summed up the questionnaire,to analysis the important degree of risk and allocation preferences.The importance of each risk factors is base on both damage degree after the occurrence of risk and probability of risk occurrence,it is concluded that the risk importance of top 10 risk factors.Compare with government-preferred and private-preferred,analysis of the difference between both sides.In chapter 4,based on the public sector preferred and private sector prefered,combined with the city rail transit PPP case’s actual way of allocating,to analyze key risk factors and then put forward a reasonable way of allocation widely adapted to the rail transit PPP project.In order to improve practical maneuverability of the conclusion,this paper discuss the reasonable way of special risk factors allocation during operation and transition phase under different reward mode,operating mode,and in different government subsidy mode.Chapter 5 puts forward concrete suggestions on the terms of the contract design.To achieve reasonable risk allocation is mainly through the PPP contracts,by appoint the rights and obligations of both sides.In order to make the allocation application in actual project more effectively,39 risk factors are analyzed in detail in the design of contract core termsChapter 6,Summary and outlook.Through the above study,this paper explored a practical risk allocation of rail transit PPP project and put forward a set of contractual design suggestions.The research findings of this paper provided a novel method and perspective for the research of risk allocation and contractual design of other PPP project,which also may lay the foundation for the later research on further research.