Study On The Relationship Quality Of PPP Stakeholders Based On The System Dynamic

PPP projects are born with these characteristics including long project period,a great diversity of stakeholders involved in and high hazardous risks,et al.The risks not specified or defined unclearly in PPP agreements occurring may cause the unbalance of benefits,which will lead to dissatisfaction(s)or even opposition from the PPP stakeholders.And the party/parties dissatisfied will not be willing to provide consummate performance and make the project performance low or even the project fail.Aim to these issues above,the paper uses Mitchell method to identify PPP stakeholders and their core interests as the perspective of SPV under the background of PPP expressway project and establish the evaluation model of relationship quality of PPP stakeholders.And then,based on the system dynamic method,it's been analyzed that the relationship and causality of interests of PPP stakeholders and the feedback loop of the PPP stakeholders' relationship quality,core interests and risk elements.In the end,considering the regulatory mechanism(price adjustment and subsidy),the system dynamic model of PPP stakeholder relationship quality has been built and the dynamic PPP stakeholder relationship quality has been simulated under different risks with variable strength to explore the features of its change and behavior,make all the parties satisfied and improve project performance.The simulation shows that the cooperation relationship of PPP stakeholders is complex and fragile,that is,the risks not specified or defined unclearly in PPP agreements will easily cause the stakeholders' satisfactions unbalanced under the occasion of no regulatory mechanism,leading to the system into vicious circle and the satisfaction(s)of stakeholders lower and lower,and even making the cooperation relationship shut down and the project fail.Reasonable price adjustment and subsidy mechanism can improve ex post performance.The simulation shows,under the same risks strength as above,the regulatory mechanism can effectively prevent the further reduction of the satisfactions of stakeholders and then,the satisfactions of stakeholders show an upward trend.finally,the PPP satisfactions of stakeholders reach a new balance which is higher than that without regulatory mechanism,that is,the regulatory mechanism can maintain the cooperation relationship and improve the project performance.What's more,the system dynamic model can output a specific scheme of price adjustment and subsidy for a risk scenario.The nature of the regulatory mechanism is the redistribution of ex post risks.Reasonable price adjustment and subsidy mechanism can effectively improve project ex post performance,which means it can indirectly improve the anti-risk ability of PPP project,moreover,it is also the soul for PPP par ties to share risks.