Research On Market Demand Risk Sharing Of PPP Projects Based On VFM

Since China’s reform and opening up,with China’s rapid economic growth,accelerate the process of city infrastructure projects,the increasing demand for all levels of government,active fiscal policy to increase infrastructure investment,the infrastructure project funding pressure increase.In order to alleviate the.financial pressure of the government,accelerate the public the infrastructure construction and improve the efficiency of investment,in 2014 China promulgated the "on the promotion of the use of government and social capital cooperation mode notification on the development and reform," National Commission on carrying out the government and social capital cooperation guidance on other important documents,encourage all levels of government to actively introduce social The capital construction of PPP(Public Private Partnership)cooperation mode.PPP mode is a new mode of investment and financing projects,infrastructure construction and operation by the government and social capital cooperation,in the face of the interests of the parties involved in the project,sustainable income and reasonable income distribution become the basis for the success of PPP projects,income and income distribution the situation directly affects the market demand risk,so the market demand for PPP project risk sharing is the priority among priorities of the feasibility of PPP project.Our government pay more attention to the use of PPP model demonstrates the feasibility of the financial capacity and project analysis,China’s Ministry of Finance promulgated in 2015《PPP value evaluation guidelines(Trial)》,the value evaluation system(Value For Money)is introduced into the demonstration phase of the PPP project.Value evaluation is an evaluation judgment is the method of using PPP model instead of the traditional business model of government investment to provide public service projects,a clear market demand risk sharing principle main project risk,providing a standardized policy for the PPP project successful landing.In this paper,through the sharing of research on market demand of PPP project risk analysis,it uses simulation models of evolutionary game theory in the research,the market demand for PPP project risk sharing policy research,sharing mechanism output PPP project market demand risk,provide scientific and reasonable basis for the follow-up and implementation of PPP project for theory PPP the mode of government departments to provide reference,has a strong practical significance.This paperis divided into six parts:The first part is an introduction,This paper mainly introduced the research background of this thesis is the pressure of government financial capital,the PPP project brings the research significance from the angle of theory and Practice on market demand innovative research on PPP project risk sharing theory,this research framework of this article and the possible innovations.The second part is a summary of research,from the PPP project risk identification,PPP risk assessment evaluation,value for money studies,reasonable risk-sharing four PPP projects based on the gathered research at home and abroad in the field of research results,make a comprehensive introduction and elaboration.The third part is based on value-for-money evaluation of PPP project market demand Risk research theory analysis,identify and explain the PPP project market demand risk factors,analysis of our Ministry of Finance promulgated PPP value for money evaluation guidelines(trial)PPP Project for value--for-money quantitative risk transfer form and qualitative analysis of market demand risk sharing principle.The fourth part t is to build demand risk sharing model PPP projects.Discussing PPP project market demand risk sharing-the core stakeholders and stakeholders from all the stakeholders and key stakeholders(Government and social capital)two aspects demand risk sharing model,analysis using evolutionary game theory,risk-sharing theory attempts to explain the market demand;PPP projects focused on the core stakeholder,in the initial state a different game under the risk-sharing ratio,where yields on behalf of participants borrowing risks risk taking ability and willingness,the discount rate represents the game of patience and learning speeds,constructing optimal risk-sharing model based on game theory.The fifth part the analysis conclusion of the PPP project market demand risk sharing model.Based on the PPP project market demand risk sharing simulation model,the paper carries out the payment function analysis of the initial state of different games,and according to the analysis result,the policy of rationalizing PPP project market demand risk sharing is designed,and from the angle of incentive mechanism and constraint mechanism,it makes the government and social capital utility maximization.Maximize their own interests.The last part is conclusion and prospect.Be highly innovative achievements summary of the research for this article,thinking about the shortcomings of this article,looking to the future research directions.