Study On Distribution Of Refinancing Income Of PPP Projects

The PPP model is introduced on a large scale of infrastructure construction field in China.Nearly two years,the quantity of PPP projects grows fast.The PPP model,as an "import",in China's political,economic and social environment,is bound to suffer from some localization tests.Chinese government is now actively preparing the perfect various laws,regulations and demonstration text of PPP field,in order to help local governments and the social capital in the practice of PPP projects.The development of PPP model in China is not only a challenge but also an opportunity.It let us draw nutrients from the experience of other countries,and learn lessons in domestic practice.Britain is truly the first country in the world to introduce the PPP(PFI)model.In the early British PPP practice,refinancing occurred.After the research of several refinancing PFI projects,the British government found social capital obtain huge profits in the process of refinancing.The government formally promulgated relevant documents,which specified the income distribution ratio between government and social capital in the process of refinancing.At present,most of PPP projects in China are now in the period of construction or operation,and the study of income distribution of PPP project refinancing in advance is imperative.It was firstly discussed of the basic theory of the income distribution of PPPproject refinancing,mainly through literature research and case analysis.It presented related theory of PPPproject refinancing,including the definition of refinancing,refinancing time node,refinancing process,the basic principle of income distribution,the PPP project model and so on.Secondly,this paper discussed generating mechanism of refinancing income of PPP projects.Mainly through the literature research and case analysis,this paper discussed the type of financing income,mechanism and influence factors of refinancing's earnings during the refinancing process.Then,this paper discussed the distribution mechanism of refinancing income of PPP projects.Mainly based on cooperative game theory,according to different ways of income distribution negotiation,this research selected different game theory models and built income distribution model and solved it based on the game between government departments and social capital.Finally,this research carried on a case study distribution of refinancing income of PPP projects.Mainly through case study,this paper solved practical problems in the distribution of refinancing income of PPP projects,using the method of game theory as mentioned above.In this paper,based on cooperative game theory and relevant models,it used fuzzy analytic hierarchy process to identify and analyze the factors that affect the distribution of refinancing income of PPP projects,and analyzed its influence quantitatively and qualitatively on the result of income distribution.Empirical shows the rationality and validity of this method used in the distribution of refinancing income of PPP projects.It hopes that this study can offer help for both government departments and social capital.