Research On Goverment Compensation Mechanism Of Urban Rail Transit PPP Project Based On Game Theory

In order to improve the urban public transportation and considering the huge demand for construction funds and the financial pressure of the government for the urban rail transit projects,the Chinese government has gradually adopted the PPP mode to promote the urban rail transit construction in recent years.However,due to the large scale of investment,high operating cost,regulated ticket price and high project risk,urban rail transit cannot recover its cost alone,let alone obtain reasonable income.Therefore,in order to attract social capital to participate in urban rail transit construction,the government will generally give social capital some compensation to enable it to recover costs and obtain reasonable economic benefits.However,due to our country promote the PPP model in the field of urban rail transit construction time is shorter,and the influence factors of the government compensation by much and miscellaneous,etc,therefore the existing urban rail transit the PPP project government compensation mechanism still exist many problems,such as lack of incentive,lack of flexibility,difficult to achieve the benefits and risks "equivalence",etc.Therefore,it is of great practical significance to further study the government compensation mechanism of urban rail transit PPP projects.This paper first systematically describes the research background,significance and domestic and foreign development status of the government compensation mechanism,and then on the basis of literature research,analyzes the causes of the introduction of social capital in urban rail transit construction,the causes of government compensation,and the influencing factors of government compensation.Then,the revised capital asset pricing model combined with weighted average capital cost is adopted to establish the solution model of social capital investment return rate,which is used to attract social capital to participate in urban rail transit construction and provide a benchmark for government compensation.After to the established social capital rate of return on investment to solve the model of social capital investment as a benchmark,government compensation to "expected operating profit" as a social capital appraisal target,during the operation of urban rail transit project's cash flows are analyzed,respectively under different operating states are given by the government should give the social capital formula for calculating the amount of compensation.In addition,considering that thereis great uncertainty in the operation period of the urban rail transit project,the actual operating profit of the project will deviate from the expected operating profit.Therefore,the risk loss distribution model and the above expected income distribution model are respectively established to solve the problem that the actual operating profit is lower than/higher than the expected operating profit,and the government compensation amount is adjusted accordingly,thus forming a complete urban rail transit PPP project government compensation mechanism.Finally,the government compensation mechanism of urban rail transit PPP project established in this paper is applied to a practical case to verify its effectiveness and applicability.Research in attracting social capital to participate in urban rail transit construction,encourage social capital to improve operational efficiency,risk loss and income distribution analysis,corresponding mathematical solution model is given respectively,and formed a complete government compensation mechanism,for the PPP in urban rail transit projects in the future the government compensation to provide certain guiding significance.