Research On Risk Sharing Game Of PPP Project

As an emerging investment and financing method for infrastructure projects,PPP has become an important starting point for deepening the reform of China’s investment、 financing system and promoting national strategies,such as "One Belt And One Road" and "Yangtze river economic belt" under the new economic normal.Therefore,this paper studies the combination of fuzzy logic and qualitative analysis,on the basis of combing the literature.Firstly defining the risk in the PPP project,and clarifies the influencing factors of the subject decision-making.Secondly,using the game theory to study the risk sharing,construct the risk sharing Rubenstein game model based on complete information,and obtain the sub-game Nash equilibrium solution of the model.Thirdly,the model is applied to a PPP project in Jingdezhen City,and the optimal solution of the model is calculated,that is,the best risk-sharing ratio between the public and private sectors in the project,combined with the actual project.Through the identification and calculation of equity investment,operational subsidies and various fiscal expenditure responsibilities,the paper quantitatively calculates the risks borne by the government departments in the scheme.Finally,we compare the net present value(PPP)of the balance of income over expenditure between the government and the public sector(PSC),and evaluate the value of the project.The evaluation results show that the risk sharing based on the optimal solution of the model is based on the value-for-money evaluation of the project.The part of government expenditure has certain pressure on finance;Under this risk-sharing ratio,the value-for-money coefficient is 4.39%,and the PPP value is greater than the PSC value,which is more advantageous than the traditional government procurement model.