| With the continuous improvement of urbanization level,China's rail transit construction has entered a period of rapid development.Due to the high cost of project investment,the traditional government investment model has been unable to meet the construction of project.PPP model is a new mode of financing that make full use of social capital,which pay attention to the advantages of both public and private risk sharing and benefit sharing.It has become the inevitable trend of rail transit construction and development.However,there are many participants in the PPP model,the relationship is complex,the interests of the parties are different,which easily leads to the unstable cooperative relationship of the participants.The failure cases such as default,subject change and early withdrawal occur constantly.Therefore It is an urgent problem for PPP project to coordinate stakeholders and maintain multi-party cooperation.At present,the research on the application of PPP model in rail transit projects focuses on the balance of interests between social capital and the government and the public,but the participants in the PPP project also include financial institutions,professional contractors and operators,and so on.Any failure to satisfy the interests of either party may result in the risk of sabotaging the project.Based on the theory of ecosystem,this paper unifies each participant in a mutually beneficial and symbiotic system,and strives to maximize the total benefit of the project and finally achieve a stable and balanced dynamic system on the premise of meeting the goal of the participants.Based on the theory of ecosystem and business ecosystem,this paper deals with the equilibrium orbit intersection.It is a practical significance to communicate the interests of participants in PPP projects.The main contents of this study are as follows:Firstly,according to the relevant theory of ecosystem,the paper sets up the ecosystem of PPP rail transit,expounds the connotation,constituent elements and functions of the system,and explains that the utility of multi-party mutually beneficial cooperation is greater than that of individual actions of all parties.The flow principle of material flow,energy flow and information flow among participants in the PPP project ecosystem of rail transit is explored according to the flow of ecosystem elements.Finally,it is found that the core of the project operation is the energy flow,in which the information flow plays the role of management and control,and the material flow is finally materialized into the project entity under the cooperation of the stakeholders.Secondly,it focuses on the resistance and dynamics of the project system.The influencingfactors of energy flow are identified from the point of view of cash flow,and the cash flow chart of the system is constructed to find out the motivation and resistance of the cash flow.The main driving force is the active efforts made by the system participants to achieve the purpose,and the resistance mainly includes:the participants' goals are inconsistent,the uncertain risk of project income caused by demand change and the information asymmetry of participants and so on.The hierarchical control theory is used to control the government,the social capital side,the social public and financial institutions,and the risk sharing model is used to discuss the influence of different subsidy modes on the cash flow of all parties.On the problem of Information asymmetry,setting up information sharing platform to reduce the loss of transaction cost consumption.Then,from the perspective of sustainable development,the stable development of the project is expounded.Different stakeholders pay attention to different benefits,so different investment ratios make the project show different economic,social and environmental benefits.Therefore,on the basis of focusing on the maximization of benefit,this paper adds the discussion on the proportion of government investment,which provides the basis for the government to make investment decision and evaluate the benefit.Finally,using the Beijing Metro Line 4 as an example,the energy flow resistance of the system in the running process is found,and the influence of the minimum income guarantee mechanism and the fare subsidy mechanism on the cash flow of the participants is analyzed.A comprehensive subsidy mechanism is designed from a balanced and balanced multi-interest perspective.At the same time,the investment ratio when the total benefit of the project is maximized is calculated from the perspective of the sustainable development,so that the project can realize the sustainable development. |
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