Study On Incentive And Supervisory Mechanism Of PPP Project In Expressway In The Case Of Incomplete Contract

The large-scale construction of expressways in China has aggravated the financial burden of government departments,and the problem of insufficient construction funds has became increasingly prominent.In this context,in order to broaden the financing channels for expressways and ease the financial pressure of government departments,our country has introduced the Public-Private Partnership(PPP)model.However,the incompleteness of the contract(concession agreement)has led to many cooperation issues,and the development of highway PPP projects is not smooth.Based on it,this paper sets up an effective highway PPP project incentive and supervision mechanism from the perspective of incomplete contract.At first,this article analyzes the causes of incomplete contractual PPP project on expressway,and further analyzes the influencing factors of public and private cooperation efficiency from the perspective of incomplete contract.This lays a theoretical foundation for constructing an effective incentive and supervision mechanism.Then,from the perspectives of risk sharing and income distributing,an incentive mechanism that meets the characteristics of expressway PPP projects is constructed.In the aspect of incentive mechanism design based on risk sharing,the risk identification and risk factors of highway PPP projects are studied.An ISM model for risk identification and an incentive model based on risk sharing are constructed.And the specific analysis of the risk factors faced by the expressway and the proportion of risk sharing under the incentive condition is conducted based on Sichuan Yipan Expressway.An incentive mechanism based on risk sharing is proposed,including incentive principles,incentive frameworks,incentive schemes,and incentive measures.In the aspect of incentive mechanism design based on income distribution,the incentive pattern,the incentive principle and the influencing factors of the incentive model based on income distribution are analyzed in depth.And an incentive model based on income distribution is established.Based on this,a series of incentive measures based on income distribution is constructed.Finally,on the basis of exploring the necessity of government supervision of expressway PPP projects,the objectives and principles of government supervision are analyzed,and the government supervisory mechanism is designed,including the legal framework,supervisory institution,supervisory methods,supervisory content,and supervisory processes.This paper has designed an complete incentive and supervisory mechanism of highway PPP projects,which is of great significance to the promotion of the PPP model and the development of China’s highway.