Research On Risk Management Of PPP Projects In Foreign Highway Engineering

With the continuous increase in the investment in the construction industry,the domestic construction industry market is slowly approaching stability.The infrastructure of some foreign countries needs to be further improved,and the demand for construction contractors is relatively large.In order to seek the development of enterprises,many domestic enterprises gradually began to expand overseas markets,which led to the concept of international engineering.However,due to the lack of understanding of international standards by domestic enterprises,the lack of complete maturity of construction technology,and the incompatibility of geography and climatic environment in relevant international regions,international engineering faces great risks,and thus the research on risk management of international engineering is very valuable.This paper takes the risk management of PPP project of foreign-related highway engineering as the research object,firstly gives the definition of foreign-related highway engineering,then expounds the concept and characteristics of PPP mode and the related theory of risk management.It highlights the characteristics of the PPP project of foreign-related highway projects and the characteristics of its risks,laying a theoretical foundation for identifying risks below.Secondly,combined with the characteristics of the PPP project of foreign-related highway engineering,the literature research method is used to determine the five major risk indicators of political risk,market risk,construction risk,operational risk and environmental risk,and then based on the actual situation of the Columbia Expressway,combined with questionnaire survey 18 secondary risk indicators such as war risk and political change risk,explain the specific meaning of each risk indicator in detail,and establish a risk index system for foreign-related highway engineering PPP projects.Then,the concept and calculation steps of entropy weight method and fuzzy comprehensive evaluation method are introduced in detail.Based on the determination of risk index system,the risk evaluation model of foreign road engineering PPP project based on entropy weight method-fuzzy comprehensive evaluation method is constructed.Finally,using the model to conduct an empirical analysis of the Columbia Expressway Project(hereinafter referred to as the “G Project”),the results show that the comprehensive evaluation level of the G project risk is “medium”,in which political risk and operational risk are large,and government credit and exchange rate risk are the most affected.Government corruption and road maintenance and repair risks are minimal and consistent with reality.According to the results analysis,thecorresponding risk response strategies are proposed,which provides a reference for China to participate in international engineering prevention risks.