| With the continuous development of our national economy,as a basic industry of economy,the transportation industry has also been booming in recent years.According to the data disclosed by the Ministry of Transport,the investment in the transportation infrastructure in the whole country was 3,151.166 billion yuan in 2017,increased by 11.6%over the last year.Despite the transportation industry developed rapidly,compared with the level of our national economy,the gap of investment demand is still obvious.The investment and construction of transport infrastructure in our country is always depend on the government investment.This type of government-led investment model on the one hand makes China's transportation infrastructure projects have a single source of funding,which is not conducive to improving the project's capital efficiency and diversifying risks.What is important is that it has brought great pressure on government finances,and the hidden dangers of government debt risks have become increasingly serious and difficult to sustain.Under this circumstance,the PPP model's vigorous advocacy and implementation in China can be a "timely rain" in the area of transportation infrastructure construction,which will help ease the serious contradiction between the huge investment demand in this area and the single financing channel.PPP,Public Private Partnership,literally translated as public private partnerships.In China,they are called government and social capital cooperation.The PPP model is an advanced institutional revolution that can leverage the comparative advantages of the government departments and the social sectors to provide society with higher quality and more efficient public services.The PPP model is also a kind of financial innovation for public products and standards.The provision of public goods has opened up new financing models.The introduction of PPP mode into the construction of transportation infrastructure is currently underway in our country.As of September 2017,there were 14,220 PPP projects that were fully stocked,three national batches of 697 demonstration projects,and 78 demonstration projects in the transportation industry.Among the demonstration projects,572 were grounded,of which 61 were in the transport industry,accounting for 10.7%of the total number of landings.From the perspective of the participants of the PPP project,there were 865 social capital parties involved in the PPP project.The total number of projects is 270,and there are 17 industrial sectors,among which the number of PPP projects participating in the transportation industry is only 12.The above data shows that in the process of using the PPP model,the real enthusiasm for social capital to participate in the transport infrastructure PPP project is low.This is because social capital faces various risks in the PPP model,and these risks prevent the development of social capital in the construction of transport infrastructure.Therefore,this paper studies the risks of investors in the transport infrastructure PPP project.The research shows that the risk of investors in the transport infrastructure PPP project is characterized by long duration,complex diversity,susceptibility to policy and concession agreements,periodical changes and fuzzy risk boundaries.This article lists the preliminary identification list of risk through literature analysis method.The list contains 35 risk factors,which can be divided into three categories:macro,middle and micro risk.In the course of interview and investigation,the preliminary risk identification list was revised.According to interviewed experts' opinions,"political turmoil","political rivalry","exchange rate risk","influential economic events" and "risk of industrial orientation change" were deleted.And merge the "sub-contractor credit risk"and "supplier credit risk " into "other third-party credit risk",screening out 29 risk factors.Finally,the risk is identified by questionnaire survey to get 20 risk factors affecting the investor's risk of the PPP project,and its reliability and validity analysis and factor analysis are carried out.The 20 risk factors are considered as scientific and reasonable.The index system of risk evaluation for investors in traffic infrastructure PPP project is constructed.After the risk identification,through the comparison of the risk assessment methods and the characteristics of investors in the transportation infrastructure PPP project,this paper chooses the risk matrix method to evaluate the risk.And chose the Sanya tram demonstration line PPP project as the case analysis object,evaluate its investor risk,respectively,to determine its special major risk,major risk,medium risk,general risk and low risk factors,and targeted put forward the risk response measures.This paper hopes to promote the understanding of PPP mode by social capital through the risk research and appraisal of investors of transportation infrastructure PPP project in order to promote the stronger development of PPP mode in the transportation industry. |
PDF Full Text Request