Research On The Risk Management Of Private Capital-led Utility Tunnel PPP Project

With the expansion of China's urban scale and the progress of new-type urbanization,the contradiction between the relatively backward municipal infrastructure has become increasingly prominent.Accelerating the construction of municipal infrastructure has become an urgent task for local governments.As a new type of municipal infrastructure,integrated pipeline corridor can not only resolve the chaos of municipal pipelines once and for all,but also from the long-term perspective,its internal and external benefits are much higher than its internal and external costs,and the construction of integrated pipeline corridors has more Economical.At this stage,the growth of local government debt is rapid and debt pressure is increasing.It is obviously unsustainable to rely solely on government fiscal funds to build a comprehensive pipeline.With the vigorous promotion of the PPP model and the reform of the investment and financing system,more and more infrastructure areas are open to private capital,which provides a good opportunity for private capital to invest in comprehensive PPP projects.However,the integrated pipeline project in the PPP mode has features such as complex engineering characteristics,capital intensity,large number of participants,and complex project procedures.Generally,there are many uncertain factors and the risk of the project is relatively large.Systematic risk management can guarantee the smooth implementation of the project,eliminate the concerns of private capital,and promote the healthy and rapid development of integrated pipeline corridors.Based on the relevant theories of PPP model and risk management theory combined with the characteristics of the integrated pipeline project,this paper takes a private capital-led project as a perspective,and systematically studies the risk management issues of integrated pipeline corridor PPP project from theoretical research and case analysis..In terms of theory,the necessity of building a comprehensive pipeline corridor and the applicability of the introduction of the PPP model to the pipeline corridor project were analyzed in detail.Based on this,the different PPP models applicable to integrated pipeline corridor projects were analyzed;and the focus of the paper's research was on private capital participation.The preference and status quo of PPP project reward mechanism were studied,and the obstacles of private capital participating in integrated pipeline PPP project were analyzed.Starting from the principles of hierarchical holographic modeling methods,the risk identification process was developed and a multi-dimensional and multi-level risk identification model was constructed.According to the common risks of the infrastructure PPP project and the risk characteristics of the pipeline project,the integrated pipeline corridor PPP project risk system is divided into three dimensions: macroscopic,meso-level,and micro-level,and the risk and risk factors are further identified in the three dimensions.,Which leads to an initial risk indicator system.Based on the initial identification system and based on the perspective of private capital,the risk filtering and risk factor filtering are conducted again.The filtering method adopts an expert questionnaire method.The filtering rules adopt double standard filtering of the probability of occurrence of risks and the degree of loss,and finally form a comprehensive pipeline dominated by private capital.PPP project risk evaluation index system.Through the research and summary of the risk indicator weighting method and the comprehensive evaluation method,combined with the identified risk assessment index system,the risk assessment model of this paper is constructed.The analytic hierarchy process(AHP)method is used to determine the subjective weight.Because the accuracy of the subjective weights is not high,the subjective weights are modified by using the improved grey relational degree to determine the integration weights of the subjective and the objective.The use of fuzzy comprehensive evaluation method for risk assessment can well meet the ambiguity and uncertainty of engineering project risk,making the quantification of evaluation results more clearly and clearly reflect the project risk size.Taking the Baiyin comprehensive pipeline PPP project as an example,using the risk assessment model constructed,risk assessments are conducted on Baiyin pipeline projects,and sharing plans and countermeasures are given for the evaluation results.The analysis shows that the overall risk of the Baiyin Pipeline project is in the middle category,but it is close to higher risks.The main risks are financing risk,operational risk,and construction risk.The government and private capital parties need to learn from each other and try to avoid weaknesses while managing risks.The government Policies,politics,laws,and other aspects should be actively promulgated to reduce the possibility of risk.Social capital should seek multiple ways to solve difficulties in financing and operations.