The Research On PPP Project Of Risk Sharing And Prevention Based On Information Game

With the continuous expansion of Chinese cities and the sustained development of economy,people's demand for urban infrastructure and public service projects is increasing day by day,but the financing channels of urban infrastructure and public service projects in China are too single.Restricted our country economy to develop continuously the trend.The construction of infrastructure needs a lot of capital investment,but it is difficult to solve by relying on the state finance alone.On the other hand,there is a large amount of idle funds in society.The PPP model solves the above two problems at the same time.This paper focuses on the real option characteristic of PPP project and makes theoretical research and practical exploration on the investment decision method adopted in the project.Based on the study of the nature and characteristics of PPP model and the development mode and investment decision model at home and abroad,this paper puts forward the idea of using real option method to make investment decision analysis in PPP project.By combing the theory and practice of infrastructure PPP,this paper studies the definition,classification and characteristics of PPP,summarizes the experience of foreign countries and analyzes the domestic situation.The results are compared with the existing theories and the situation in China to provide a reference for the choice of investment decision mode in PPP mode.On this basis,the real option game model for the risk of PPP project is established.Starting with the behavior choice of government departments and social capital parties,the mixed strategy equilibrium under different PPP models is obtained.The results are analyzed from different angles and examples are studied.The mode selection of the project and the main factors influencing the game result are discussed.At the same time,the factors that affect the choice of PPP model,namely,the project characteristics,the data of infrastructure industry in China,the factor analysis and the risk evaluation system are extracted.The project of Tianjin Beishui Group is selected as an engineering example,and the established mathematical game model is applied to verify the project.At the same time,by comparing the traditional investment decision method with the real option model,the shortcomings of the traditional investment decision method are analyzed.For the limitations of the traditional investment decision model proposed in this paper,the mathematical model of real options is put forward from three aspects: the establishment of the model,the choice of the influencing factors and the weight of the model.Through the research on the choice of investment decision model under PPP mode,the real option model is established to reflect the actual level of pre-project investment effectively.The feasibility study and management of PPP project by social capital has certain reference value.