Research On Risk Management Of PPP Model Based On Game Among Multi Agents

In recent years,with the advance of new urbanization,local government have been burdened with a lot of debt,the problem of unsustainability of the traditional financing model is becoming more and more prominent,and it's urgent to look for new financing models.Projects invested by local public finance are usually with long construction cycles,long payback periods and low profitability,which result in the flinch of social capital.But PPP model which works as a kind of cooperation model combined with government and social capital functions as government and market.It not only makes sure the public welfare,but also improves profitability of the project through introducing social capital of advanced technology of construction and operation and efficient management methods.That's why it has gradually become a hot spot in theoretical research and practical application in these years.However,PPP model is featured with multi agents,long duration,which makes its risks complex,periodic and dynamic.Therefore,it is of theoretical value and practical significance to study the risk management of PPP model from the perspective of multi-agent.Based on game theory,the risk identification is involved into each stage of the PPP project,and the thesis seeks for effective risk management paths and methods.For the first part,characteristics of PPP model,such as long cycle,multi subjectivity,risk sharing and benefit sharing is drawn out by analyzing the definition of PPP model at home and abroad.Thus,it is mentioned that the participants of PPP model is not only affected by the external environment,but also causes the inherent risk due to the interaction between the multi-subjects.Choices for participants,different stage targets of different subjects and the same behavior of different expressions in different stages show that characteristics of PPP model is featured with complexity,periodicity and dynamic property.Under the circumstance,the paper establishes game model of bidding stage,dynamic game model of financing stage and static game model of construction and operation stage with incomplete information,through analyzing the game models,the equilibrium solutions are made out and also the conclusions: control the cost of bidding and strictly conduct bidding procedures;avoid protracted negotiations and strengthen information disclosure;improve the supervision mechanism and clear market environment.Finally,from the perspective of participants of PPP model,namely government and enterprises,the paper puts forward some PPP model risk management strategies so as to break the shackles of the development of the PPP model,and promote the PPP model more practical and operational.