Research On Risk Sharing Mechanism Of PPP Model

As a kind of cooperative relationship between government and social capital with the concept of “shared benefit and risk sharing”,PPP mode is widely used in infrastructure construction in China.However,due to the complexity of the PPP project,its risk runs through the life cycle of the project.Then,in the process of implementing the PPP model,how to identify and share risks? How to realize the effective supervision of the government's risk sharing of PPP projects is a matter of concern to the government,project companies,financial institutions and the public.Based on this,this paper firstly combs the domestic and foreign research literature,introduces related concepts and theories,and uses this as the theoretical basis of this paper,constructs the risk sharing framework of PPP model,proposes the risk identification ideas,and analyzes the relationship among the main project participants.The process of risk sharing of PPP projects was proposed.Secondly,based on the risk sharing principle,this paper constructs three risk sharing models: the PPP project risk sharing bargaining game model under the incomplete information condition,and the PPP project risk in the government sector and social capital.Reasonable sharing ratio;the proportion of risk sharing between PPP project risks within social capital under full information,analyzing the reasonable proportion of risk sharing among third-party institutions such as project companies and financial institutions;between government regulatory agencies and social capital Supervise the game model and explore how government regulators can effectively monitor project risk sharing.Thirdly,this paper combines the three models constructed in the previous stage with the specific operation stage of the project,and introduces the risk sharing process of the three stages of sharing the insurance,and establishes a matching incentive and restraint system todetermine the implementation path of risk sharing..Finally,combined with the PPP project of Taiyuan Metro Line 2 for empirical analysis,the risk sharing framework,the constructed risk sharing model and the feasibility of the mechanism design are discussed.