Research On The Influencing Factors Of Risk Sharing In Municipal Infrastructure Projects Based On Ppp

With the rapid development of new urbanization construction,the demand for municipal infrastructure projects in China is also increasing.Municipal infrastructure projects have the characteristics of large construction scale and high capital demand.Therefore,relying on government funds cannot meet the capital needs of municipal infrastructure construction.At the same time,government departments have less relevant management experience and skills than the social sector,and the efficiency of operating municipal infrastructure is also low.So the government has actively introduced the PPP model in the construction of municipal infrastructure projects.However,the practical application effect of the PPP model in China's municipal infrastructure projects is not very satisfactory.The reason is that the participants cannot reasonably share the project risks in the PPP municipal infrastructure projects.Considering the complexity of the risk sharing problem,identifying and analysing the factors affecting the risk sharing of PPP municipal infrastructure projects is a key issue to determining a reasonable risk sharing plan.Based on the analysis and summary of the development status of China's PPP municipal infrastructure projects,this paper build an indicator system from six dimensions to analysing the influencing factors of the risk sharing in PPP municipal infrastructure projects:risk control capability,risk tolerance,risk control cost,expected risk loss,expected risk return and risk preference.Therefore,the Generalized ordering log it model of the risk sharing factors of PPP municipal infrastructure projects is constructed.Finally,we get the conclusions through studying influencing factors of the risk sharing as follows:(1)In terms of risk control capability,the risk perception ability and the technical ability to control the risk of each participating entity has a significant impact on the risk sharing effect in the PPP municipal infrastructure project,while the management experience and risk control experience has no effect on it.(2)In terms of risk tolerance,the annual operating profit of the enterprise has a significant impact on the risk sharing effect in the PPP municipal infrastructure project,while the budgetary risk control costs and capital turnover have no effect on it.(3)In terms of risk control costs,the financial cost for controlling risk of the enterprises has a significant impact on the effect of risk sharing in PPP municipal infrastructure projects,while the non-financial costs and opportunity costs has no effect on it.(4)In terms of expected risk loss,the economic loss and construction time loss caused by improper risk control has a significant impact on the risk sharing effect in the PPP municipal infrastructure project,but the reputation loss caused by improper risk control has no effect on it.(5)In terms of expected risk return,the tangible benefits from bearing risk has a significant impact on the risk sharing effect in the PPP municipal infrastructure project,while the intangible benefits have no impact on it.(6)In terms of risk preference,the personal benefits gained from bearing the managing risks has a significant impact on the risk sharing in PPP municipal infrastructure projects,while the managers' preference for risk do not matter.