Research On PPP Project Risk Management From The Perspective Of The Whole Life Cycle

PPP is an important mode of operation for the government to provide publie goods and services.Although it has not been introduced to China for a long time,it has made important contributions to promoting the construction of public infrastructure in China.According to statistics from the National PPP Integrated Information Platform Project Library,as of the end of January 2019,the total number of warehousing projects reached 8,734,and the investment amount reached 20.6 trillion yuan.However,due to the short development time,less experience of the PPP model in China,and the complexity of the internal and external environment of the project,many projects have failed to effectively control the risk when applying the PPP model,which has led to the failure of the project and caused great loss to the participants of the project.The X County Infrastructure Project is the first large-scale public infrastructure construction project in the county that adopts the PPP model.It was included in the project management library of the Ministry of Finance on August 30,2018,and the tender announcement was launched on December 29,2018.The project has a large investment scale,a long construction period,a large number of participants,and insufficient management experience.There are many risks in the actual operation.Therefore,research on the risk management of the project will help strengthen the risk management level of the project and promote the smooth implementation of the project.This paper first reviews the research on risk management of' infrastructure PPP projects,and summarizes the relevant theories.According to the actual situation of X county infrastructure projects,the research ideas of this paper are clarified.Secondly,according to the existing research results and PPP failure cases,the risk factors are identified for the first time in the whole life cycle of the project,and the risk factor list for the project is identified twice based on the actual situation and expert opinions of the X County infrastructure PPP project.Thirdly,the organization experts scored the probability and severity of the risk factors of the whole life cycle,and processed the scored raw data by the triangular fuzzy number method to obtain the importance ranking of the risk factors of the whole life cycle.Finally,combined with the expert risk sharing preference to define the sharing of risk factors of the whole life cycle,research and develop risk prevention methods,and propose three risk management advice such as avoiding passing risks to each other,clarifying risk management standards and principles,and exerting risk assessment and supervision functions of third parties.The main contribution of this research is to identify twenty-five risk factors in five phases in the X County infrastructure PPP project through scientific methods.Considering the possibility and severity of the occurrence of risk factors,assessing the top ten risk factors of importance ranking,and analyzing the two life cycles with greater risks are the procurement phase and the implementation phase.According to the risk sharing preference and risk sharing principle of the X County Infrastructure PPP project expert group,there should be 10 risks borne by the government,4 risks borne by the private sector,and 11 risks shared by both parties.Proposing corresponding preventive measures and risk management recommendations.