| With the development of urbanization in China,the scale of infrastructure projects is expanding,but in recent years,the financial expenditure of local governments has increased significantly,and the debt risk is gradually obvious.In October 2014,the State Council issued the opinions of the State Council on strengthening the management of local government debt(Guo Fa No.43 document,hereinafter referred to as "No.43 document")and began to strictly control the local government debt,and made it clear that the local government can only raise debt by issuing bonds or adopting PPP mode for new infrastructure construction.PPP model(public private partnership),also known as "public private partnership model",is a new cooperation model of "benefit sharing,risk sharing and whole process cooperation" between the government and social capital.It first appeared in the UK.After years of operation,many countries have followed suit.Since 2014,China's infrastructure and public service sectors have started a PPP boom.However,in the process of PPP promotion in China,due to the imperfection of relevant supporting systems,there are also problems of nonstandard development.The regulatory authorities frequently issued a series of regulations and policies for the development of local government debt and PPP model,and strengthened the supervision of the development of PPP model.Under strong supervision,the development of PPP has encountered a bottleneck.Therefore,on March 8,2019,the Ministry of Finance issued the implementation opinions on promoting the standardized development of cooperation between the government and social capital(i.e."Caijin(2019)No.10 document").n this paper,we mainly do the following work for Caijin(2019)No.10 document: first,we briefly describe the research background,purpose and significance,enumerate the development status at home and abroad and the future development prospects of China,and describe the advantages and disadvantages of PPP model in detail.Secondly,it expounds the concept,theoretical basis and characteristics of PPP project financing.According to the Finance(2019)No.10 document,this paper analyzes the background of its promulgation,and summarizes the PPP's infrastructure project financing risk factors: six first-class factors and 19 second-class factors of politics,laws and regulations,construction,operation,finance and project income.Thirdly,using the method of questionnaire,the evaluation indexes at all levels are objectively scored and the judgment matrix isestablished.By using analytic hierarchy process,the paper calculates the weight of PPP infrastructure project financing risk evaluation index,and points out the first level factor index(namely political risk,law and regulation risk,financial risk)and the second level factor index(namely default risk,loan precondition risk,default litigation standard change risk)which have the greatest influence on the weight.Fourthly,through the case study,this paper makes an empirical analysis of PPP infrastructure project financing evaluation model,analyzes the financing risk factors in the case,and puts forward risk control measures before project financing and risk management measures in the financing process.Finally,it points out the shortcomings and suggestions of this study.Figure 2 table 19 reference 44... |
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