Research On Return And Risk Sharing Mechanism Of Chengdu Rail Transit PPP Project

PPP mode has been developed and promoted in the world since 1990 s.Britain is the first place to rise,the PPP model has been implemented in China,and the government has gradually issued policy documents.In 2013,it was first proposed to allow social capital to participate in key municipal areas,and China began to implement it formally.After that,China stepped into the period of rapid formulation of PPP policy documents.The documents and policies related to PPP of the State Council and its ministries and commissions began to be issued continuously,and the implementation was more and more standardized.For example,in 2014,the State Council issued document No.60,emphasizing the need to encourage social capital to participate in urban construction;in 2015,the state issued document No.42,which clearly proposed to revitalize the existing projects for the first time.Through the subway case,the purpose of the study is to learn and absorb the current experience of PPP mode at home and abroad,identify and judge the existing problems,and focus on the analysis of project return and risk sharing Mechanism.This research aims to study and solve three key issues: first,to establish a systematic regulatory system.From the perspective of supervision,the development of PPP model in China is relatively lagging behind,and the corresponding regulatory system has not been established systematically,which does not match the development needs.The second is to establish a scientific interest return mechanism.From the perspective of the return mechanism,the government often focuses on the introduction of social capital,ignoring the benefits of projects,and the research on the composition and mechanism of returns is not thorough enough.The third is to establish a reasonable risk sharing mechanism.From the perspective of risk sharing,excessive reporting of financial affordability will transfer the unreasonable risk to the government,and the scope and mechanism of sharing are not unified and clear.It is urgent to clarify the principle,scope and proportion of risk sharing.After the above research and analysis,this research finally summarizes the problems in the aspects of policies and regulations,capital returns,risk sharing,such as imperfect laws and policies,high dependence on financial funds,fixed income,lack of reasonable risk sharing mechanism,single operation strategy and other specific problems;and then,it puts forward targeted measures to improve policies,reduce risks and broaden income.The research puts forward 13 specific suggestions,including improving the relevant policies of rail PPP,improving the risk sharing mechanism,strengthening risk management,tapping business potential,attracting private enterprises to reduce costs,and promoting TOD development.