Analysis On Financing Risk Of PPP Project Of Civil Airport In China

With the rapid development of China’s civil aviation industry,the number of civil airport construction and operation scale also show an increasing trend.Airport construction has the characteristics of advanced investment,long life cycle and large capital precipitation,and faces a huge capital gap in the construction process.With the introduction of PPP project financing mode,it not only alleviates the pressure of the airport authorities on the shortage of construction funds,enables social capital to invest in infrastructure construction,but also improves the overall profitability of the airport.At present,the application of PPP mode in China’s civil airport project is still in the exploratory period.The airport construction investment project under PPP mode has large scale,long construction period,large investment,many participants and complex contract relationship.The financing risk runs through the whole life cycle of the project.Whether the project financing risk can be effectively managed is the key to the successful financing of the project.Therefore,in the process of airport PPP project implementation,it is very necessary to analyze and evaluate the risk factors of project financing,so as to take corresponding measures to prevent the occurrence of various risks and ensure that the financing risk is controllable.On the basis of literature analysis and practical research at home and abroad,based on PPP related theory and financing risk related theory,this paper studies the attributes of the airport,the classification of airport facilities and common financing modes,clarifies the selection principles of airport PPP mode,and determines the types of airport financing projects suitable for the introduction of social capital.Using the method of literature analysis,combined with the characteristics of airport PPP project,according to the whole life cycle of the project,18 risk factors of airport PPP project financing are summarized.After comparing the commonly used risk analysis methods,the qualitative and quantitative analysis methods are combined,and the entropy method and risk matrix method are selected to evaluate the financing risk of airport PPP project.Using the risk matrix method to build the risk model evaluation matrix,the risk level of each risk factor is given intuitively.At the same time,the entropy method is used to analyze the index weight of risk factors,so as to avoid the influence of experts’ subjective factors on the risk factor evaluation.Taking Beijing Da Xing International Airport PPP project as an example,the 18 risk factors and risk matrix models are applied and verified in parking building project and departure system project,and the corresponding risk response strategies are formulated to prove the applicability,pertinence and rationality of the risk management system.