Risk Sharing Of Highway BOT General Contracting Project

Since the complex participants and the different risk preferences of participants,it is necessary to study the risk sharing of the freeway participants under the BOT+EPC model,so as to improve the highway construction management,ensure the quality and quantity of the project construction,and maximize the interests of the project participants.In order to discuss the risk sharing of freeway participants under the BOT model better,the emerging model of BOT will be defined based on the existing references and analyzes of the characteristics of the model.On this basis,using the WBS-RBS method,the risk of expressway projects under the BOT model is identified from the work breakdown structure and the risk decomposition structure,and a risk identification matrix is constructed to obtain the initial risk list.Taking into account the different responsibilities and obligations undertaken by the expressway during the preparatory,construction and operation periods,the weights of the identified initial risks are revised to obtain the final risk list.Then,taking into account the differences in project participants’ risk appetite,the relative risk aversion metric coefficient influencing factors of the participants of the project will be identified combined with literature analysis and questionnaire survey methods.Finally,based on the principal-agent theory,the principal-agent relationship between the general contractor and investors and subcontractors was discussed,and the expected utility functions of the general contractor and the investor,the general contractor and the subcontractor were calculated,and the principal-agent model was constructed.The proportion of risk sharing between the general contractor and investors,general contractors and subcontractors will be solved.Based on the previous studies,the BOT model of a freeway will be analyzed under the actual situation of risk sharing,and the various risks of the expressway will be identified according to the above risk identification procedure presented,Then,using the established principal-agent model,the proportion of risk sharing between the general contractor and investors,general contractors and subcontractors will be solved.Through engineering examples,the feasibility and scientificity of this research method are demonstrated.