| In order to stimulate market vitality and increase the supply of public goods and services,China began to promote the PPP model in 2014.In 2015,the government work report required to actively promote the PPP model,and in 2016,it required to improve the PPP model to stimulate market enthusiasm.In 2017,it is required to deepen PPP mode.In recent years,the number of PPP projects and the scale of planned investment have grown rapidly.Due to the unreasonable risk allocation of the government and social capital,the exposure of real debt,the disguised cover of the government,the emphasis on construction and the neglect of operation and other problems,from the middle of 2017,in order to prevent risks,the Ministry of Finance and others began to vigorously clean up the non-conforming projects.Since then,"standardized development" has become the general keynote of PPP mode.According to the statistics of the national PPP comprehensive information platform management database,as of June 2020,there are 9493 projects in the PPP market,with an investment of 14.5 trillion yuan;A total of 6421 projects were launched,with an investment of10.2 trillion yuan,with a landing rate of 67.6%;A total of 3771 projects have been started,with an investment of 5.7 trillion yuan and an operating rate of 58.7%《 On the report on the implementation of the national economic and social development plan in 2019 and the draft national economic and social development plan in 2020,when talking about the main tasks in2020,in the item of "actively expanding effective investment",it said that we should continue to increase financial support,give full play to the guiding role of government funds,standardize and innovate the PPP mode,We will support the participation of private capital in building new infrastructure.Projects tend to invest in "two new and one heavy",that is,new infrastructure and new urbanization,transportation,water conservancy and other major projects;PPP and special debt are combined to leverage social investment;PPP specific project investment and financing mode and means will be innovative,for example,investors borrow real estate investment trusts(REITs)in the field of infrastructure to revitalize existing assets,free up funds to invest in other PPP projects,etc.This paper selects the PPP project of Qingxi river basin water environment comprehensive improvement for the construction of sponge city in Chizhou City,Anhui Province(hereinafter referred to as "Chizhou Qingxi River Basin comprehensive improvement project"),on the one hand,because the project is representative,Chizhou City,Anhui Province is one of the first batch of national sponge city construction pilot projects selected in April 2015,The comprehensive improvement project of Qingxi River Basin in Chizhou City is one of the core projects of sponge city construction in Chizhou City.It has been selected into the PPP demonstration project case selection-water industry(Volume 2)jointly edited by the government and social capital cooperation center of the Ministry of Finance and E20 environment platform;On the other hand,Shenzhen water(Group)Co.,Ltd.,one of the project partners,is a leading domestic environmental water comprehensive service provider integrating water design,construction,operation,service and industrial investment.Through theoretical analysis,combined with case studies,in the process of consulting a large number of relevant literature at home and abroad,this paper understands the connotation and operation process of PPP mode,and discusses the financial risk control process and causes of urban water projects under PPP mode.The selected case--Chizhou City Qingxi River basin comprehensive control project is introduced,and the successful experience of risk management is summarized.Secondly,the financial risk identification and financial risk assessment of chizhou Qingxi River Basin comprehensive regulation project are carried out.Then,through summing up the successful experience of chizhou City Qingxi River basin comprehensive control project and evaluating the future risks,financial control measures are proposed.Finally,the financial risk control experience of chizhou Qingxi River Basin comprehensive remediation PPP project is summarized and inspired,and the deficiencies and prospects of this study are proposed.The specific content is divided into the following f Ive parts:The first part is introduction and literature review.Introduction of PPP mode is the main town water project research background and significance of the study of the financial risk of the instructions,and for the PPP mode scientific connotation of urban water project financial risk are briefly reviewed in this paper,summarized the PPP mode urban water project financial risk control research,the PPP mode town water project financial risk causes;Then the basic research ideas and methods,content and framework of this paper are introduced.The second part is the theoretical analysis of financial risk control of urban water projects under PPP mode.Firstly,the connotation of PPP model and PPP project operation process are introduced.Secondly from the PPP mode town water project financial risk control process,risk identification,risk assessment,risk measurement,analysis of the PPP mode town water project financial risk factors,mainly includes the system of government support and policy changes to market expectations,urban water project project partner’s own risk factors and project cooperation period three aspects,Put forward the theoretical basis of risk control,including risk management theory,principal-agent theory,internal control theory and risk prevention methods.The third part introduces the basic situation of chizhou City Qingxi River Basin comprehensive regulation project,through the analysis of the case,risk identification and simple evaluation.Firstly,this paper introduces the comprehensive control project of Qingxi River Basin in Chizhou city,the project partners and the current implementation of the project.There are mainly four reasons for financial risks: policy changes lead to strict lending conditions,and narrow financing channels affect financing costs;Cost overrun risk during project operation;Project assessment leads to risks in fund recovery;Cost overruns in different periods of the project and imperfect operation risk control mechanism.Then the project risk identification,focusing on financing risk,investment risk,capital recovery risk and operating risk,finally through the case analysis of a simple risk evaluation.The fourth part,through the case comprehensive analysis,case risk management measures and risk control theory put forward the industry risk proposal project risk management situation.At present,the project carries on the risk control through the measures of constructing the risk sharing framework of the apportionment risk method,improving the supervision and budget,that is,through the measures of adjusting the project management structure to avoid the risk method,and has achieved certain risk management effects.In the fifth part,the risk control of chizhou Qingxi River Basin comprehensive regulation project is summarized,and the enlightenment is obtained.The PPP model credit system and laws and regulations construction need to be further improved and strengthened,the financial risk warning model should be improved and the compound financial management personnel should be strengthened.In the process of writing and revising the article,I was aware of my lack of professional knowledge and experience,as well as my insufficient understanding of PPP model and financial risk.Therefore,I need to continue in-depth study,work hard on real knowledge and real application,and enrich the research results. |
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