Research On Risk Management Of S Expressway’s PPP Project

As an important part of the transportation network,expressway plays an extremely important role in promoting the joint development of regional economy,improving the efficiency of logistics transfer and improving the quality of people’s life.In recent years,the state has carried out the western development strategy and vigorously promoted the construction of "eight vertical and eight horizontal" expressways.However,the construction of expressways requires a large amount of investment,and it is under great pressure to rely solely on the financial support of local governments.In order to ensure the orderly progress of highway construction projects in western China and make up for the funding gap,it is imperative to explore diversified financing channels.Therefore,as a new financing method,PPP model is introduced into the field of highway construction.But there highway PPP project participation main body,more money into big and long payback period,combined with the western region highway project is influenced by multiple factors such as geology,climate and the humanities,each participation main body especially for-profit face a greater risk of social capital,this leads to the parties subject to participate in the kinetic energy of the highway construction project.In order to mobilize the enthusiasm of the participants,it is necessary to ensure that the participants of the project obtain stable and sustainable investment returns and achieve reasonable risk sharing,which in essence is to reduce the overall risk of the project and ensure the smooth development of the project.Therefore,this paper takes risk management as the starting point and takes the expressway PPP project in western China as an example to conduct in-depth analysis of the possible risk elements of the project and explore effective countermeasures.Based on risk management,public goods and life cycle theory,this paper takes S expressway PPP project as an example to conduct risk management research.In the research process,firstly,a five-stage risk identification model and a risk identification framework based on the whole life cycle are constructed through literature review.Secondly,risk identification part on the basis of traditional qualitative comb,combined with the feature of highway PPP projects,use WBS-RBS will S highway project work structure decomposition and risk structure decomposition,the project faced by each life cycle stage of different types of risk factors to science,and by using group decision-making characteristic root(GEM),The qualitative problems are dealt with quantitatively,the key risks are selected,and the risk evaluation index system is constructed.Thirdly,in the risk evaluation part,ah P-entropy comprehensive integrated weighting method is used to optimize the weighting scheme to avoid the subjectivity of weight assignment.On this basis,multi-level fuzzy comprehensive evaluation is used to evaluate the risk at all levels and the overall risk of S expressway project.Finally,the harsanyi coefficient is introduced to build a game model with incomplete information to determine the proportion of government and social capital in the shared risk factors,so as to ensure the credibility and accuracy of risk sharing results.Highway through the system research,this paper analyses the S key risks and its transmission characteristics of the PPP projects,to explore the relationship of each benefit main body,to quantify the impact of project risk factors at the level of,has been clear about the risk the responsibility main body,and put forward the coping strategies,provide the basis for the risk decision of stakeholders.It is of positive significance to guarantee the investment income of project participants,improve the participation enthusiasm of social capital,guarantee the smooth operation of the project and promote the construction of expressway in western China.