| As a public infrastructure construction project in China,urban subway is an important way to solve the problem of urban traffic congestion,which not only greatly improves the convenience of residents’ daily travel,but also strongly promotes the development process of urbanization in China.However,due to the huge investment cost,cumbersome construction process and lengthy operation period of the subway project,its construction and daily operation require a large amount of capital support,which puts great pressure on the government’s financial expenditure,so the Chinese government department is actively exploring new project investment and financing models to ensure the smooth implementation of the project.In the process of exploration,the government department tried to adopt the PPP model to fully attract private capital to participate in the project construction,alleviate the financial pressure of the government,and achieve win-win cooperation between the two sides,which has been rapidly promoted in the field of public infrastructure construction.T Metro Line N is the first subway project in T City to be constructed in PPP mode,and it is also the largest single infrastructure project in China’s architectural history.This paper selects T Metro Line N as the research object,conducts financing risk management research on the project,aiming to provide a new construction idea for the T Metro Line N project under PPP mode,help it give full play to the advantages of PPP mode in the whole life cycle,alleviate the current situation of road traffic congestion in T City as soon as possible.this paper uses the literature analysis method to collect,read and sort out the literature on PPP subway financing projects at home and abroad,analyzes the financing risk sources of each project in the whole life cycle,and summarizes the financing risk factors that Metro Line N may face and finally forms a risk index system based on the actual situation of the project.Then,the analytic hierarchy method and the entropy method were used to jointly determine the comprehensive weight of project financing risk indicators.On this basis,the system dynamics are used to evaluate the dynamic financing risk of the PPP project of Metro Line N in T City,and the dynamic change trend of risk in the whole life cycle of the project is obtained,and the key risk factors of the risk level and system variables are determined by this,and finally targeted risk countermeasures are proposed for the project according to the risk evaluation results.Through the research and analysis of this paper,it can provide a reference basis for financing risk management for PPP metro projects in T City and other cities in China,which has certain theoretical and practical significance. |
