Research On Financial Risk Management Of PPP Project Of Underground Comprehensive Pipeline Corridor In A City

With the rapid development of urban modernization,the construction of resilient smart city is becoming the indicator of new urban construction.The construction of underground comprehensive pipe gallery is conducive to improving the overall carrying capacity of the city,beautifying the city appearance,and fundamentally eliminating the hidden dangers of exposed pipelines.However,due to the long construction cycle of urban infrastructure projects,large investment capital demand and high project complexity,local governments are under great financial pressure.Therefore,governments usually choose to cooperate with social capital parties in PPP mode to better play the advantages of both sides.The state has issued various supportive policies to orderly regulate the cooperation between social capital and local governments,and China’s PPP projects have gradually entered the stage of policy guidance and promotion.Although THE PPP model can solve the problem of project funding sources and promote the innovation of investment and financing methods,in the practical application process,the project operation is not standardized,a large number of off-balance sheet operation,supervision is not in place,the system is not sound and other factors,resulting in the large financial risks of PPP projects,causing obstacles to the sustainable development of projects.In this paper,according to the "theory overview-industry financial risk analysis-project financial risk identification,evaluation and response-summary and outlook" of the train of thought.First of all,this paper summarizes domestic and foreign literature on financial risk management of PPP projects,and combines project risk management theory,incomplete contract theory,public goods theory,principal-agent theory and information asymmetry theory to provide a basis for detailed analysis of the following projects.Secondly,based on the overall development of the national underground comprehensive pipeline corridor PPP projects,this paper summarizes the development status,financial risk classification and characteristics,and risk causes,and tries to make a comprehensive analysis of the financial risk status of such projects.Then,based on the specific case of the PPP project of underground comprehensive pipeline corridor in a city,this paper introduces the project and calculates its financial situation.Through analysis,it is found that the overall risk resistance of the project is relatively weak.Combined with the above analysis and non-financial related factors,from the perspective of social capital,the list of project financial risk indicators can be divided into three categories: financing,investment and operational financial risk.Specifically,it can be divided into 10 financial risk indicators,and the combination model of ahp,entropy and fuzzy comprehensive analysis is used to analyze them.The weights of project financial risk indicators and the overall financial risk level of the project are measured and analyzed,and countermeasures are obtained according to the analysis results.Finally,make a summary and outlook according to the full text.The research on the financial risk management of the PPP project of underground comprehensive pipeline corridor in a city in this paper can make the project leader have a more comprehensive understanding of the financial risk of the project and provide some scientific guidance for his decision-making.At the same time,since the project financial risk management in this paper is conducted from the perspective of the social capital,this paper can also provide some reference for the social capital of the same type of PPP projects to help such projects successfully pass the cooperation period and achieve win-win cooperation with the government.