Research On Finanical Risk Management Of Phase Ⅰ PPP Project Of T City Metro Line 7

The construction and operation of the subway can not only improve the urban traffic,but also drive the land development along the subway and improve the urban layout.It is a new driving force for urban economic growth.However,due to the high construction cost and long operation cycle of the subway,the double pressure of scale and capital makes the debt problem of local governments quite obvious.Therefore,the PPP mode of the subway has always been the direction of the government.As the PPP mode is still in the stage of continuous standardization,it is inevitable that various hidden dangers will appear in the construction and operation of projects.Many projects are unable to carry out reasonable risk mana gement,and projects fail or are cleared by the government.Combined with the needs of the actual situation,this paper takes the PPP project of T city Metro Line 7 phase I as the research object.This project is the first subway line implemented in the PPP mode in T city,which is typical and representative.The purpose of the study is to analyze the potential financial risks that will occur when the government and social capital parties invest funds and construct and operate in accordance with the contract and the implementation plan,and give some financial risk management methods,hoping to provide some reference for the project participants.Firstly,this paper combs the relevant literature on PPP mode and financial risk management,and studies the project in combination with relevant theories and the risks that often occur in PPP mode;Secondly,it introduces the general situation of the project,and analyzes it according to the idea of financial risk identification-financial risk assessmentfinancial risk control.In financial risk identification,the project is divided into two stages:project initiation and construction period,operation and handover period.The twelve risks identified in the two stages are classified as financing risk,investment risk,cost overrun risk and other risks.After that,the risk assessment is carried out to calculate the economic benefits of the whole life cycle,carry out sensitivity analysis on the financial risks during the project approval and construction period,calculate the weight of the financing risk,investment risk and cost overrun risk during the operation handover period by using the entropy method,and draw the conclusion that the ability to resist financial risks in the first 11 years of project operation is weak,the profit changes greatly,and the debt repayment risk needs to be paid special attention;Finally,according to the importance of the above elements of risk assessment,combined with the existing theoretical research,the control methods for each stage of the project are given.In view of the problems existing in the risk management system of the project,this paper puts forward some optimization schemes,such as the establishment of a risk management committee,the optimization of corporate culture,the establishment of a risk early warning system,and diversified financing.It is hoped that it can provide theoretical help for the smooth implementation of the PPP project and provide some reference for solving the financial risk management problems of other PPP projects.