Research On Risk-sharing Model Of Old Residential Renovation Projects Under The PPP Mode

After more than 40 years of rapid development,China’s urbanization process has entered the middle and late stage,and urban development has entered a new stage with urban renewal as the main focus.As an important part of urban renewal,the renovation of old residential areas can improve the living environment and realize the sustainable development of cities.However,how to attract the participation of social capital is the key to solve the problems of capital investment and follow-up management in the renovation of old residential areas.Applying the PPP mode in the old residential area renovation project can give full play to the advantages of social capital and improve the efficiency and quality of old residential area renovation.However,in the process of old residential area renovation by PPP mode,how to ensure that the risks are reasonably shared between the government side and the social capital side is of great significance to ensure the smooth implementation of the renovation project.This thesis takes the old residential area renovation PPP project as the research object and conducts a study on how to carry out reasonable risk sharing among the main participants of the project.Firstly,the characteristics and connotations of old residential area renovation and PPP mode are analyzed in depth,and the applicability and feasibility of applying PPP mode to the construction of old residential area renovation are fully discussed.At the same time,a comprehensive risk identification of old residential area renovation projects was carried out based on literature statistics and case analysis,a risk list of old residential area renovation PPP projects was constructed,and 20 key risk factors were identified through questionnaire surveys.On this basis,a risk sharing capacity evaluation index system was constructed based on the basic principles of risk sharing,and the weights of the indexes were established using the COWA operator assignment method.According to the risk sharing process,the modified TOPSIS method is applied to initially share the project risks to determine the risks to be borne by both public and private parties independently and the risks to be shared by both parties,and then to determine the risk sharing ratio between public and private parties based on the bargaining game,so as to construct a complete risk sharing model for the old residential area renovation PPP project and realize reasonable risk sharing between the government and social capital parties.Finally,the validity of the risk sharing model is verified by empirical analysis using the urban organic renewal old residential area renovation PPP project in Jiulongpo District of Chongqing as a research case.The risks to be borne independently by the public and private parties and the risk sharing ratio to be shared by both parties are identified,and corresponding response strategies and suggestions are proposed for the risks borne by the government and social capital respectively.The research results can provide a reference basis for the government and social capital to carry out the risk sharing of PPP projects for the renovation of old residential areas,which can help ensure the smooth implementation of PPP projects for the renovation of old residential areas,reduce risk management costs,and achieve win-win cooperation between public and private parties.