基于三方相互威慑讨价还价模型的PPP项目风险分担

Risk Sharing of PPP Project Based on Three Parties Mutual Deterrence Bargaining Model

现有的PPP风险都是在"政府"与"私人部门"之间进行分担,并未考虑风险在"私人部门"内部之间的分担。为此,构建政府部门、项目公司中专业公司和纯投资者三方相互威慑讨价还价模型,并得出相对应的子博弈纳什均衡。使得项目风险在"政府"和"私人部门"之间合理分担的同时也可以在"私人部门"内部间得到合理分配,该项成果不仅在理论上补充了现有PPP风险分担存在的不足,而且为我国后续PPP项目进一步发展提供了较好的基础。

The existing PPP risks are shared between government and private sector,the sharing of risk within the private sec-tor is not considered. This paper constructs the government, the project company professional company and investors tripartite mu-tual threat bargaining model, and acquire the corresponding sub game Nash equi l ibrium. The risk between the government and private sector can share reasonable and meanwhile the inner of private sector can also get reasonable share , the results not only supplement the problems concerned with the existing PPP risk sharing in theory but also for the fol low - up of the PPP projects provide a good foundation for further development.