PPP项目风险再分担问题研究——基于效用理论的分析

Research on Re-sharing of PPP Project Risk——Analysis based on utility theory

在PPP项目中,以特许经营合同作为＂事前＂约定的风险分担模式不可避免地导致风险再分担,然而风险再分担过程中成本高、分担不合理等问题使得PPP项目的工期和预期收益得不到保证。本文基于效用理论构建政府部门与社会资本方的PPP项目风险再分担模型,研究结果表明：风险再分担的合理比例由政府和社会资本在风险再分担中的地位决定,最低风险成本由政府和社会资本对风险的期望成本决定。结合生活垃圾焚烧发电PPP项目案例,验证该模型在PPP项目风险再分担中的可行性,并为PPP项目的风险再分担顺利实施提出相关建议。

The risk allocation model with the franchise contract as the ＂prior＂ agreement leads to the risk reallocation inevitably in the PPP project, but the problem of high cost and unreasonable risk in the process of risk reallocation makes the duration and expected return of PPP project can not be guaranteed. Based on the utility theory, the model of risk re-sharing of PPP projects is established. The results show that the reasonable proportion of risk re-sharing is determined by the status of public and private parties in the negotiations. The minimum risk cost is determined by the expected cost of public and private risk. Finally, based on the case of PPP project of domestic waste incineration and power generation, the feasibility of validation utility theory in PPP project risk re-sharing is provided, which provides some guidance and suggestions for PPP risk reallocation.