基于云模型的PPP项目投资者异质性评价

Heterogeneity Evaluation of PPP Project Investors Based on Cloud Model

在PPP项目融资过程中考虑异质投资者的加入有助于实现资本组成的多样性。因此,有必要构建影响PPP项目投资者异质性的指标体系,为实现PPP项目的风险分散奠定基础。首先,基于文献分析及专家深度访谈,提出了12项构成PPP项目投资者异质性的指标;接着,利用AHP-DEMATEL方法计算了各指标综合权重,结合云模型理论进行了PPP项目投资者异质性指标的定性与定量特征转换;最后,基于案例分析,运用云模型理论确定了项目投资者的异质性指标云评价等级。研究结果表明异质企业性质、异质投资比例、异质风险态度、异质资金来源、异质预期投资期限是对该项目影响程度较高的异质性指标,对其进行了相应原因分析与讨论,在设计项目风险分散机制时应重点关注这些指标。

Considering the participation of heterogeneous investors in the financing process of PPP projects can help to realize the diversity of capital composition.Therefore,it is necessary to build an index system that affects the heterogeneity of PPP projects investors,so as to lay a foundation for the realization of risk diversification of PPP projects.Firstly,based on literature analysis and in-depth interviews with experts,12 indicators of investor heterogeneity in PPP projects are proposed;Then,the comprehensive weight of each index is calculated by using AHP-DEMATEL method,and the qualitative and quantitative characteristics of the heterogeneity index of PPP project investors were transformed by combining the cloud model theory;Finally,based on the case study,the cloud model theory is used to determine the heterogeneity index cloud evaluation level of project investors.The results show that the heterogeneous enterprises nature,the heterogeneous investment proportion,the heterogeneous risk attitudes,the heterogeneous funding sources and the heterogeneous expected investment period are theheterogeneous indicators that have a high degree of impact on the project.The corresponding reasons are analyzed and discussed,and these indicators should be paid attention to when designing the project risk diversification mechanism.