公私合营（PPP）基础设施项目风险再分担研究

摘要

Equitable risk allocating is essential to the success of PPP projects. when unpredictable risk occurred or the importance of estimated risks changed. The initial risk allocating model defined in concession agreement may need further modification during implementation phase. This paper aims to identify the critical factors affecting the risk allocating of PPP projects and explore practical experiences for risk re-allocating based on the study of 12 PPP case projects. The lessons learned are beneficial to provide a reference for the risk management of PPP projects in future.%公平的风险分担是PPP项目成功的关键。特许经营合同体现PPP项目“事前”的风险分担，当项目出现预料之外的风险或预估风险的重要性发生重大变化时，政府和特许经营人就需要对原先的风险分担方案进行调整，以保障项目的经济生存能力和项目相关者的利益。通过12个代表性PPP案例的分析，识别了9个发生再分担的风险因素，并对风险再分担的决定因素和影响因素进行了探讨，以期为后续PPP项目的风险管理提供参考和借鉴。