Abstract
Public-private partnership (PPP) projects require comprehensive risk assessment and management, including Urban Rail Transit (URT). A more effective risk management can benefit from an accurate understanding of the two-way influence of PPP project risk factors. This paper uses the content analysis method to filter out, compare, and analyze PPP-related literature; 12 categories of 22 PPP risk factors are extracted and identified, and the possible correlations between these risk factors are judged preliminarily. With the knowledge and advice provided by PPP experts, the initial risk relationships are adjusted and supplemented, which then help to determine a reasonable logical relationship among risk factors. The logical relationship helps analyze the risk factors based on the ISM model analysis method and builds a hierarchical structure relationship of risk factors including 6 levels. Finally, the direct, intermediate, and autonomous factors that lead to problems or failures in PPP projects are analyzed which explains in detail the paths of risk transmission and risk prevention measures of PPP companies operating URT. It lays a foundation for PPP project companies operating URT to recognize, manage, and control risks in a targeted and systematic manner.
Highlights
Public-private partnership (PPP) mechanism is a long-term arrangement where a number of risks are transferred to the private sector, for which they are financially compensated [1]
Owing to government agencies’ lack of resources and expertise to undertake infrastructure development projects requiring significant capital outlay, private involvement in public projects helps the government reduce its financial pressure, and improve the efficiency of public service delivery. erefore, the PPP model is widely used in public service construction fields such as transportation, education, health, garbage disposal, etc
We can clearly recognize the position of each risk factor in the entire risk system, that is, the image manifestation of these elements’ influence and dependence
Summary
Public-private partnership (PPP) mechanism is a long-term arrangement where a number of risks are transferred to the private sector, for which they are financially compensated [1]. Owing to government agencies’ lack of resources and expertise to undertake infrastructure development projects requiring significant capital outlay, private involvement in public projects helps the government reduce its financial pressure, and improve the efficiency of public service delivery. As private capital for developing URT enterprises, they have obtained unprecedented opportunities for participating in PPP projects. These projects require large amounts of money, including the initial construction cost and the operation and maintenance cost. Compared with traditional projects that need to focus only on the construction process, URT enterprises encounter more challenges and risks
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