In the context of green development, while promoting green industry and sustainable development, green PPP faces the challenge of financing difficulties. Based on the evolutionary game theory of bounded rationality and taking government, social capital and financial institutions as the game players, this paper constructs an evolutionary game model for the behavioral decision-making of stakeholders in green PPP project financing. Using MATLAB software, we simulate and analyze the key factors affecting the behavioral strategies of each game player. The results indicate that: (1) The additional income obtained from participation in green PPP projects is a key factor affecting the decision-making of social capital and financial institutions, so it is necessary to improve the reasonable return mechanism of green PPP projects and attach importance to the construction of reputation mechanism; (2) Government subsidies can effectively encourage social capital and financial institutions to participate in green PPP projects, but the amount of subsidies should be within a reasonable range; (3) The government's reward and punishment intensity is a significant factor affecting the decision-making of social capital behavior. To this end, it is imperative for the government to enhance the performance evaluation system for green PPP projects and establish a balanced reward and punishment mechanism. This paper puts forward some suggestions on the decision-making of stakeholders in the financing process of green PPP projects, and provides references for the policy formulation of encouraging social capital and financial institutions to participate in green PPP projects.
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