关键词: 风险分担; PPP项目; 博弈论; 讨价还价模型; 不完全信息条件;

Abstract: The public-private partnership(PPP) model can effectively alleviate the financial pressure and resolve financial risks of local government.However, the long-term and complex characteristics of PPP project determine that it faces various and variable risk factors.A reasonable risk sharing mechanism is the prerequisite for the standardized operation of PPP project, and it is also a powerful guarantee for public services to meet public demands.A dynamic game model of PPP project risk sharing was established.Then the corresponding sub-game refined Nash equilibrium solution was obtained.Taking the underground utility tunnel project in Changchun City as an example, the relevant game influence factors were obtained by questionnaire survey, and the risk sharing ratio between government department and social capital parties was obtained according to the game model.The risk sharing and risk transfer between the two parties were analyzed under the condition of unequal status of participants.

Key words: risk sharing; PPP project; game theory; bargaining model; incomplete information conditions;