准经营性 PPP 项目融资风险研究

目前，PPP 已成为我国公共服务与基础设施项目的一种主要的投融资模式。PPP 模式下，社会资本需要承担更大的融资义务，承担更大的风险。梳理准经营性 PPP 项目融资的相关概念，利用发放问卷的形式，识别利益相关方和风险因素，对风险因素进行聚类，并利用德尔斐法得出风险因素之间的关系矩阵，揭示准经营性 PPP 融资模式风险之间的关系结构。运用社会网络分析方法，构建网络模型，实现对准经营性 PPP 项目融资风险的定量分析，并得出影响准经营性 PPP 项目融资风险的关键风险因素。

Research on Financing Risk of Quasi Operational PPP Project Basedon Social Network Analysis Method

At present，PPP has become a major investment and financing mode of public service and infrastructure projects inChina. Under the PPP mode，social capital needs to bear more financing obligations and suffer from greater risks. This studycombines the relevant concepts of the quasi operational PPP project financing to identify the stakeholders and risk factors by usingquestionnaire method. The risk factors are clustered and the relation matrix are employed to reveal the relationship structure betweenthe risk of the quasi operational PPP financing model. The social network analysis is used to construct the social network toquantitatively analyze the financing risk of the aligned management PPP project. At last, the key risk factors that affect the financingrisk of the quasi operating PPP project are summarized.