兼顾原则性与灵活性的PPP 项目风险分担

PPP 模式在“一带一路”沿线国家基础设施建设中愈发受到青睐，而复杂的国际形势致使其风险分担愈发重要。相关文件提出PPP 项目的风险分担原则，以政治不可抗力为例，对其进行验证。通过文件和文献分析对政治不可抗力进行界定并识别出10 个政治不可抗力事件，在此基础上分级得出7 个关键事件；在对合理的风险分担对PPP 项目的重要性进行分析的基础上，通过对比分析关键事件的风险分担结果，发现多数事件的风险分担不一致，在此基础上得出风险分担应当在遵循风险分配优化、风险收益对等和风险可控等基本原则的基础上，兼顾灵活性的原则。

Risk Allocation with Both Principle and Flexibility in PPP Projects

The PPP model is becoming more and more popular in the infrastructure construction in the countries along the “Beltand Road”，and the complex international situation makes its risk allocation more important. This paper uses political force majeureas an example to verify the principles of risk allocation proposed in related documents in PPP projects. Through the analysis ofdocuments and literatures，this paper defines political force majeure and identifies 10 political force majeure events. Subsequently,this study classifies seven key events according to the type of project and its frequency when political force majeure is involved. Byanalyzing the importance of reasonable risk allocation for PPP projects，it is found that the risk allocation of most events isinconsistent by comparing and analyzing the risk allocation results of key events. Based on this，it is concluded that the riskallocation should be based on the principles of risk allocation optimization，risk-return equivalence，and controllable risk with dueconsidering of the flexibility.