根据财政部PPP中心统计显示，截至2019年1月31日，进入全国PPP综合信 息平台项目管理库的项目累计达到8734个，入库项目投资总额超过20.7万亿元。PPP 模式被广泛地应用于我国的城镇化、工业化建设中，拓宽了各类基础设施项目的融资 渠道，减轻了财政负担，对于推进经济发展、实现社会进步，满足主体需求等方面发 挥了重要作用。囿于PPP模式参与主体多元化、系统复杂化、周期较长、不可控因 素较多等等特征，具体运营PPP模式中需要全面地分析模式运行流程，提前对各类 可能发生的风险进行管控。研究PPP项目运作风险将有助于提前对风险进行及时地识 别预警、制定科学的管控措施，也可以强化对项目的前瞻性管理，更好地实现项目的 预期目标，提高项目的可行性，为后期其他同类型的项目运作提供相应的经验。同时 也有助于促进理论上的研究，强化对PPP项目运作风险的探究，健全相关理论体系。 国内相继出台了PPP项目规范阶段的政策制度以及PPP项目推广阶段的文件要求。 但是具体到PPP项目运作中的风险管控涉猎较少，本文将以全生命周期为视角，对 HB区基础设施PPP项目具体运作的风险进行分析。 本文综合文献分析法、案例研究法等方法，重点运用全生命周期理论、公共物品 理论、契约理论、理性经济人理论从四个方面进行研究。首先介绍下选题的背景和意 义，阐述了国内外在PPP模式演进、PPP模式运作方式问题以及PPP模式运作风险 问题方面的研究成果，说明本文的研究思路、内容和方法。其次，引入相关的基础理 论、概念和政策背景，为下文案例分析做好理论支撑。第三，阐述了HB区建设PPP 项目运作的背景分析、具体的运营模式和本项目全生命周期运作解析。第四，从全生 命周期各阶段和跨生命周期各环节两个角度对本项目的重大风险进行了识别，定性的 分析了风险的成因，归纳了本PPP项目风险所具有的特点并提出了分配这些风险所 要秉持的原则，针对项目实施方案中已有风险应对方法进行了分析，归纳出应对方法 缺乏科学性、风险管理技术未能量化、项目风险应对缺乏系统性和衔接性的问题，进 而提出本项目风险的控制措施。 通过上述研究，本文得出了税费免除上缺乏政策依托、PPP立法具有不完备性、 本项目风险具有阶段性的结论。提出的对策建议主要有要增强针对政府违约的约束机 制、政府部门需厘清自身监管责任、项目风险的管理需要针对性和系统化。 关键词：社会资本；PPP模式；风险管理  I ABSTRACT According to statistics from the PPP center of the Ministry of Finance, by January 31, 2019, 8,734 projects had entered the project management database of the national PPP integrated information platform, with a total investment of over 20.7 trillion yuan. PPP model is widely applied in China's urbanization and industrialization construction, which broadens the financing channels for various infrastructure projects, reduces the financial burden, and plays an important role in promoting economic development, realizing social progress, and meeting the main demand. Due to the diversified participants, complicated system, long cycle and many uncontrollable factors in PPP mode, it is necessary to comprehensively analyze the operation process of the mode in the specific operation of PPP mode and control various possible risks in advance. Studying the operational risks of PPP projects will help to timely identify and warn risks in advance and formulate scientific control measures. It can also strengthen the forward-looking management of projects, better realize the expected objectives of projects, improve the feasibility of projects, and provide corresponding experience for other projects of the same type in the later stage. At the same time, it also helps to promote theoretical research, strengthen the exploration of PPP project operation risks, and improve the relevant theoretical system. In China, policies and systems for the standardized stage of PPP projects and document requirements for the promotion stage of PPP projects have been introduced successively. However, there are few risks in PPP project operation. This paper will analyze the risks in the specific operation of infrastructure PPP project in HB area from the perspective of the whole life cycle. This paper integrates the methods of literature analysis and case study, and focuses on the research from four aspects including the whole life cycle theory, public goods theory, contract theory and rational economic man theory. Firstly, this paper introduces the background and significance of the topic selection, expounds the research results of PPP model evolution, PPP model operation mode exploration and PPP model risk at home and abroad, and explains the research ideas, contents and methods of this paper. Secondly, relevant basic theories, concepts and policy background are introduced to provide theoretical support for the case analysis below. Thirdly, this paper expounds the background analysis of PPP project operation in HB area, the specific operation mode and the operation analysis of the whole life cycle of this project. Fourth, from the life cycle  II stages and two angles of each link across the life cycle of this project of significant risk identification, qualitative analysis of the cause of the risk, sums up the characteristics of the PPP project risk and puts forward the distribution of these risks to uphold the principle of aiming at existing in project implementation risk response method was analyzed, and the lack of scientific evaluation method induces the response, the failure of the risk management techniques to quantify, project risk response to the lack of systemic and bridging problem, put forward the project risk control measures. Through the above research, this paper draws the conclusion that tax exemption lacks policy support, PPP legislation is incomplete, and the project risks are phased. The countermeasures and Suggestions put forward mainly include strengthening the constraint mechanism for the government's breach of contract, the government departments need to clarify their regulatory responsibilities, and the project risk management needs to be targeted and systematic. Keywords：Social capital The PPP model Risk management  1 目 录 第一章 绪论 ................................................ 1 第一节 选题背景与研究意义 ............................................ 1 一、选题背景 ........................................................ 1 二、研究意义 ........................................................ 2 第二节 文献综述 ...................................................... 3 一、关于PPP模式演进 ................................................ 3 二、关于PPP模式运作方式问题 ........................................ 3 三、关于PPP模式运作风险问题 ........................................ 4 四、简要评述 ........................................................ 5 第三节 研究思路、研究方法与研究内容 .................................. 5 一、研究思路 ........................................................ 5 二、研究方法 ........................................................ 6 三、研究内容 ........................................................ 7 第四节 研究创新与不足 ................................................ 7 一、研究创新 ........................................................ 7 二、不足之处 ........................................................ 7 第二章 PPP相关理论与政策背景分析 ........................... 8 第一节 理论基础 ...................................................... 8 一、公共物品理论 .................................................... 8 二、理性经济人假设 .................................................. 8 三、契约理论 ........................................................ 8 四、全生命周期理论 .................................................. 9 第二节 PPP模式及其特征 .............................................. 9 一、PPP模式的发展 .................................................. 9 二、PPP模式的特征 .................................................. 9 第三节 PPP政策背景分析 ............................................. 10  2 一、PPP项目规范阶段的政策背景 ..................................... 10 二、PPP项目推广阶段的政策背景 ..................................... 11 第三章 HB区基础设施PPP项目概况 ........................... 12 第一节 采用PPP模式运作的背景分析 ................................... 12 一、背景介绍 ....................................................... 12 二、建设的必要性和可行性分析 ..........................