水环境治理PPP项目合同柔性对项目融资风险的影响

为降低水环境治理PPP项目融资风险,结合合同柔性、PPP项目预期收益、信任与融资风险构建理论模型,探究合同柔性对项目融资风险的影响机理。研究结果表明:合同价格柔性、再谈判柔性、激励柔性均显著负向影响融资风险；PPP项目预期收益在价格柔性与融资风险关系中起完全中介作用,在再谈判柔性、激励柔性对融资风险影响中起部分中介作用；善意信任能增强价格柔性与激励柔性对融资风险的负向影响,但会减弱再谈判柔性的负向影响；能力信任在价格柔性与再谈判柔性对融资风险关系中起负向调节作用。研究从优化合同条款、创新回报机制、评估信任水平等方面为降低项目融资风险提供可行性建议。

Research on the influence of water environment treatment PPP contract flexibility on project financing risk

In order to reduce the financing risk of PPP projects in water environment governance, a theoretical model was constructed based on contract flexibility, expected benefits of PPP projects, trust and financing risks, and the impact mechanism of contract flexibility on project financing risks was explored. The research conclusions include:the contract price flexibility, renegotiation flexibility, and incentive flexibility all have a significant negative impact on financing risk; the expected return of PPP projects plays a complete intermediary role in the relationship between price flexibility and financing risk, and in the impact of renegotiation flexibility, incentive flexibility on financing risk play a partial intermediary role; the goodwill trust can enhance the negative impact of price flexibility and incentive flexibility on financing risk, but it will weaken the negative impact of renegotiation flexibility; the ability trust plays a negative role in the relationship between price flexibility and renegotiation flexibility on financing risk regulating effect. Finally, it provides feasible suggestions for reducing project financing risks from aspects such as optimizing contract terms, innovating return mechanisms, and assessing trust levels.