The expressway PPP project has the characteristics of high investment, high yield and high risk, and the risk control determines the investment return rate and the success or failure of the project. Using the VFM evaluation method for risk factors affecting highway PPP project income, by analyzing the sensitivity of each risk factor, we found that the sensitivity of the initial investment and the toll income and investment income is strong. By controlling the project cost, improving the efficiency of fund use and selecting a reasonable return on investment and the appropriate risk sharing mechanism, we can effectively control the highway PPP project risk and obtain a reasonable return for highway PPP project.%高速公路PPP 项目具有高投资、高收益和高风险的特点,而风险管控是否恰当决定投资收益率的高低和项目的成败.利用VFM 评价方法,寻找影响高速公路PPP 项目收益的风险因素,经各风险因素的敏感性分析,发现初始投资和通行费收入与投资收益的敏感性较强.通过控制项目成本、提高资金的运用效率、选择合理的投资回报机制和恰当的风险分担机制等措施,可以有效管控高速公路PPP 项目的风险,为高速公路PPP 项目取得合理回报提供保障.
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