摘要：对PPP项目市场需求风险的影响因素、分担偏好、参与者的管理能力等问题进行探讨，以实例提出PPP项目市场需求风险完全由政府承担、政府与私人投资者共同承担及私人投资者承担的三种模式。在此基础上提出风险分担中政府所应承担的责任，以及市场分担与项目竞争强度的关系等观点，以期为政府后续PPP项目市场需求风险的管理提供参考和借鉴。

关键词：公私合营；项目融资；市场风险；风险分担

Abstract：This paper aims to identify the factors affecting PPP projects market demand risk，contrast risk allocation preference and risk management capability of project participants，proposes PPP demand risk borne by the goverment，the goverment and private investors，the private investers three modes. On the basis of risk losses in real PPP cases，proposes the responsibility the government should bear in risk-sharing，and the view market share with project competitive strength，to provide a reference for risk management of subsequent PPP projects in China.

Keywords：Public-Private Partnership；project financing；market risk；risk allocation

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建筑经济，2014（10）：26-29