The bank is a leading funder and a primary risk bearer in public private partnership (PPP) projects of high-speed rail (HSR). This paper explores the risk sharing of HSR PPP projects among three parties: the public sector, the private sector, and the bank. From the perspective of the bank, a comprehensive risk evaluation index system (EIS) was established, involving 37 risk factors in 4 stages. Meanwhile, the fuzzy evaluation method was used to calculate the center of gravity (COG) values. On this basis, a tripartite static game model was established based on risk preference. Then, the equilibrium point set of risk sharing was summarized by analyzing the payment matrix of the game. The results show that the bank-oriented comprehensive EIS for the risks in HSR PPP projects can effectively reduce the bank’s capital risk, and the reasonable risk sharing among the three parties is greatly affected by the game mechanism based on risk preference and deterrent effect.
Analysis of public-private partnership models in high-speed railway transport in Portugal