Analyzing Factors Influencing Government Control Rights in PPP Projects from the Perspective of Investors

The information resources owned by the government cannot be completely defined due to the incompleteness of the PPP contract. These information resources influence investors’ judgment on the government’s control rights, thus influencing the fair cooperative relationship and rational decision-making. In order to analyze the criteria for investors to evaluate the government’s control rights in PPP projects in the process of decision, 14 factors that influence the government’s control rights are identified through literature analysis and a questionnaire survey. Factor analysis shows that 14 factors are divided into explicit control indicators and implicit control indicators, which measure the explicit control rights and implicit control rights of the government, respectively. Considering the influence of differences in investors’ opinions, the entropy weighing is made. The results show that the weight of implicit control right reaches 47.90%, which cannot be ignored in practice. The risk ratio has the greatest influence on explicit control rights, followed by the equity ratio. The status of government has the greatest influence on implicit control rights. The study helps to reduce the perceived bias of investors to the government’s control rights of PPP projects for achieving partnership sustainability.