Research on the Impact of Key Impeding Factors on Risk of PPP Projects inSpecialty Towns Based on SEM

The key impediments refer to the factors that hinder the success of the project, and regulating the key impediments can effectively reduce the risk of PPP projects in characteristic towns. Therefore, this paper first identified 14 key obstacles and 5 project risk evaluation indicators through literature statistics, and divided the key obstacles into five dimensions: law, government, market, management operation and economy. Secondly, the structural equation model (SEM) was used to explore the relationship between the key impediments and project risks of PPP projects in characteristic towns. The results show that the five key obstacles have a positive impact on the risk of PPP projects in characteristic towns, but the degree of impact is different. Some of the key impediments interact with each other and indirectly affect project risk. In addition, in view of the differences in industry background and construction conditions in different countries, the five key obstacles to the high recognition of this research field abroad are not completely consistent with those extracted in this paper.