中文摘要：

基础设施PPP（Public—Private Partnership）项目投资大、时间长、风险高、合同结构相对复杂，项目谈判过程往往旷日持久，很多时候由于在实施过程中无法兑现承诺或发生其他原因而出现争议，堪称20世纪最伟大的基础设施建设工程之一的英法海峡隧道就是一个典型案例。通过分析英法海峡隧道项目的风险分担发现，项目公司破产的主要原因在于过多承担了无法控制的风险，如成本超支风险、项目唯一性风险等。分析还表明，对于基础设施PPP项目而言，风险应该由对该风险最有控制力的一方承担，即政府应承担公共政策、法律变更等风险，项目公司应承担项目融资、建设、采购、经营和维护等风险（项目公司应再将相关风险分别转移给承包商、供应商、运营商或银行等）。

英文摘要：

Negotiations among project participants in Public-Private Partnership （PPP）, especially those between government and the private consortium, are time-consuming and costly. Disputes often arise during the operation period, due to the characteristics of the PPP financing mode that typically involves huge investment, long concession period, high risks and complicated contractual structure. The Channel Tunnel, which has long been regarded as one of the top construction achievements in the 20th century, is a classical example to demonstrate the complexity of risk allocation. This paper assesses the risk allocation of the Channel Tunnel and compares it with what is generally perceived as an equitable situation. The results show that the major reason for Project Company＇s bankruptcy is that the consortium had taken up too many risks beyond its control capability. Based on the principle that risks should be allocated to a party who is best able to manage in a cost effective manner, the government should take up political risks, social risks, etc., while the private investors should be responsible for financing, construction, and operation risks, which will be later transferred to appropriate parties, such as contractor, lender, supplier, etc..