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| First-level risk factors | Second-level risk factors | Descriptions |
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| B1 political risks | c1 government intervention | The term “government intervention” refers to the unreasonable intervention of government officials in the construction and operation of a project, which affects the decision of the project company [27]. |
| c2 government default | The term “government default” refers to the risk that the government violates credit standards by not fulfilling its contractual obligations [16]. |
| c3 immature law and regulations | The term “immature law and regulations” refers to the risk arising from incomplete legal documents, conflicts between projects, poor operability, etc. [28]. |
| c4 government inaction | The term “government inaction” refers to some procedures that require government coordination and approval in the construction of a project, while government departments slack off [29]. |
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| B2 economic risks | c5 project financing failure | This term “project financing failure” refers to the failure of project financing due to the unreasonable financing structure and manner of the project company [30]. |
| c6 interest rate | The term “interest rate” refers to changes in project costs caused by fluctuations in market interest rates [30]. |
| c7 market price change | The term “market price change” refers to changes in project costs caused by fluctuations in market interest rates [31]. |
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| B3 construction risks | c8 cost overspending | This term “cost overspending” refers to the cost increase caused by poor management of the project company [32]. |
| c9 time delay | The term “time delay” refers to delays caused by inefficient construction [28]. |
| c10 lack of technical ability | This term “lack of technical ability” refers to the project company’s hiring of a construction company whose technology is not up to par [33]. |
| c11 change due to poor design | This term “change due to poor design” refers to the design organization’s poor consideration of certain aspects of the design, resulting in change issues that affect the cost and duration of the project [34]. |
| c12 force majeure | This term “force majeure” refers to events (geological conditions, bad weather, etc.) that participants fail to anticipate or resist [35]. |
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| B4 operation risks | c13 lack of management experience | This term “lack of management experience” refers to the risk that the management is not in place due to the operator’s lack of management experience [16]. |
| c14 insufficient operating income | The term “insufficient operating income” refers to the risk that operating income is insufficient to meet expected profit levels [35]. |
| c15 lack of an effective payment mechanism | The term “lack of an effective payment mechanism” refers to the fact that the current income mainly depends on the government’s purchase of services, while the new income model is still under exploration, and it is difficult to guarantee the income of social capital [28]. |
| c16 unreasonable operating technology | This term “unreasonable operating technology” refers to the technology used in the operation of the project company that does not conform to the current standard and thus affects the operation effect [36]. |
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