【摘要】 该文以社会资本效用最大化为基础，构建社会资本在体育场馆PPP项目中的风险决策行为模型，认为在此模型下，无论出现何种选择，一个理性的社会资本都会由于其责任能力有限而选择风险规避行为，其原因在于补偿机制缺失。因此，建议体育场馆在取得社会效益和经济效益最优化的基础上，充分考虑自身的偏好与资源，以合同的形式，制定具体明确的风险分担和补偿机制。更多还原

【Abstract】 Based on the maximization of the utility of social capital, this paper constructs a risk decision-making behavior model of social capital in PPP projects for stadiums, and concludes that under this model, no matter what kind of choice arises, a rational social capital chooses risk avoidance behavior due to its limited responsibility capacity, which is due to the lack of compensation mechanism. Therefore, it is suggested that stadiums fully consider their own preferences and resources on the basis of achieving the optimization of social and economic benefits, and formulate specific and clear risk sharing and compensation mechanism in the form of contracts.更多还原