对于国内PPP模式建设的市政污水处理项目,本文分别就建设/运营商和政府的风险及风险控制途径进行了分析和探讨。项目的风险主要划分为技术风险、财务风险和外部环境风险;建设/运营商规避风险的原则是可控风险的源头控制;政府的规避风险的重要途径是参股项目。文中最后指出建设公平的游戏规则(风险与收益对等原则、合理的水价制定制度和市场监管体系等)是各方实现各自目标的关键所在。 For municipal wastewater treatment project with PPP model construction, this paper analyzes and discusses the risk and risk control approaches of construction / operator and government respectively. The risk of the project is mainly divided into technical risk, financial risk and external environment risk. The principle of risk avoidance is the source control of the controllable risk. The important way for the government to avoid the risk is equity participation. Finally, the article points out that building a fair game rules (the principle of reciprocity of risk and profit, reasonable water pricing system and market supervision system) are the key points for all parties to achieve their respective goals.