Abstract: China′s PPP credit enhancement framework effect is a result of risk profit and loss balance. The governance goal of PPP credit enhancement framework effect is to pay attention to the positive context to influence the generation of PPP credit enhancement framework effect, properly control the risk, and then obtain the risk premium.The framework effect experience of China′s PPP credit enhancement is that there have been three positive changes in the version of PPP credit enhancement. It has grasped three links: government credit enhancement supply, SPV credit enhancement results, and mixed governance to control risks. It has realized three risk profit and loss balances: strengthening positive risk profit, strengthening risk-free profit and reducing negative risk profit.The mechanism of PPP credit enhancement framework effect is that the decision-maker′s choice reflects the continuous incentive of incomplete contract, the loss control shows the psychological account establishment or opening and closing of risk aversion and risk premium. According to the mathematical equilibrium analysis, the economic surplus appears after the risk premium hedges the risk loss. The opening and closing of the psychological account depends on the improvement of the development expectation and the reasonable growth of the moderate consumption.

Key words: China PPP, government credit enhancement, psychological account, risk premium, framework effect