Abstract: Currently,the financing risk allocation of large-scale construction projects is not very reasonable. In order to address the problem,the paper builds a financing risk allocation system for large-scale construction projects based on the individual participant perspective. The system emphatically considers two aspects-the Dynamics and Accuracy-in financing risk allocation. Firstly,regarding the contract as the link,financing process is divided into two phases-contracting and compliant. Then,financing risks of each phase are found by Delphi method. Following,the method of the first financing risk allocation is established through a combination of the gray correlation degree and double benchmark method,so as to obtain the single-party-bearing financing risks and the sharing risks. Finally,the financing risk sharing ratio among the participants is determined by constructing a model based on Shapley value. Taking the Qingdao Jiao-Zhou Bay tunnel as an example,the empirical research shows that the financing risk sharing system is scientific and reasonable.