How do public managers perceive the risks in public-private partnership (PPP) projects? What are their attitudes toward risk shifting and risk sharing during the collaboration? “Risk shifting” is one of the key principals in operating PPP projects, only through a well-designed “risk allocation” mechanism can we combine the distinct characteristics of the public and private sector. Otherwise, the PPP projects will inevitably face increased costs, postpone, and even failure. Theoretically, risks should be allocated to the party who can manage them well, however, it is uneasy to actualize the principal of optimal risk allocation. In addition to the environmental contingencies and methodological difficulties, government authorities, in order to take the responsibility of “risk sharing”, have an obligation to support the private sector via utilizing certain policy tools. However, this may contradict the public managers’ work motivation, and which reveals that it is worth to conduct the evidence-based analysis. Against this research background, since PPP projects are often initiated by the public sector actor, the private sector actor has to grasp the public managers’ risk allocation preferences, and thus the transaction costs can be minimized and project performance can be enhanced as well. Unfortunately, to the author’s knowledge, the investigations regarding the topic of risk shifting and risk sharing in PPP projects in Taiwan are scarce. This research, methodologically, intends to focus on the public managers’ attitudes toward risks in PPP projects via phone investigation, and the related data was collected from the website of Public Construction Commission Exceutive Yuan. Our findings demonstrate the results of risk ratings and risk allocation preference in PPP projects especially from the angle of public sector. The implications are discussed in accordance to the literature and in-depth interviews, and the recommendations for future research are also provided.