Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investm...Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investment and operation. However, the negotiations between the government and the investors are time-consuming and costly, due to the perspective differences in risk allocation and revenue distribution. Disputes often arise during concession period because of changes in various risks or non-performance of its obligalions, especially when one sector was forced to accept the requirements by the other as a result of the unequal status, the project urgency or other reasons. Only a few PPP projects in China could perform successfully. There is therefore a need to develop an equitable risk allocation mechanism for the delivery of PPP projects in China so as to improve the efficiency of private investment in infrastructure development.展开更多
The public-private partnership has been in use in the world for over 40 years, and has been growing at a varying rate and with mixed success in different countries. Based on the experience gained in selected countries...The public-private partnership has been in use in the world for over 40 years, and has been growing at a varying rate and with mixed success in different countries. Based on the experience gained in selected countries, this article shows key success factors of the public-private partnership.展开更多
This paper tries to demonstrate that the principle of the risk allocation based on the balance is the most effective way to resolve the risk allocation problems of public-private partnership （PPP） contracts and pres...This paper tries to demonstrate that the principle of the risk allocation based on the balance is the most effective way to resolve the risk allocation problems of public-private partnership （PPP） contracts and presents suggestions how to carry out this principle. For PPP projects, it is necessary to set up a workable and commercially viable risk sharing mechanism to satisfy the different interests and the objectives of both the public sector and the private sector. An effective risk allocation mechanism is not only an important part in preparing project documents, but also an essential part in the success of PPP contracts. Risk allocation can be represented in a risk matrix. The more balanced the risk allocation is, the lower the risk degree of PPP contracts is. Therefore, the most effective risk allocation of PPP contracts is that the public sector and the private sector take part in risk management together in all the stages of the project and allocate the balanced risks. The outcomes of this paper can be used by both the public sector and the private sector to make a good choice of the PPP contract form.展开更多
The feasibility study of a public-private partnership （PPP） project is regarded as one of the critical factors for successful implementation, but unfortunately the common financial evaluation methods currently used ...The feasibility study of a public-private partnership （PPP） project is regarded as one of the critical factors for successful implementation, but unfortunately the common financial evaluation methods currently used only represent the benefits of the private sector. There is, therefore, an urgent need to develop an equitable financial evaluation method for PPP projects. This paper presents a comprehensive literature review that examines international practices. An equitable financial evaluation method was then developed taking into account the inherent characteristics of PPP projects using six separate indicators and Monte Carlo simulations. The result for a bridge project in Romania shows that the method combines the viewpoints of all the relevant stakeholders to achieve an equitable financial evaluation of PPP projects.展开更多
随着世界各国实践经验的累积,公私合作(PPP)不是万灵药,而是包含巨大风险的治理工具,逐渐成为知识界和实践者的共识。于是,对PPP项目风险的管理就成为一个重要的研究领域,并积累了相当的成果。以Web of Science数据库中2008-2017年的文...随着世界各国实践经验的累积,公私合作(PPP)不是万灵药,而是包含巨大风险的治理工具,逐渐成为知识界和实践者的共识。于是,对PPP项目风险的管理就成为一个重要的研究领域,并积累了相当的成果。以Web of Science数据库中2008-2017年的文献为对象,尝试对PPP风险管理研究进行系统的梳理以把握知识发展的态势。研究发现,PPP风险识别和评估方法具有主观特性;PPP风险类型和关键风险因素因项目所处的国家或行业而异;实际风险分配受权力、风险管理能力以及竞争状况的影响而与偏好的风险分配有相当差异;PPP风险的分析和管理具有情境性,应对策略需要从技术路径向多维动态治理转变。研究还发现:当前对风险的发生机制、动态性关注不足;研究方法集中于小样本的问卷调查,大样本的案例研究较少;从碎片化的因素分析提出整合性的框架以及管理模式的实践性,均有待提升。展开更多
文摘Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investment and operation. However, the negotiations between the government and the investors are time-consuming and costly, due to the perspective differences in risk allocation and revenue distribution. Disputes often arise during concession period because of changes in various risks or non-performance of its obligalions, especially when one sector was forced to accept the requirements by the other as a result of the unequal status, the project urgency or other reasons. Only a few PPP projects in China could perform successfully. There is therefore a need to develop an equitable risk allocation mechanism for the delivery of PPP projects in China so as to improve the efficiency of private investment in infrastructure development.
文摘The public-private partnership has been in use in the world for over 40 years, and has been growing at a varying rate and with mixed success in different countries. Based on the experience gained in selected countries, this article shows key success factors of the public-private partnership.
文摘This paper tries to demonstrate that the principle of the risk allocation based on the balance is the most effective way to resolve the risk allocation problems of public-private partnership （PPP） contracts and presents suggestions how to carry out this principle. For PPP projects, it is necessary to set up a workable and commercially viable risk sharing mechanism to satisfy the different interests and the objectives of both the public sector and the private sector. An effective risk allocation mechanism is not only an important part in preparing project documents, but also an essential part in the success of PPP contracts. Risk allocation can be represented in a risk matrix. The more balanced the risk allocation is, the lower the risk degree of PPP contracts is. Therefore, the most effective risk allocation of PPP contracts is that the public sector and the private sector take part in risk management together in all the stages of the project and allocate the balanced risks. The outcomes of this paper can be used by both the public sector and the private sector to make a good choice of the PPP contract form.
基金the National Natural Science Foundation of China (Nos. 70471004 and 70731160634)
文摘The feasibility study of a public-private partnership （PPP） project is regarded as one of the critical factors for successful implementation, but unfortunately the common financial evaluation methods currently used only represent the benefits of the private sector. There is, therefore, an urgent need to develop an equitable financial evaluation method for PPP projects. This paper presents a comprehensive literature review that examines international practices. An equitable financial evaluation method was then developed taking into account the inherent characteristics of PPP projects using six separate indicators and Monte Carlo simulations. The result for a bridge project in Romania shows that the method combines the viewpoints of all the relevant stakeholders to achieve an equitable financial evaluation of PPP projects.
基金国家自然科学基金(70471004和70731160634)Research Grants Council of the Hong Kong Special Administrative Region,China(RGC Project No.PolyU 511405&N_PolyU 514/07)
文摘随着世界各国实践经验的累积,公私合作(PPP)不是万灵药,而是包含巨大风险的治理工具,逐渐成为知识界和实践者的共识。于是,对PPP项目风险的管理就成为一个重要的研究领域,并积累了相当的成果。以Web of Science数据库中2008-2017年的文献为对象,尝试对PPP风险管理研究进行系统的梳理以把握知识发展的态势。研究发现,PPP风险识别和评估方法具有主观特性;PPP风险类型和关键风险因素因项目所处的国家或行业而异;实际风险分配受权力、风险管理能力以及竞争状况的影响而与偏好的风险分配有相当差异;PPP风险的分析和管理具有情境性,应对策略需要从技术路径向多维动态治理转变。研究还发现:当前对风险的发生机制、动态性关注不足;研究方法集中于小样本的问卷调查,大样本的案例研究较少;从碎片化的因素分析提出整合性的框架以及管理模式的实践性,均有待提升。
