Vergabeentscheidung und Wirtschaftlichkeitsberechnung von PPP/PFI‐Projekten in der Bauwirtschaft

Contract letting and economic calculation of PPP/PFI projects in construction industries. Risk premium has to be taken into account in the PPP comparison of producti‐vity. In case of PPP/PFI projects, officials compare the costs of self construction to the costs of leasing from private investors (PSC calculation). In this context, risk factors for two different variants (A, B) are calculated using both the DCF method and the VaR approach. Finally, the economic results for each PPP party and the expected yield are discussed.     

Public–private partnership projects in Greece: risk ranking and preferred risk allocation

Project participants, through experience, have an initial perception and predisposition towards risk and the types of risks they are willing and able to undertake. This is equally true for parties interested in public–private partnership (PPP) projects. These initial positions have been registered for the major Greek PPP market stakeholders potentially involved in a PPP arrangement through a survey covering all candidate construction companies, interested financing institutes and a number of public sector entities to be involved in PPPs. Findings revealed that stakeholders were, for the majority of risks identified, in agreement as to preferred risk allocation. Risk allocation preferences for construction companies were compared with similar findings for the UK, a mature PPP market, indicating a possible learning/maturing process based on the particular country background. Conclusions add to other surveys carried out on the subject and should enable public sector clients to establish a more efficient framework for risk allocation, thus reducing negotiations prior to contract award and minimizing the risk of poor risk distribution.     

Perceptions of architectural design and project risk: understanding the architects' role in a PPP project

Southern Cross Station is one of the largest public–private partnership (PPP) projects undertaken in Australia. In this project the architects played a significant role in developing an iconic design which has received international professional design awards and much media attention. In the media the architects' design was perceived as having impacted negatively on capital costs. Given these contradictory perceptions, the aim of this study was to better understand perceptions of the architects' role in relation to project risks arising out of their design. A survey of key project executives working in the PPP consortium responsible for delivering the project was undertaken. The survey was structured by a framework combining the PPP life cycle, project risks and the idea that architectural design can be viewed as a research and development activity rather than simply as a problem‐solving activity. The survey responses point to the fact that the architects mitigated technical and operating risks and their activities had little bearing on the project's substantial write‐downs. This counters media perceptions of the project that the design activities of the architects created more risks than they mitigated.     

关于城市复兴改造中政府与市场合作伙伴关系的探索

本文对国外,特别是英国政府与市场合作的伙伴关系理论和实践进行了分析,希望通过分析来探讨这种合作伙伴关系在中国城市保护与更新中应用的可能性,就政府、开发商和社区居民之间构建一种有效的合作伙伴关系提出一些建议,促进中国的城市开发、改造和保护形成良性互动,使城市复兴改造过程中的社会利益最大化。     

PPP模式下对私营部门的财务监管

PPP模式是政府公共部门与私营部门合作共同为社会提供公共产品或服务的一种项目运作模式,其优势在于拓宽融资渠道,但是私营部门资金运作是否正规稳定是项目能否成功的关键。所以,政府公共部门应加强对私营部门的财务监管,确保资金按计划到位使用。本文针对PPP模式的基础设施建设项目,论述了财务监管的意义和具体的手段。     

Public private partnership projects in Singapore: Factors,critical risks and preferred risk allocation from the perspective of contractors

Public private partnership (PPP) procurement was introduced into Singapore in 2003, and 10 PPP projects were successfully completed and have been in operation. This study aims to examine the critical success factors as well as the relative importance of positive and negative factors influencing the attractiveness of PPP projects in Singapore, and to identify the critical risk factors and preferred risk allocations for PPP projects in Singapore. The questionnaire survey results indicated that negative factors were more affirmative than the positive factors, and that 23 risk factors had significant criticalities. Eight risks would be preferably allocated to the public sector while 19 risks could be assigned to the private sector. 11 risks were preferred to be shared by both parties and the allocation of four risks depended on project circumstances. The findings of this study provide valuable information for organizations that intend to participate in PPP projects in Singapore.     

Investment decision model of wastewater treatment public–private partnership projects based on value for money

Most existing studies analyse the early decision‐making processes of public–private partnership (PPP) projects from the perspective of the government or investors, as such decisions involve lengthy negotiations and are likely to lead to unfair results. Hence, there is a need for fair and reasonable investment decision‐making methods. This study investigates the investment return system of PPP wastewater treatment projects. The net present value of investment income is considered the investment decision indicator of social capital, while value for money (VFM) is the indicator of government decision‐making. Considering both yield and VFM, the system dynamics method and Vensim software are used to establish the investment decision model. A case study validates the proposed model and predicts a reasonable range of unit prices and concession periods for wastewater treatment through government–enterprise cooperation, to improve the transparency and initial decision fairness of PPP sewage treatment projects.     

Reinforcing relationships for resilience – by embedding end-user ‘people’ in public–private partnerships

Public–private partnerships (PPPs) target overall benefits from mobilising private resources in delivering public infrastructure. Their longer time spans generate higher risks, hence the greater need for resilience in PPPs, compared to traditional procurement. PPP infrastructure outcomes should include both sustainable and resilient built infrastructure, as well as reliable and resilient service delivery. The public–private cross-sectoral relationships can be significant contributors to resilience. Previous research findings show that public–private relationships are still predominantly formal in PPPs. However, appropriate informal relationships can foster mutual trust and better teamworking that trigger self-adjustment mechanisms to overcome adversities and enhance resilience. Integrating relevant ‘people’ into PPPs to establish a public–private–people partnership (4P) is proposed to reinforce formal–informal relationships, while enhancing relevant ‘social infrastructure’, which could then lead to more resilient and better ‘value for money’ built infrastructure. Findings from another recent study demonstrate the value of 4P in pre-disaster planning. 4P also helps to develop resilient ‘social infrastructure’ for post-disaster reconstruction of sustainable built infrastructure. Conceptual diagrams are developed to summarise how the 4th P could reinforce public–private relationships and inject resilience into a potentially unstable PPP system.     

Options-based negotiation management of PPP–BOT infrastructure projects

The success of public–private partnership (PPP)–build–operate–transfer (BOT) projects largely depends on effectively mitigating the impact of a variety of risks and uncertainties, especially those influencing the revenue over time. Revenue instability is one of the main obstacles of PPP form of procurement. Government support, which is established as a clause in the concession agreement, should be carefully designed and well formulated. Options which arise from certain clauses in the contract are more valuable for risky projects. The purpose of this paper’s proposed model is to evaluate early fund generation options and also to calculate equitable bounds for a guaranteed revenue for the project sponsor under uncertainty and risk. The model is specially designed to alleviate the concern of revenue risk. To illustrate its applicability the methodology is then applied to a freeway PPP project and a power plant PPP project in Iran. The results show that the value of these options can indeed be significant and by applying the proposed systematic negotiation mechanism both public and private sectors can take advantage of its flexibility at the negotiation table. The proposed mechanisms can facilitate negotiations on the verge of a break down as well as accelerating ongoing negotiations that have become moribund.     

The Los Angeles Community Development Bank: The Possible Pitfalls of Public‐Private Partnerships

In response to the 1992 Los Angeles riots, the federal government, city and county officials, commercial banks and community leaders established the nonprofit Los Angeles Community Development Bank (LACDB). This public‐private partnership was a new development model, designed to spur economic growth in some of Los Angeles' most disadvantaged areas. The LACDB was capitalized with $435 million from the U.S. Department of Housing and Urban Development and ranks as the federal government's largest inner‐city lending initiative. By January 2001, however, the bank had experienced unacceptably high losses and was seeking permission to continue operations, after reducing its staff by half and closing most of its offices. This article examines why this innovative public‐private economic development partnership confronted such difficulties. Public‐private partnerships continue to be an important vehicle for urban economic development. This case study provides a warning of potential pitfalls that can occur from such arrangements.     

Review of studies on the public–private partnerships (PPP) for infrastructure projects

Public–private partnership (PPP) is an approach adopted to enhance the economic value of infrastructure outputs, and it encompasses a broad spectrum of public sector infrastructure. Many researchers have explored the application of PPP to improve the efficiency of infrastructure delivery. This study aims to review the existing PPP research to explore the status quo, trends, and gaps in research for PPP infrastructure projects. A systematic process involving a three-phase word frequency analysis, cluster analysis, and a search on potential research topics helps to provide enough potential articles related to PPP research and reduce arbitrariness and subjectivity involved in the research topic analysis. As a result, six main research topics aligned with the infrastructure PPP projects were derived. The research gaps and research directions can serve as a motivation for researchers and practitioners to work on the next generation of PPP studies to support the development of infrastructure.     

考虑公平偏好的 PPP 项目股权结构博弈研究

针对 PPP 项目中公共部门和社会资本间的博弈问题,引入 Fehr-Schmidt 行为模型刻画了社会资本的公平偏好,构建了 Stackelberg 动态博弈模型;通过逆向归纳法求解,得到纳什均衡下公共部门的最优股权分配比例和社会资本对项目最优特许价格;以广州市某 PPP 项目为例采用敏感性分析研究了相关参数变化对均衡解的影响,并得到管理学启示。结果表明:股权比例越高社会资本越倾向于提高特许价格,同时社会资本的公平偏好越高,政府部门应提高社会资本的股权比例。本研究可为解决现实 PPP 项目股权分配比例提供理论依据和决策参考。     

三维视角下 PPP 项目关键成功因素研究

政府和社会资本合作（PPP）模式目前在我国已经全面实施,对于提高公共产品服务质量和供给效率具有十分重要的意义。为保证各方参与主体利益,科学合理地确定影响 PPP 项目关键成功因素更有利于项目的成功实施。借助已有文献研究成果和典型案例的启示,对影响 PPP 项目的关键成功因素进行分析。通过建立灰色关联分析模型在所列举的 30 个关键因素清单中分 3 个维度提取并分析了 9 个关键成功因素,即建设运营管理经验与水平、合作体融资方式的创新、采购中透明度和竞争性、公私部门之间权利与义务、风险共享与分担、高效的公共机构、公众支持、合适的法律框架和完善的政策。     

PPP项目中公共代理机构对私人部门控制的构念建立与量表开发

公共代理机构通过合同对私人部门所施加的恰到好处的控制是PPP项目成功的关键。基于自动履约理论和相关文献分析,提出PPP项目中公共代理机构对私人部门控制的构念及其结构维度|结合前期质性研究成果提出了这一构念的初始量表,并运用结构方程模型的方法对其进行实证检验,最终开发了一个包含产出控制、行为控制、偏差控制三个维度共计29个题项的量表,鉴于该量表是通过调研中国PPP市场开发并验证的,故其仅适用于中国PPP项目。由实证分析结果得出对于PPP项目实践的三点管理启示：对结果的控制应相对重于对过程的控制、行为控制应以通过机制设计实现私人部门的“自我控制”为主、偏差控制应着力于对违约责任与救济措施的约定。     

基于典型案例归类的PPP 项目盈利模式创新与发展研究

分析了传统思维方式下PPP 项目公私双方过度关注“投入—回报”的弊端,并指出在我国当前阶段对那些需要政府付费或者给予适当补贴的PPP 项目进行盈利模式创新是非常必要的。在此基础上,根据盈利模式的概念将其解构为收益结构优化、成本结构优化和目标利润稳定,并通过国内外多个典型案例的搜集与归类,构建伙伴关系思维方式下的PPP 项目盈利模式树形框架。研究成果可为公私双方根据PPP 项目类型与特征选择适当的盈利模式提供借鉴与指导。     

私募股权投资基金在PPP项目中的应用研究

从角色、组织形式、投资方式三个维度分析私募股权基金投资PPP项目的应用问题:1)政府应引导私募股权基金以社会投资人身份介入PPP项目,培育优质基础资产;2)在税负相当的情况下,应以有限合伙企业的形式投资PPP项目;3)应创新股债结合模式以克服PPP项目股权投资"风险大、利润薄"的缺陷。     

PPP 模式在成都市保障性住房中的应用

为了从根本上解决成都市中低收入居民的居住问题,成都市政府近年来采取了多种措施试图对商品房地产市场进行有效调控,缓解政府部门公益性建设项目的融资压力,实现居者有其屋的目的。PPP（Public-Private-Partnership）模式是近年来广泛应用于基础设施建设融资领域的一种新型融资模式,本文对政府部门和私营企业双方在成都市保障性住房建设中应用PPP 模式的可行性及政府部门与私营企业合作融资建设的可行方式进行了分析,提出了应用中可能存在的问题并给出了相应建议,结果认为将PPP 模式应用于保障性住房融资可以达到公与私“双赢”,且有助于完善保障性住房制度。     

Dynamic demand risk assessment for toll road projects

To bridge the gap between supply of and increasing demand for roads, public–private partnership (PPP) concession contracts in which the investment cost is recovered via payments from the end users have been established. Although this mechanism has been seen as an efficient way for road projects to be completed on time and within budget, the demand risk faced during the operation stage has considerably limited this efficiency. Demand depends on a range of interrelated and dynamic factors such as the demographic and economic conditions. In addition, uncertainty is an inherent aspect of most demand-underlying factors which always make demand estimation inaccurate. However, this uncertainty is largely ignored by modellers where a single demand estimate is often used when evaluating the facility. The aim is to develop a system dynamics model to assess demand risk in road projects. The model captures the factors affecting demand and their relationships and simulates their change over time. By employing Monte Carlo simulation, the model assesses the likelihood and potential effect of an event on the outcome and provides a full picture of the various effects of potential risk. The model can help public, private, and financial stakeholders of PPP facilities make more informed decisions.