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Mistarihi, Ali Mohammad. "Managing Public Private Partnership (PPP) Infrastructure Projects in Jordan." Thesis, Griffith University, 2011. http://hdl.handle.net/10072/367464.
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Public Private Partnerships (PPPs) are increasingly being utilised internationally as new avenues for providing goods and services to the public with over 1,100 projects worth US$ 450 billion built around the globe between 1985 and 2008 (Siemiatycki, 2010). However, managing PPPs, particularly in the implementation phase, is both theoretically and practically complex with success largely determined by how well partnerships are managed (Grossman, 2010). Yet, PPP scholars (e.g. Bach & Whitehill, 2008; Jones & Noble, 2008) have noted that little is known about managing PPP arrangements and have called for further research to understand the ‘black box’ of PPPs (Weihe, 2008). The current research is significant in elucidating this ‘black box’ and in analysing management challenges that partnerships experience in the implementation phase. Inter-organisational relationships (IORs) and inter-organisational culture (IOC) have been identified as closely related to the PPP research and are utilised within this research to provide important insights into understanding the management of PPPs in the implementation phase.
This research examines PPPs in the Jordanian context; one of the newer but most common users of PPPs in the Middle Eastern region, where PPPs are of economic strategic importance and entail significant investment risk (El-Khatib, 2008). Specifically, the current research explores ‘How effectively managed is the implementation of PPP infrastructure projects in Jordan?’ This question is explored through perceptions of PPP managers within two Jordanian case study organisations. The intention is to critically analyse how PPPs should be managed in order to contribute to the development of what might be regarded as universal theory of PPPs that can be tested, applied and generalised to other contexts. To achieve the objectives of this research, an exploratory, ontologically-oriented, qualitative research design was utilised. Data were collected from 21 in-depth, semi-structured interviews with selected informants at the senior managerial level representing different partnering organisations. Content thematic analysis was used to analyse interview data and documentary data.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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Helmy, Mohamed Ahmed. "INVESTIGATING THE CRITICAL SUCCESS FACTORS FOR PPP PROJECTS IN KUWAIT." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-77471.
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Kuwait is planning for huge infrastructure and development projects through long term strategies and visions from 2007 until 2035 to overcome the needs for the welfare housing and to move the country to be the region’s top commercial and financial hub. These goals wouldn’t be achieved without having a strong partner (private sector) to drive the economy by participating in construction mega projects. Public-private partnership (PPP) is the framework which engages both parties to successfully achieve long term plans to deliver what the country and citizens need. To attract the private sector to participate and provide the services needed with the expected high qualities and techniques, the public sector needs to improve the environment to facilitate PPP implementation. This research investigates the existence of critical success factors of PPP project in construction sector of Kuwait: Effective procurement, Project implementability, Available financial market, Government guarantee and Favorable economic conditions and give recommendations to focus on improving them to achieve successful PPP projects.
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Alasad, Rajaa. "Dynamic modelling of demand risk in PPP infrastructure projects : the case of toll roads." Thesis, Heriot-Watt University, 2015. http://hdl.handle.net/10399/3044.
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Infrastructure is the main driver of prosperity and economic development. To fill the gap between increasing demand for infrastructure and supply, the role of the private financing has become increasingly critical. Concession contracts in which the investment cost is recovered via payments from the end users are the most dominant among all PPP types. Although this mechanism has been seen as an efficient way to achieve infrastructure projects in terms of realising the project on time and to budget, the demand risk faced in the operation stage has heavily limited this efficiency. Evidence has shown that shortfall in demand can seriously jeopardize the scheme’s viability. Demand is dependent on a range of interrelated, dynamic factors such as economic conditions, willingness to pay and tariff for using the facility. In addition, uncertainty is an inherent aspect of most demand-underlying factors which makes demand estimation subject to high level of uncertainty. However, this uncertainty is largely ignored by modellers and planners and single demand estimate is often used when evaluating the facility. Given the threat to the project success resulting from potential variation between predicted and actual demand, it is believed that a demand risk assessment model is essential. This research is therefore devoted to developing a system dynamics model to assess demand risk by capturing the factors affecting demand and their relationships and simulating their change over time. A system dynamics based conceptual model was developed for mapping factors affecting demand for service provided by a typical PPP concession project. The model has five Causal Loop Diagrams (CLDs) which include: socio-economic, public satisfaction, willingness to pay, competition and level of fee. Based on the developed conceptual model, a quantitative simulation model for assessing traffic demand in toll road projects was developed. This model has six sub-models which are: socio-economic, public satisfaction, willingness to pay, competition, toll and expansion factors sub-models. With the use of case study of M6 toll roads (UK), it was demonstrated the potential application of SD as a tool for the assessment of demand risk in toll roads. Univariate and multivariate sensitivity analysis, as well as risk analysis using Monte Carlo approach, were conducted using the developed SD model. Univariate sensitivity analysis helps identify the significance of the demand underlying factors when they change individually. Toll was identified as the most critical factor affecting toll traffic demand followed by congestion on the alternative un-tolled facility. Multivariate sensitivity analysis showed how demand changes when several factors change. Four scenarios were developed to show the impact of change in conditions and policies on the level of traffic. Monte Carlo simulation, on the other hand, provided level of demand with a range of confidence intervals. Providing such estimates of the expected value and the confidence level offers useful information throughout their ranges and creates overall risk profiles by providing the probability of achieving a specific result. The main contribution of the research is in the development of a system dynamics model as a tool for assessing demand in PPP projects and informing decision making, which is new to the area of demand risk modelling.
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Verma, Manisha. "Public Private Partnerships in road transport infrastructure in India : a governance perspective." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/public-private-partnerships-in-road-transport-infrastructure-in-india-a-governance-perspective(d601954f-ebac-4fa2-80b2-49e7d49bda16).html.
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Public Private Partnerships, or PPPs, are being increasingly preferred by governments across the world for filling the infrastructure deficit, as they are claimed to provide access to private capital, and bring private sector efficiencies in provisioning of public services. In India too, a distinct policy shift towards PPPs in various sectors has been observed accompanied by a high degree of reliance on such partnerships to upscale the transport infrastructure. A growing body of literature however reveals serious flaws in the claims of economic superiority, effectiveness and profitability of the PPPs. They are being questioned on various accounts of transparency, accountability, equity, and excessive profiteering by the private partners. This gives rise to an advocacy for the enhanced role of the State in governance of PPPs. In this background, this research explores the nature of division of roles and responsibilities, allocation of risks and sharing of benefits by the State and the private partners within the PPPs in the context of road transport sector in India. It further examines the extent of investment of resources by the private partners in the projects. The factors shaping PPPs in road transport in India are also examined. This research suggests measures to strengthen the structures and mechanisms within the public and private partners to improve public infrastructure within the PPP framework. In order to achieve the research aims, and to gain a deeper perspective of the governance issues of PPPs from different administrative levels, two national and two state highways (one in construction while the other in operational stage in both cases) along with an intra-city transport project, part of which is already operationalised, were selected for the study. This study is rooted in critical realism according to which understanding of any social phenomenon can be achieved through study of the underlying multi-layered structures and mechanisms which cause the phenomenon. Research findings reveal that while PPP projects in highways largely followed the theoretical model of PPPs, the urban transportation project was found to be substantially deviating from a general PPP model discussed in the literature due to the unique requirements of urban transport infrastructure in India. The widely accepted argument of PPPs bringing in private capital to public services has been debunked by the Ahmedabad Bus Rapid Transit System (ABRTS). The project is substantially funded by the national and state governments due to limited incentives for the private sector to invest in these projects under BOT mode. The under-developed capability within the private sector in urban transportation projects in India resulted in unbundling of services rather than one private agency providing all of them. The local urban body has retained several risks as it more suitably located to bear them more efficiently. In the PPPs in highways, the public partner has shifted many of its responsibilities to the concessionaire primarily due to shortage of adequate manpower with the public partner, and the incentive of timely completion of the project with the private partner. Adoption of the PPP mode in highways has not been able to avoid time and cost over-runs, largely due to the public partners not meeting their share of responsibilities. Land acquisition has emerged as the single most contentious issue of PPPs in infrastructure in India and is the major cause for delay in PPP projects. In addition, serious issues in land-grabbing and profiteering by the private partners have also been observed. A more active role of the State in PPPs is suggested to improve the delivery of public services through the PPP mode. This may require establishing additional structures and mechanisms of governance to meet the emerging requirements of these new modes of procurement, and to strengthen the existing ones.
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Shan, Liang. "Revenue Risk Management for P3 Highway Projects: Implementation of Revenue Guarantees in the U.S. Market." Diss., Virginia Tech, 2010. http://hdl.handle.net/10919/38600.
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The Public-Private Partnership (P3 or PPP) model has been proposed as an alternative delivery system to address funding shortage problems associated with large-scale projects. Appropriately allocating and managing risks among project participants is critically important for a P3 projectâ s success. This thesis focuses on one of the tools to manage revenue risk, the revenue guarantee, where a guarantor compensates a concessionaire with a predetermined amount of revenue in the event of a revenue shortfall. It is a form of real optionâ specifically a put option if a premium is paid for the downside protection or a collar option if potential upside revenue is traded for the protection.
Previous research has explored the purpose and valuation of revenue guarantee options. This study focuses on the feasibility of utilizing a guarantee in US P3 highway projects through preparatory study and field investigation. In the preparatory phase, the work examines existing revenue risk management methods and how revenue guarantee options supplement them while also proposing an implementation framework. Additionally, it discusses a new option type,a collar option, including its concept, benefits, applicability, and valuation. In the field investigation phase, the preparatory work is synthesized into interview protocols that are used to seek market perspectives on revenue risks and revenue guarantee feasibility. Twenty people representing government officials, concessionaires, financial advisors and lending institutions were interviewed.
The interview results indicated that a revenue guarantee shows promise as a viable tool, and the government should be willing to provide one. The decision to utilize a revenue guarantee depends on funding method selection, a public agencyâ s institutional capacity, and the effectiveness of alternative risk mitigation approaches. Suggestions for implementation, such as applicable projects and a guarantee triggering criterion, are also provided.Ph. D.
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Maryouri, Leny Anna Watie. "Developing Standardised Frameworks for the Successful Delivery of Public Private Partnership (PPP) Infrastructure Projects in Indonesia." Thesis, Curtin University, 2017. http://hdl.handle.net/20.500.11937/65988.
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Infrastructure development requires substantial investment in a sustainable financing system. This thesis investigates the significant factors for the government, financier, private sector, State Owned Enterprise and consultant to make investment decisions in PPP infrastructure projects. Using a triangulation methodology, the findings from this thesis are PPP infrastructure frameworks for Indonesia that will guide and accelerate the process of risk allocation and distribution negotiation. This study contributes to improve government policy to accelerate infrastructure delivery.
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Holba, Pavel. "Analýza projektů silniční infrastruktury Spolkové republiky Německo." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-85282.
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The aim of this thesis is to determine the benefits of road infrastructure projects implemented in cooperation between the public and private sectors. The thesis analyses this type of projects that have been realized in Germany. The first chapter briefly characterizes the environment which the projects were implemented in. It also discusses the legislation that governs the issue. On the basis of knowledge obtained from the analysis the projects implemented in cooperation between the public and private sectors are compared with the projects carried out in conventional way. Finally, results are summarized and lead to the conclusion that cooperation between the public and private sector in road infrastructure projects has a future and can be beneficial for other European countries including the Czech Republic.
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Winij, Ruampongpattana. "RISK ALLOCATION IN PUBLIC-PRIVATE PARTNERSHIP INFRASTRUCTURE PROJECTS FROM THE PERSPECTIVE OF LIQUIDITY SUPPLY." 京都大学 (Kyoto University), 2017. http://hdl.handle.net/2433/225575.
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An, Yehyun. "The Operationalization of Capacity Development: the Case of Urban Infrastructure Projects in India." Diss., Virginia Tech, 2015. http://hdl.handle.net/10919/72964.
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Since the 1950s, Capacity Development (CD) has been an important component of international development agendas. It established the widespread consensus that the capacity of individuals and organizations is critical to maintaining and enhancing the effectiveness of development projects and programs. A problem, however, is that the concept has been applied without due consideration to how it should be adapted to the local context, making it more of a symbolic gesture. The application of CD to urban infrastructure projects in India is one such example. Recognizing the shortage of urban infrastructure as one of the major impediments in India's economic growth and rapid urbanization, the Government of India (GOI) launched the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) in December 2005 to provide substantial central financial assistance to cities for urban development over a period of seven years. The GOI expected the JNNURM to reform institutions and strengthen human resource capability related to many areas of project delivery. During its implementation, however, the JNNURM has been confronted by problems related to a lack of capacity. This research reviews the capacity challenges related to the JNNURM program and considers the broader implications for urban infrastructure development in other developing countries.
This research begins with the question "How can CD be operationalized?" From this starting point, the research seeks to reveal the operational values of CD. Following a detailed literature review on CD, capacity factors that are applicable to the urban sector in India are identified and a CD framework is developed. Two research methods--case studies and fuzzy-set Qualitative Comparative Analysis (fsQCA)--are adopted to answer the primary research questions. By leveraging the strength of these two methods, this research advances our understanding of the relationship between capacity and development goals such as improving project performance. In the case studies, this research investigates the gaps between CD theory and practice through the lens of practitioner perceptions of CD. In addition, unlike traditional thinking on the linear relationship between capacity and project outcomes, the case studies reveal two-way causal relationships between capacity and project outcomes that form a spiral structure between the project delivery process and capacity factors. Better capacity can enhance project performance and lead to better outcomes, and project performance and outcomes also influence and reinforce capacity in the reverse direction. Moreover, through the fsQCA, this research identified causal relationships between capacity factors and outcomes and demonstrated that the capacity factors generate different outcomes through their interactions with other capacity factors. This finding contributes to our understanding of how capacity is interconnected with development goals.
In summary, this research contributes to both CD theory and CD practice based on a comprehensive approach that not only considers CD at multiple levels (environmental, organizational/network, and individual/project), but also covers different CD subjects such as context, actors, dimensions, processes, and impacts. Through this comprehensive approach, a range of important findings are developed that can help researchers and practitioners operationalize the complex concept of CD.Ph. D.
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Al-juboori, Omar Verfasser], Josef [Akademischer Betreuer] Zimmermann, Hans Wilhelm [Akademischer Betreuer] Alfen, and Oliver [Akademischer Betreuer] [Fischer. "Conditions for Applying Public Private Partnership PPP in Iraq Infrastructure Projects Successfully / Omar Al-juboori. Gutachter: Hans Wilhelm Alfen ; Oliver Fischer ; Josef Zimmermann. Betreuer: Josef Zimmermann." München : Universitätsbibliothek der TU München, 2015. http://d-nb.info/1070624322/34.
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Sinha, Meenakshi. "Political economy of land acquisition for urban infrastructure projects in India : a comparative study of state intervention in Karnataka and Kerala." Thesis, King's College London (University of London), 2018. https://kclpure.kcl.ac.uk/portal/en/theses/political-economy-of-land-acquisition-for-urban-infrastructure-projects-in-india(f1456b95-701c-4f10-a1b5-6be9ad5e35e9).html.
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Using a comparative framework of two contiguous subnational units viz. the Indian states of Karnataka and Kerala, this research project seeks to assess the role of the state in the formulation and implementation of land use policies in urban areas. In the Indian context, the introduction of economic reforms and the subsequent decentralisation measures have led to regional state units competing more intensely amongst themselves for investment. Against this backdrop, the study examines how state-specific strategies and politics shape the nature of land use policies and ultimately their implementation. This analysis includes an examination of the linkages between decision makers and different interest groups as they seek influence in the governmental system. The thesis examines two urban infrastructure projects, namely, Bangalore Mass Rapid Transit System and Kochi Mass Rapid Transit System. The study employs a hybrid conceptual framework of subnational comparison and state spatial rescaling to understand how land acquisition and conversion for the two projects is occurring through newly instituted state organisations, specifically Special Purpose Vehicles. Through macro and micro level explorations of states’ financial, administrative and political strategies, the thesis illustrates that these organisations in interaction with other state level bodies are able to circumvent many local laws and planning procedures to successfully acquire land for the two projects under consideration. The study concludes that due to similar patterns of state spatial rescaling administered across the two sites through the agency of Special Purpose Vehicles, the land acquisition for the two projects remains unaffected by regional differences between Karnataka and Kerala; instead, the two projects exemplify tendencies of convergence in land acquisition.
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Huang, Jingchi. "The effects of the development of Private Finance Initiatives (PFIs) in the UK and their relevance in the implementation of Build-Operate-Transfer (BOT) projects in Chinese road and water sectors." Thesis, De Montfort University, 2012. http://hdl.handle.net/2086/9881.
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There has been a rapid growth of private participation in infrastructure projects throughout the world in the last three decades. China as the largest developing country in the world has a huge amount of demands for high quality infrastructure projects and public services. The government has actively developed and used the Build-Operation-Transfer (BOT) model to deliver public facilities and services, particularly after 2002. Certain benefits have been brought by the adoption of the BOT model in China's motorway and water sectors. However, issues were also found in the processes behind BOT applications. International organisations as well as scholars suggested that China should learn experiences and lessons from the UK and its PFI scheme. The UK has been the leading country to use private finance in developing public buildings and services. However, very little has been written addressing how lessons from British PFIs can be learnt by China to improve its BOT practice. This study is an attempt to address this vacuum in the existed literature. It was designed to explore the current problems of using BOTs in Chinese motorway and water sectors and looks at what needs to be improved, based upon the PFI lessons in the UK. A mixture of qualitative and quantitative methods has been employed and various methods of data collection used in this study. These included: 21 interviews, 2 observations and one focus group and the analysis on 14 government reports about BOTs in China. The governments' decision-makers, directors, project managers and contractors were involved in the research to explore the results and emerging issues involving the implementation of BOT models in 87 Chinese motorway and water projects in 10 cities covering six provinces. As a result of its findings, the research is able to discuss and identify the relevant experiences and lessons from PFIs in the UK to improve further application of China's BOTs. This study fills the gap in knowledge regarding comparisons between PFIs and BOTs. It also gives recommendations for good practice in relation to Chinese BOT policy decision making, development and evaluation. Finally, the study hopes to give recommendations that enable the implementation of BOT model in Chinese motorway and water sectors to be more successful in the future.
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Eissa, Zakaria Abdelsalam Nora. "Le règlement des litiges survenant des contrats de partenariats public-privé. : recherche d’une meilleure gestion des sources des litiges dans les contrats de PPP : enjeux et conséquences pour l’Egypte." Thesis, Lille 2, 2017. http://www.theses.fr/2017LIL20014/document.
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Le partenariat public privé est un instrument pour la réalisation des objectifs du développement en Egypte. Sur le plan international, le recours aux PPP soulève des difficultés compliquées à résoudre. La nature complexe de ce type de projets augmentent la probabilité de litiges entre les parties. L’analyse comparée des expériences britannique et française, permet d’élaborer une référence pour le gouvernement égyptien en matières des réformes juridique et économique. Dans le cadre d’améliorer la gestion des projets de PPP en Egypte, deux approches peuvent être adressées dans notre recherche. En premier lieu, le développement d’une méthodologie de gestion efficace des risques par l’analyse de types des risques attachés aux PPP pendant le cycle de vie du projet. En deuxième lieu, la présentation des mécanismes les plus efficaces de résolution des litiges découlant des projets de PPPPublic-private partnership is an instrument for achieving development objectives in Egypt. On the international level, the use of the PPP model raises complicated challenges and difficulties. The complex nature of such projects increase the probability of disputes between the parties. The comparative analysis of the British and French experience allows the elaboration of a reference for the Egyptian government in the legal and economicreforms. In order to improve the management of PPP projects in Egypt, two approaches can be addressed in our research. First, the development of an effective risk management methodology through the analysis of the types of risk associated with PPP during the life cycle of the project. Second, the presentation of the most effective mechanisms for the resolution of disputes arising from PPP projects
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Purkayastha, Dhruba. "Enabling bond market financing for infrastructure projection in India." Thesis, 2018. http://localhost:8080/iit/handle/2074/7639.
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Hsueh, Chuen-Ming, and 薛春明. "To Explore Critical Success Factors for PPP Infrastructure Projects." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/gxcsq5.
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博士國立臺灣大學
土木工程學研究所
106
Taiwan opened up ICB (international Competitive Bidding) for its first PPP project in Oct. 1996. The western corridor High Speed Rail (THSR) project’s contract was signed in July 1998, which was the largest BOT project in the world at the time. Then, other PPP projects were launched for improving Taiwan’s infrastructure. Based on the statistics provided from Taiwan Ministry of Finance (TMOF), Taiwan then conducted a total of 1,450 PPP projects between 2002 and 2016. Many PPP projects are successful but some projects were terminated. Regretfully, as comprehensive and quantitative analyses were rarely used by previous researchers to study the Taiwan’s PPP implementation issues. Also studies on the Critical Success Factors (CSFs) for Taiwan’s PPP projects are scant and not comprehensive. The purpose of this research is to explore the CSFs and to demonstrate the methodologies used. The research mainly included three parts: the first part aimed to statistically analysis the current Taiwan’s PPP implementation data and to identify some of the implementation issues for further PPP improvement. While the second part is to present the findings resulted from a research which aimed to statistically identify, prioritize and group those factors critically contributing to the success of PPP infrastructure projects in Taiwan and to demonstrate the methodologies used. The third part of this research is to build a generic analysis framework (model) that could be refined for identifying the implementation issues and/or CSFs in other managerial topics.A questionnaire survey was conducted. Expert inputs from private, public and academic sectors were solicited. After the data collected from two hundred valid questionnaires, the independent samples T-test was performed to each question in order to verify whether or not these 200 experts agreed on the nine crucial PPP implementation questions derived from the survey. Then, one-way analysis of variance (ANOVA) was analyzed to justify that there is no significant difference existed on the opinions among the 3 different sectors of experts. The first part research results did not support the null hypothesis that the government officials possess adequate professional knowledge to select and to manage the preferred bidders. In addition, experts were not satisfied with the effectiveness of PPP infrastructure in Taiwan.The second part of this research is to present the findings resulted from a research which aimed to scientifically identify, prioritize and extract those factors critically contributing to the success of PPP infrastructure projects in Taiwan and to demonstrate the methodologies used. Via the independent samples T-test analysis, the 26 CSFs, such as sound legal frameworks (C01), establishing dedicated PPP unit (C02), training and improving the professional expertise (C03), etc. were statistically identified for Taiwan’s PPP infrastructure. By calculating their SI (Severity Index), these 26 CSFs were prioritized as follows: realistic and feasible financial planning (C19), the adoption of non-discriminating, transparent, and neutral methods to select the preferred bidders (C13), etc. Moreover, four principal groupings were extracted via factor analysis. They are: supportive legal frameworks, a favorable investment environment, selection of appropriate PPP projects, and public support. Also one-way ANOVA was analyzed to justify that only three CSFs (note: C05, C21, C26) existed significant differences on the opinions among the 3 different sectors of experts. Then, Tukey’s HSD test was performed to differentiate various opinions among three sectors of experts and their rationales behind.The research resulted in a generic analysis model that could be further used to explore CSFs in other implementation and management issues.
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Chen, Nai-Jung, and 陳乃榕. "Improving Criteria for Deciding Public Investments in PPP Infrastructure Projects." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/90636573616135773078.
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碩士朝陽科技大學
營建工程系碩士班
98
In order to solve the problems such as continuously increasing governmental budget deficits and insufficient financial resources for infrastructure, the government begins to apply various kinds of private participation models to the construction of infrastructure, so as to mitigate the governments’ financial burdens, in addition to introducing private funds and enhancing service level. Therefore, the Private Participation Promotion Model and the Government Procurement Model have become the two main systems in our country. As for the financial feasibility of Private Participation in Infrastructure Projects , the existing evaluation indicators in our country are mainly based on “Self-Liquidation Ratio (SLR)”, which also serves as the standard for whether the government has to provide funding to enhance the possibility of private participation. However, SLR only represents the threshold of “breakeven”, unable to measure whether a project has sufficient incentives for private investment. Consequently, because the reasonability of governmental funding amount can not be evaluated, due to lack of basis, the source of disputes tends to occur. This study claimed that Project Internal Rate of Return (PIRR), Economic Internal Rate of Return (EIRR), and Debt Service Coverage Ratio (DSCR) should respectively represent the benefits to the three parties—government, private investor, and finance institution, which emphasized that the feasibility comes from the premise of tri-win, so as to substitute SLR and then serve as the evaluation indicators for projects’ financial feasibility. Therefore, the purpose of this study was to establish a set of Trial Balance based on the aforementioned indicators as the feasibility evaluation standard. As for the Private Participation Promotion Model with non-complete self-liquidation, the evaluation was made aimed at the best funding ratio of funded subsidies or investment models selected by governments in the aspect of non self-liquidation, to serve as the decision support instrument for governments to undertake financial feasibility evaluations of private participation promotion cases and decide governmental investment amount. In this study, based on one Private Participation in Rail Construction Project as the example, the design of a financial trial balance was undertaken. In the primary project, the SLR of this case was evaluated to be 52.15% originally, while the government intended to provide funding of NT$ 48.56 hundred millions in one part of such construction. In this study, three kinds of governmental participation ways were hypothesized respectively, including: governmental subsidies for middle/long term loan interest, participation in funding private institutions’ capital stock, and combinative private participation promotion model (governmental participation in making investment in private institutions’ capital stock, plus subsidies for loan interest). Then, the PIRR, EIRR, and DSCR for each kind of funding way were calculated respectively. According to the trial balance results of the aforementioned three models, the findings indicated: If the principle was that private vendors’ basic Rate of Return should be satisfied while payment risk in finance institutions should be guaranteed, the government might be unable to have the incentives for private participation in this case, due to the funding amount restrained by the existing laws and decrees. Under such a kind of situation, it is necessary to re-explore whether such a case is suitable for being undertaken by means of private participation model. This also showed: At present, only SLR is applied to the threshold for determining the feasibility of private participation, which is not enough for confirming the willingness of private investment. Instead, in the process of bid invitation, due to bid failure and the derivative needs such as modification of bid invitation conditions, many more purchasing and social costs will occur.
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Bui, Quang-Huy, and 裴光輝. "ISSUES OF PPP INFRASTRUCTURE PROJECTS IN VIETNAM – THE TRANSACTION COSTS PERSPECTIVE." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/62318461931289695725.
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碩士臺灣大學
土木工程學研究所
98
Actually, the Public Private Partnerships’ advantages are always highlighted, whereas the transaction costs embedded in these governance structures seem to be understated or ignored. They are classified in two types: explicit and implicit costs. The construction project’s features and the incomplete contract are the main causes of the explicit transaction costs. Moreover, the principal-principal and hold-up problems are aware of the implicit transaction costs’ origins. This paper’s objective is to study when, and what kind of infrastructure project Vietnamese government had better to apply the PPPs to. The four chosen typical BOT projects as case studies are the Phu My Bridge, the Rach Mieu Bridge, the Binh Trieu 2 Bridge and approached roads, and the Yen Lenh Bridge. The fulfilled analyses indicate that in a socialist economy as Vietnam, the soft budget constraints and the participation of the SOEs are the most popular underlying reasons of the implicit transaction costs embedded in PPP contracts. They also point out that in developing countries; the magnitude of an infrastructure project itself causes the hold-up problems. It contributes to undermine the advantages of, and is the seeds of exorbitant transaction costs in PPP projects in Vietnam in particular.
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Naji, Almassi Ali. "Credit Value Adjusted Real Options Based Valuation of Multiple-Exercise Government Guarantees for Infrastructure Projects." Thesis, 2012. http://hdl.handle.net/1807/35736.
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Public-Private-Partnership (P3) is gaining momentum as the delivery method for the development of public infrastructure. These projects, however, are exposed to economic risks. If the private parties are not comfortable with the level of the risks, they would not participate in the project and, as a result, the infrastructure will most likely not be realized. As an incentive for participation in the P3 project, private parties are sometimes offered guarantees against unfavorable economic risks. Therefore, the valuation of these guarantees is essential for deciding whether or not to participate in the project.
While previous works focused on the valuation of guarantees, the incorporation of credit risk in the value of the P3 projects and the guarantees has been neglected. The effect of credit risk can be taken into account by using the rigorous Credit Value Adjustment method (CVA). CVA is a computationally demanding method that the valuation methods currently in the literature are not capable of handling.
This research offers a novel approach for the valuation of guarantees and P3 projects which is computationally superior to the existing methods. Because of this computational efficiency, CVA can be implemented to account for credit risk. For the development of this method, a continuous stochastic differential equation (SDE) is derived from the forecasted curve of an economic risk. Using the SDE, the partial differential equation (PDE) governing the value of the guarantees will be derived. Then, the PDE will be solved using Finite Difference Method (FDM). A new feature for this method is that it obtains exercise strategies for the Australian guarantees.
The present work extends the literature by providing a valuation method for the cases that multiple risks affect P3 projects. It also presents an approach for the valuation of the Asian style guarantee, a contract which reimburses the private party based on the average of risk factor. Finally, a hypothetical case study illustrates the implementation of the FDM-based valuation method and CVA to obtain the value of the P3 project and the guarantees adjusted for the counterparty credit risk.