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Policy, Management and Finance of Public-Private Partnerships
Akintola Akintoye (Edited by), A Akintoye (Author), Matthias Beck (Edited by)
9781405177917, Wiley
Hardback, published 10 October 2008
512 pages
25.2 x 18 x 3.2 cm, 1.225 kg
"The editors draw upon a considerable amount of contributions from affiliated academic and practical experts with experience across a vast geographical spread.... Readers will find it invaluable in expanding their academic and practical knowledge of the subject." (Building Engineer, March 2009)
Policy, Management and Finance of Public-Private Partnerships Innovation in the Built Environment This book examines some of the key policy, financial and managerial aspects of public-private partnerships within the context of the global spread of this form of procurement. The chapters investigate political and institutional issues surrounding PPPs, together with the financial and managerial strategies employed by the private sector. Adopting a cross-disciplinary perspective, the book highlights the often politically sensitive nature of these projects and identifies a need for the private sector to investigate a broad set of parameters which relate to the particular political economy of individual partnerships. Policy, Finance & Management for Public-Private Partnerships covers a range of specific issues, including: partnerships in developing countries; innovation in partnership-based procurement; government and business interaction; institutional and organisational approaches to facilitating partnership; project and corporate financing; risk and value management; market analysis, modelling and forecasting; capital structure decisions and management; investment theory and practice; pricing and cost evaluation; statutory regulations and their financial implications; option pricing; financial monitoring; syndicate funding; new roles for the financial and insurance sectors; institutional and multilateral funding; payment mechanisms; concession period determination; risk analysis and management; whole life value methodology; cost comparators and best value; team building, team work and skill development. Contributions from Australia, Europe, the Far East, South Africa and the United States together present the current thinking and state-of–the-art approaches to public-private partnerships.
Foreword xi Contributors xiii Acknowledgements xxiii Introduction xxv Part One PPP Policy 1 Chapter 1 Private Finance Initiative in Use 3 1.1 Introduction 3 1.2 The Private Finance Initiative 4 1.3 UK Government’s Influence on the Use of PFI 5 1.4 Private Sector Tasks in PFI 6 1.5 Establishing PFI Contracts 6 1.6 Forms of Finance Used in PFI 8 1.7 Performance of PFI Schemes – A Theoretical Perspective 10 1.8 Improving the Performance of PFI 14 1.9 Performance of PFI Schemes – An Empirical Review 14 1.10 A Generic Overview of PFI Schemes 19 1.11 Comparative Studies 20 1.12 Conclusion 20 Chapter 2 Using the Private Sector to Finance Capital Expenditure: The Financial Realities 27 2.1 Introduction 27 2.2 The Control of PFI 30 2.3 Post-implementation Evaluation of PFI 34 2.4 Conclusion 42 Chapter 3 Obstacles to Accountability in PFI Projects 47 3.1 Introduction 47 3.2 Finance Capital and Institutional Decision Making 51 3.3 Conclusion 61 Chapter 4 Refinancingand Profitability of UK PFI Projects 64 4.1 Introduction 64 4.2 PFI Finance and Value for Money 65 4.3 Mechanisms and Policies of Refinancing 69 4.4 PFI Profits and Refinancing 72 4.5 Conclusion 77 Chapter 5 The Dedicated PPP Unit of the South African National Treasury 82 5.1 Introduction 82 5.2 The Rationale for PPPs 83 5.3 The Rationale for a Dedicated PPP Unit 84 5.4 A Brief History of PPPs and the PPP Unit in South Africa 86 5.5 The Role of the South African Dedicated PPP Unit 90 5.6 Future Challenges 93 5.7 Conclusion 95 Chapter 6 PPP in Greenfield Airport Development: A Case Study of Cochin International Airport Limited 97 6.1 Introduction 97 6.2 Private Participation in New Airport Development 99 6.3 Indian Aviation Sector 103 6.4 The Cochin International Airport Project 105 6.5 Performance of CIAL 112 6.6 Summary and Lessons 117 Chapter 7 PPPs for Physical Infrastructure in DevelopingCountries 123 7.1 Introduction 123 7.2 An Overview of Public-Private Partnerships 124 7.3 PPP: Developed Economies 125 7.4 PPP: Developing Economies 127 7.5 PPP: Analysis of Private Sector Participation 129 7.6 Discussion 138 7.7 Conclusions 141 Chapter 8 Team Buildingfor PPPs 145 8.1 Introduction 145 8.2 Integrating and Sustaining PPP Teams 147 BLBK049-Akintoye July 30, 2008 13:38 8.3 Hong Kong Perspectives of PPP Teams 149 8.4 Singapore Perspectives of PPP Teams 153 8.5 Integrating PPP Project Teams 156 8.6 Selecting Project Consortium Teams 156 8.7 Concluding Observations 160 Part Two PPP Finance 163 Chapter 9 PPP Infrastructure Investments: Critical Aspects and Prospects 165 9.1 Introduction 165 9.2 Critical Issues in Financing PPP Projects 167 9.3 Prospects for PPP Infrastructure Development 171 9.4 Conclusion 178 Chapter 10 Patterns of Financing PPP Projects 181 10.1 Introduction 181 10.2 General Patterns of Financing PPP Projects 186 10.3 Choice of Financing Patterns 195 10.4 Summary 196 Chapter 11 PPP Financingin the USA 198 11.1 Introduction 198 11.2 PPP Financing Models in the US 200 11.3 Case Studies 206 11.4 Conclusions 210 Chapter 12 Financial Modelling of PPP Projects 212 12.1 Introduction 212 12.2 Research in PPP Financial Modelling 213 12.3 Cost Models 214 12.4 Occupancy Cost 215 12.5 Cash Flow Models 217 12.6 PFI Financial Modelling in Practice 217 12.7 An Example of a PFI Financial Model for Schools 224 12.8 Conclusion 226 Chapter 13 Application of Real Options in PPP Infrastructure Projects: Opportunities and Challenges 229 13.1 Introduction 229 13.2 Infrastructure Project Flexibility as Real Options 231 13.3 Real Options Literature Related to Architecture, Engineering, Construction and Infrastructure Projects 234 13.4 Modelling Issues and Concerns 237 13.5 An Integrated Real Options–Risk Management Process for PPP Infrastructure Projects 244 13.6 Summary 245 Chapter 14 Financial Implications of Power Purchase Agreement Clauses in Revenue Stream of Independent Power Producers in Nepal 250 14.1 Introduction 250 14.2 Financial Analysis 252 14.3 Analyses of Clauses 255 14.4 Summary 263 Chapter 15 Government Policy on PPP Financial Issues: Bid Compensation and Financial Renegotiation 267 15.1 Introduction 267 15.2 Game Theory 268 15.3 Is Bid Compensation Effective in PPP Tendering? 271 15.4 Financial Renegotiation and its Associated Problems 280 15.5 Financial Renegotiation Game and its Equilibrium 281 15.6 Propositions and Rules 289 15.7 Governing Principles and Policy Implications for Project Procurement and Management 292 15.8 Conclusion 299 Part Three PPP Management 301 Chapter 16 Innovation in PPP 303 16.1 Introduction 303 16.2 Innovation and Competitive Advantage in PPP 304 16.3 Stimulants and Impediments to Innovation in PFI/PPP Projects 314 16.4 Innovation and Financial Issues in PFI/PPP Projects 319 16.5 Conclusion 324 Chapter 17 Combining Finance and Design Innovation to Develop Winning Proposals 327 17.1 Introduction 327 17.2 The Drivers of PFI/PPP Projects in Different Jurisdictions 327 17.3 Design Innovation: The Issues 329 17.4 Financing Arrangements for PFI/PPP Projects 333 17.5 The Theory and Practice of Winning Proposals 342 Chapter 18 The Application of a Whole-Life Value Methodology to PPP/PFI Projects 346 18.1 Introduction 346 18.2 Projects 346 18.3 Client Value System 349 18.4 Whole-Life Costing 351 18.5 The Application of Whole-Life Value to the PPP/PFI Process 356 18.6 Discussion 360 Chapter 19 Best Value Procurement in Build Operate Transfer Projects: The Turkish Experience 363 19.1 Introduction 363 19.2 Bid Evaluation in BOT Projects 365 19.3 Case Studies 367 19.4 Best Value Procurement in BOT Projects 370 19.5 An Application of the Proposed Methodology 372 19.6 Concluding Remarks 376 Chapter 20 Application of Risk Analysis in Privately Financed Projects: The Value For Money Assessment through the Public Sector Comparator and Private Finance Alternative 379 20.1 Introduction 379 20.2 The PSC and the PFA 381 20.3 Conclusion 395 Chapter 21 Developing a Framework for Procurement Options Analysis 398 21.1 Introduction 398 21.2 What do PPPs Bring to Procurement? 398 21.3 Developing a Methodology 399 21.4 Conclusion 412 Chapter 22 The Payment Mechanism in Operational PFI Projects 414 22.1 Introduction 414 22.2 The Key Principles 414 22.3 Value for Money Arguments 415 22.4 Key Components of the Payment Mechanism 416 22.5 The Output Specification 419 22.6 Performance Measurement System 421 22.7 Case Studies 424 22.8 Analysis and Discussion of Findings 429 22.9 Concluding Remarks 433 Chapter 23 Concession Period Determination for PPP Infrastructure Projects in HongKong 436 23.1 Introduction 436 23.2 PPP Projects in Hong Kong 437 23.3 Build, Operate, Transfer Scheme 440 23.4 Concession Period 441 23.5 Concession Period Determination Methods 443 23.6 Simulation-Based Concession Period Determination Methodology 444 23.7 Simulation-Based Concession Period Determination Framework 446 23.8 Conclusions 454 Index 457
Ezekiel Chinyio and Rod Gameson
Jean Shaoul
Darinka Asenova and Matthias Beck
Steven Toms, Darinka Asenova and Matthias Beck
Philippe Burger
Thillai A. Rajan, Sheetal Sharad and Sidharth Sinha
Akintola Akintoye
Mohan M. Kumaraswamy, Florence Y.Y. Ling and Aaron M. Anvuur
Demos C. Angelides and Yiannis Xenidis
Sudong Ye
Arthur L. Smith
Ammar Kaka and Faisal Alsharif
Charles Y.J. Cheah and Michael J. Garvin
Raju B. Shrestha and Stephen Ogunlana
S. Ping Ho
David Eaton and Rıfat Akbiyikli
Colin F. Duffield and Chris J. Clifton
John Kelly
Irem Dikmen, M. Talat Birgonul and Guzide Atasoy
Tony Merna and Douglas Lamb
Darrin Grimsey and Mervyn K. Lewis
Jon Scott and Herbert Robinson
Xueqing Zhang
Subject Areas: Civil engineering, surveying & building [TN]
