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9781444301434

Policy, Management and Finance for Public-Private Partnerships

by ;
  • ISBN13:

    9781444301434

  • ISBN10:

    1444301438

  • Format: eBook
  • Copyright: 2009-01-01
  • Publisher: Wiley-Blackwell
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Summary

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.

Table of Contents

Foreword
Contributors
Introduction
PPP Policy
Private Finance Initiative in Use
Introduction
The private finance initiative
UK government's influence on the use of PFI
Private sector tasks in PFI
Establishing PFI contracts
Forms of finance used in PFI
Performance of PFI schemes -- a theoretical perspective
Improving the performance of PFI
Performance of PFI schemes -- an empirical review
A generic overview of PFI schemes
Comparative studies
Conclusion
Using the Private Sector to Finance Capital Expenditure
Introduction
The control of PFI
Post-implementation evaluation of PFI
Conclusion
Obstacles to Accountability in PFI Projects
Introduction
Finance capital and institutional decision making
Conclusion
Refinancing and the Profitability of UK PFI Projects
Introduction
PFI finance and value for money
Mechanisms and policies of refinancing
PFI profits and refinancing
Conclusion
The Dedicated PPP Unit of the South African National Treasury
Introduction
The rationale for PPPs
The rationale for a dedicated PPP unit
A brief history of PPPs and the PPP unit in South Africa
The role of the South African dedicated PPP Unit
Future challenges
Conclusion
PPP in Greenfield Airport Development
Introduction
Private participation in new airport development
Indian aviation sector
The Cochin International Airport project
Performance of CIAL
Summary and lessons
PPPs for Physical Infrastructure in Developing Countries
Introduction
An overview of public--private partnerships
PPP: developed economies
PPP: Developing economies
PPP: Analysis of private sector participation
Discussion
Conclusions
Team building for PPPs
Introduction
Integrating and sustaining PPP teams
Hong Kong perspectives of PPP teams
Singapore perspectives of PPP teams
Intergrating PPP project teams
Selecting project consortium teams
Concluding observations
PPP Finance
PPP Infrastructure Investments
Introduction
Critical issues in financing PPP projects
Prospects for PPP infrastructure development
Conclusion
Patterns of Financing PPP Projects
PPP Financing in the USA
Introduction
PPP financing models in the US
Case studies
Conclusions
Financial Modelling of PPP Projects
Introduction
Research in PPP financial modelling
Cost models
Occupancy cost
Cash flow models
PFI financial modelling in practice
An example of a PFI financial model for schools
Conclusion
Application of Real Options in PPP Infrastructure Projects
Introduction
Infrastructure project flexibility as real options
Real options literature related to architecture, engineering, construction and infrastructure projects
Modelling issues and concerns
An integrated real options--risk management process for PPP infrastructure projects
Summary
Financial Implications of Power Purchase Agreement Clauses in Revenue Stream of Independent Power Producers in Nepal
Introduction
Financial analysis
Analyses of clauses
Summary
Government Policy on PPP Financial Issues
PPP Management
Innovation in PPP
Introduction
Innovation and competitive advantage in PPP
Stimulants and impediments to innovation in PFI/PPP projects
Innovation and financial issues in PFI/PPP projects
Conclusion
Combining Finance and Design Innovation to Develop Winning Proposals
Introduction
The drivers of PFI/PPP projects in different jurisdictions
Design innovation: the issues
Financing arrangements for PFI/PPP projects
The theory and practice of winning proposals
The Application of a Whole Life Value Methodology to PPP/PFI Projects
Introduction
Projects
Client value system
Whole-life costing
The application of whole-life value to the PPP/PFI process
Discussion
Best Value Procurement in Build Operate Transfer Projects
Introduction
Bid evaluation in BOT projects
Case studies
Best value procurement in BOT projects
An application of the proposed methodology
Concluding remarks
Application of Risk Analysis in Privately Financed Projects
Introduction
The PSC and the PFA
Conclusion
Developing a Framework for Procurement Options Analysis
Introduction
What do PPPs bring to procurement?
Developing a methodology
Conclusion
The Payment Mechanism in Operational PFI Projects
Introduction
The key principles
Value for money arguments
Key components of the payment mechanism
The output specification
Performance measurement system
Case studies
Analysis and discussion of findings
Concluding remarks
Concession Period Determination for PPP Infrastructure Projects in Hong Kong
Introduction
PPP projects in Hong Kong
Build, operate, transfer scheme
Concession period
Concession period determination methods
Simulation-based concession period determination methodology
Simulation-based concession period determination framework
Conclusions
Index
Table of Contents provided by Publisher. All Rights Reserved.

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