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      Factors and principles influencing control right allocation in public-private partnership projects

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          Abstract

          Reasonable allocation of control rights is a precondition for successful implementation of public-private partnerships (PPP) projects. However, the optimal allocation schemes often differ for different projects. Therefore, the factors influencing the control rights and allocation principles have important theoretical and practical meanings. This paper describes the project features reflected by different influencing factors as the importance of the three dimcnsions of various decisions in PPP projects based on the control rights, decision theory and failure mode and effects analysis (FMEA) processing. The relationships between these key factors and the decisions are verified using the factor analysis with this study identifying 15 possible factors that influence the control rights of PPP projects. Then, an OLS regression analysis and a Logistic regression analysis are used to explore how these factors impact the allocation of PPP project control rights. The results show that 12 of the 15 key factors have different effects on the control rights of governments and enterprises. Four control right allocation principles are identified that make full use of the professional advantages of enterprises, provide reasonable decentralization of the government power, ensure reasonable earnings for the enterprises and provide win-win cooperation between the government and the enterprises in PPP projects.

          Abstract

          摘要 控制权的合理配置是政企合作 (PPP) 项目成功的重要前提条件, 但在不同项目中配置方案的最优解往往不同, 因此控制权配置影响因素和配置原则具有重要的理论与实践价值。该文运用控制权内涵、决策理论和失效模式与影响分析 (FMEA) 将不同影响因素所体现的项目特征描述为PPP项目中不同决策的3个维度的重要性程度, 并采用因子分析方法识别这些影响因素与项目决策之间的关系, 提取出PPP项目控制权配置的15个可能影响因素。应用OLS和Logistic两种回归方法探究这些影响因素对PPP项目控制权分配的影响机理。研究结果发现:产品与服务的公共化程度、项目公司的风险管控水平、项目技术的创新化程度等12个影响因素对政企双方的控制权子权利具有不同的影响作用。基于该结论提出了PPP项目控制权合理配置原则的4项针对性建议, 即发挥企业专业优势、政府合理放权、保证企业合理收益、实现政企双方的共赢合作。

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          Author and article information

          Journal
          J Tsinghua Univ (Sci & Technol)
          Journal of Tsinghua University (Science and Technology)
          Tsinghua University Press
          1000-0054
          15 August 2019
          05 August 2019
          : 59
          : 8
          : 663-669
          Affiliations
          1Hang Lung Center for Real Estate, Department of Construction Management, Tsinghua University, Beijing 100084, China
          2Research Center, China International Engineering Consulting Corporation, Beijing 100048, China
          3Department of Real Estate and Construction, The University of Hong Kong, Hong Kong 999077, China
          Article
          j.cnki.qhdxxb.2019.22.020
          10.16511/j.cnki.qhdxxb.2019.22.020
          Copyright © Journal of Tsinghua University

          This is an open-access article distributed under the terms of the Creative Commons Attribution 4.0 Unported License (CC BY-NC 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. See https://creativecommons.org/licenses/by-nc/4.0/.

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