Investment apportionments among participants of PPP rental retirement villages
| Autor: | Chunlu Liu, Shijing Liu, Hongyu Jin, Benzheng Xie, Anthony Mills |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
Rate of return
Finance Pension business.industry Financial risk 0211 other engineering and technologies 02 engineering and technology Management Science and Operations Research Private sector Investment (macroeconomics) Renting Public–private partnership Apportionment 021105 building & construction 021108 energy business Civil and Structural Engineering |
| Zdroj: | Built Environment Project and Asset Management. 10:64-77 |
| ISSN: | 2044-124X |
| DOI: | 10.1108/bepam-02-2019-0018 |
| Popis: | Purpose The purpose of this paper is to examine public–private partnership (PPP) approaches for the construction of rental retirement villages in Australia and to allocate the investment proportions under a certain project return rate among three investors which are the government, private sectors and pension funds. The apportionment will achieve a minimum overall investment risk for the project. Design/methodology/approach Capital structure, particularly determination of investment apportionment proportions, is one of the key factors affecting the success of PPP rental retirement villages. Markowitz mean-variance model was applied to examine the investment allocations with minimum project investment risks under a certain projected return rate among the PPP partners for the construction of rental retirement villages. Findings The research findings validate the feasibility of the inclusion of pension funds in the construction of PPP rental retirement villages and demonstrate the existence of relationships between the project return rate and the investment allocation proportions. Originality/value This paper provides a quantitative approach for determination of the investment proportions among PPP partners to enrich the theory of PPP in relation to the construction of rental retirement villages. This has implications for PPP partners and can help these stakeholders make vital contributions in developing intellectual wealth in the PPP investment area while providing them with a detailed guide to decision making and negotiation in relation to investment in PPP rental retirement villages. |
| Databáze: | OpenAIRE |
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