Public–private partnerships: implications from policy changes for practice in managing risks
| Autor: | Richard Humphrey, Henry J. Liu, Michael C.P. Sing, Jin Wu, Jianfeng Zhao |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
050210 logistics & transportation
Public economics Integrated project delivery Corporate governance media_common.quotation_subject 05 social sciences Causal loop diagram 0211 other engineering and technologies Contract management Context (language use) 02 engineering and technology Building and Construction Payment General Business Management and Accounting Variety (cybernetics) 021105 building & construction 0502 economics and business Architecture Revenue Business L100 N200 Civil and Structural Engineering media_common |
| Zdroj: | Engineering, Construction and Architectural Management. 27:2253-2269 |
| ISSN: | 0969-9988 |
| Popis: | PurposeThis paper investigates the policy changes made towards infrastructure public–private partnerships (PPPs). The purpose of this study is to empirically identify the policy risks associated with the development of PPPs and to assess their impacts on the projects.Design/methodology/approachA case study of the policy changes that have been implemented for PPPs in China over the past seven years has been undertaken and is presented in this study. The causal loop diagrams are applied to assess and illustrate the potential impacts of the risks as a result of such changes on PPPs.FindingsA sequence of the policy risks, which relate to PPP risk allocation, contract management and implementation, payment and abatement mechanisms and financing, has been identified. It is also found that the identified risks will generate significant but negative impacts on PPPs, leading to an ineffective project delivery, low revenue, poor service quality and even contract breach.Practical implicationsThis research provides the private-sector entities that will embark on PPPs with an insight into managing and controlling policy risks over the project's lifecycle.Originality/valuePPPs have been critical for infrastructure development worldwide. Nevertheless, they have been a controversy, as many of them were subjected to poor outputs. Consequently, a variety of political mechanisms has been implemented to enhance the governance for PPPs. Policy can bring not only benefits but also risks and, however, policy risks of PPPs with a particular assessment for their potential impacts have received limited attention. Therefore, the study presented in this paper will contribute to the identification and assessment of policy risks within the context of PPPs. |
| Databáze: | OpenAIRE |
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