Structure of optimal risk allocation in PPP projects based on liquidity theory

• Project/Area Number: 17K06510
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil engineering materials/Construction/Construction management
• Research Institution: Kyoto University
• Principal Investigator: ONISHI Masamitsu 京都大学, 防災研究所, 准教授 (10402968)
• Project Period (FY): 2017-04-01 – 2020-03-31
• Project Status: Completed (Fiscal Year 2019)
• Budget Amount: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000); Fiscal Year 2019: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2018: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000); Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
• Keywords: PPP / リスク分担 / 流動性 / 需要リスク / 国際金融機関 / 契約 / リスクマネジメント / 予備費 / PFI / 再交渉 / 入札 / 建設マネージメント / 経済理論 / PPP/PFI

Outline of Final Research Achievements

This research analyzed desirable risk allocation between the government and the private company in PPP (Public Private Partnership) projects for providing public services such as road, transportation and water supply based on the liquidity theory developed by Holmstrom and Tirole. International financial institutions can complement the small capacity of liquidity supply of developing country governments to avoid the excess shift of risks to private companies.

Academic Significance and Societal Importance of the Research Achievements

政府が公共サービス供給にあたって建設から運営まで一括して民間事業者に委託するPPP（Public Private Partnership) 方式が世界的に普及している．PPP方式は，民間事業者に創意工夫のための余地を与えることによって，より効率的なサービス供給を可能にしうる．一方，途上国では，政府が民間事業者に対して過度なリスク負担を求めることによって，結果として事業の安定性に問題が生じる事例が少なからず発生している．本研究は，国際金融機関が途上国政府に対する流動性供給能力を補完することによって，官民間の望ましいリスク分担を引き出す役割を果たしうることを指摘した点に社会的意義がある．

Research Products

• [Journal Article] Double Moral Hazard and Risk-Sharing in Construction Projects (2019)
  • Author(s): Lei Shi, Yujia He, Masamitsu Onishi, Kiyoshi Kobayashi
  • Journal Title: IEEE Transactions on Engineering Management Volume: Early Access Issue: 6 Pages: 1-19
  • DOI: 10.1109/tem.2019.2938261
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] Prioritizing factors affecting traffic volume of public-private partnership infrastructure projects (2018)
  • Author(s): Phong Thanh Nguyen, Veerasak Likhitruangsilp, Masamitsu Onishi
  • Journal Title: International Journal of Engineering & Technology Volume: 7 Pages: 2988-2991
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Contractual Efficiency of PPP Infrastructure Projects: An Incomplete Contract Model (2018)
  • Author(s): Lei Shi, Lu Zhang, Masamitsu Onishi, Kiyoshi Kobayashi, Dashuang Dai
  • Journal Title: Mathematical Problems in Engineering Volume: 2018 Pages: 1-13
  • DOI: 10.1155/2018/3631270
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] Efficiency Analysis of Government Subsidy and Performance Guarantee Policies in Relation to PPP Infrastructure Projects (2018)
  • Author(s): Lei Shi, Yujia He, Masamitsu Onishi, Kiyoshi Kobayashi
  • Journal Title: Mathematical Problems in Engineering Volume: 2018 Pages: 1-11
  • DOI: 10.1155/2018/6196218
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] BIDDING SCHEMES FOR WATER CONCESSION PROJECTS AND ECONOMIC EFFICIENCY (2017)
  • Author(s): 大西 正光, 村上 武士, Wu Peiwei, 小林 潔司
  • Journal Title: Journal of Japan Society of Civil Engineers, Ser. D3 (Infrastructure Planning and Management) Volume: 73 Issue: 5 Pages: I_309-I_322
  • DOI: 10.2208/jscejipm.73.I_309
  • NAID: 130006286610
  • ISSN: 2185-6540
  • Peer Reviewed
• [Journal Article] A Comparative Study on the Risk Perceptions of the Public and Private Sectors in Public-Private Partnership (PPP) Transportation Projects in Vietnam (2017)
  • Author(s): Veerasak Likhitruangsilp, Sy Tien Do, Masamitsu Onishi
  • Journal Title: Engineering Journal Volume: 21 Issue: 7 Pages: 213-231
  • DOI: 10.4186/ej.2017.21.7.213
  • Peer Reviewed / Int'l Joint Research
• [Presentation] PFI/PPP政策のマネジメントと アカウンタビリティー (2019)
  • Author(s): 大西正光・石磊
  • Organizer: 第60回土木計画学研究発表会・秋大会
• [Presentation] 公共調達における最適スキーム選択のための評価枠組み：展望と課題 (2018)
  • Author(s): 大西正光, 安間匡明, 小林潔司
  • Organizer: 第57回土木計画学研究発表会（春大会）
• [Presentation] PFIにおける技術選択行動を考慮したVFM評価モデル (2017)
  • Author(s): 大西正光
  • Organizer: 第55回土木計画学研究発表会・春大会
• [Presentation] THEORETICAL ANALYSIS OF CONSTRUCTION CONTRACT FROM PERSPECTIVE OF COGNITION AND INCOMPLETE CONTRACT (2017)
  • Author(s): 張 文君，梶浦 久尚，大西 正 光，小林 潔司
  • Organizer: 第56回土木計画学研究発表会・秋大会
• [Book] Concept and Application of Shariah for the Construction Industry: Shariah Compliance in Construction Contracts, Project Finance and Risk Management (2018)
  • Author(s): Khairuddin Abdul Rashid, Kiyoshi Kobayashi, Sharina Farihah Hasan, Masamitsu Onishi
  • Total Pages: 303
  • Publisher: World Scientific Publishing Company
  • ISBN: 9813238909