奋战不懈、打死不退、对自己的弱点视而不见的死胖子

Re: Risk allocation in Public-Private Partnership infrastructure projects: a comparative study
Authors: Yongjian Ke , ShouQing Wang  and Albert P.C. Chan
accepted by Journal of Infrastructure Systems (SCI/EI)

Abstract

It is important for the public and private sectors to establish effective risk allocation strategies for PPP projects in order to achieve a more efficient process of contract negotiation and reduce the occurrence of dispute during the concession period.  This paper aims firstly to identify the preferred risk allocation in PPP projects of mainland China and the Hong Kong Special Administrative Region (referred to as China and Hong Kong from here onwards) and then to compare these preferences to those in the UK and Greece by a questionnaire survey based on the same risk register.  The results in China and Hong Kong show that the public sector preferred to retain most political, legal and social risks, and share most micro level risks and force majeure risk; while the majority of meso level risks were preferred to be allocated to the private sector.  The comparative analyses of risk allocation preference among these four countries/jurisdictions indicate that the public sector in the UK was most able to transfer the PPP risks to the private sector, followed by Greece, Hong Kong and China.  Respondents from Greece exhibited the greatest degree of support for the public sector to retain the macro level risks.  All respondents agreed that private investors should take a more active role in managing the meso level risks.  Respondents from China and Hong Kong considered that majority of the micro level risks should be shared equally between the public and private sectors, while respondents from Greece indicated that the private sector should take a more active role in managing the micro level risks.  The comparative study provides international investors a better understanding of risk preferences in different countries/jurisdictions so that they could adjust their strategies according to the specific situation and achieve better value for money in running their PPP projects.

Keywords: risk allocation, risk management, public private partnership (PPP), comparative study.