Совершенствование механизма государственно-частного партнерства автодорожной инфраструктуры

Корпоративные финансы. 2018. Т. 12. № 4. С. 110–125.

Бондарев Н. С., Olkhovik V.

This article analyses current Russian and foreign models of public-private partnership (“PPP”). Based on the results of

this analysis, a method for project evaluation is proposed which is applicable to numerous variations of PPP models. As a

part of this analysis, a review of international experiences in PPP (from France, the UK, China and the USA) is under

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taken, which examines the prospects for the implementation of PPP mechanisms in road infrastructure projects.

The purpose of this article is the enhancement of the PPP mechanism in the specific area of road infrastructure pro

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jects, based on an analysis of key directions in its development. Accordingly, special attention is paid toward potential

improvements in the PPP mechanism, as well as the methodology for evaluating PPP investment projects in the area of

road infrastructure.

As a result of this research, a new efficiency appraisal procedure for PPP projects is proposed which allows for the

influence of external factors in the evaluation of proposals. It is considered that this approach will significantly assist in

substantiating the viability and efficiency of proposed projects. In addition, the concept of a discount rate is explored,

which takes into account a proposed project’s capital structure and thus allows for a more precise estimation of the mar

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ket value of capital utilised.

The appraisal procedure proposed herein has been successfully applied to the PPP road infrastructure project “Western

Rapid-Transit Diameter”. The application of the appraisal method allowed for a confirmation of the viability of this pro

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ject, while also determining that the project was inefficient based on the criterion of net present value. As such, decisions

on the viability of future projects may be made based not only on the benefits to public and private partners, but on the

social importance of the projects as well. Using the proposed appraisal method, this may be achieved via an integration

of external factors, as in this case, in the form of the calculation of net present value.

Research methods utilized include: empirical and statistical research, synthesis of practical and theoretical matters, and

formal logic. Data processing and information systematisation are performed by applying the cluster method, the classi

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fication method, the comparative method, and a logical and econometric analysis.

Keywords: государственно-частное партнерство, внешние эффекты, Net present value, чистая приведенная стоимость, долгосрочный инвестиционный проект, ставка дисконтирования, external factors, discount rate, investment project, Public-Private Partnerships, infrastructure sector