Influence of government credit risk on PPP projects in operation stage
Abstract
In PPP projects, insufficient risk management may lead to the breakdown of partnerships and even project failures. Among them, the government credit risk is regarded as unbearable risk and a key risk affecting PPP projects because of its high frequency and impact. Therefore, based on the contractual relationship between both sides, a principal-agent model for the optimal choice of investors and the government under the government default probability is constructed. This paper explored the quantity relationship of the government credit risk and the project utility through analysing the effect of government default probability perceived by both parties on the investor’s optimal effort level and government allocation ratio. The results demonstrate that the government credit risk will decrease the effort level of investors and have a negative impact on the utility of the project. Furthermore, the government’s modification of the contract allocation ratio based on its own credit rating can offset the negative impact of its credit risk on the effectiveness of the project. But this regulatory effect is limited. The findings effectively provide some insights and theoretical basis for solving the negative effects of government credit risk.
Keyword : PPP project, government credit risk, project utility, game theory, operation stage
How to Cite
Zhou, Y., & Liu, J. (2021). Influence of government credit risk on PPP projects in operation stage. International Journal of Strategic Property Management, 25(3), 216-227. https://doi.org/10.3846/ijspm.2021.14552
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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https://doi.org/10.1061/(ASCE)CO.1943-7862.0000447
Blanc-Brude, F., & Strange, R. (2010). How banks price loans to public-private partnerships: evidence from the European markets. Journal of Applied Corporate Finance, 19(4), 94–106.
https://doi.org/10.1111/j.1745-6622.2007.00163.x
Bing, L., Akintoye, A., Edwards, P. J., & Hardcastle, C. (2005). The allocation of risk in PPP/PFI construction projects in the UK. International Journal of Project Management, 23(1), 25–35. https://doi.org/10.1016/j.ijproman.2004.04.006
Chen, O. (2009). Can the pilot BOT project provide a template for future projects? A case study of the Chengdu No. 6 Water Plant B Project. International Journal of Project Management, 27(6), 573–583. https://doi.org/10.1016/j.ijproman.2008.10.006
Cheng, Z., Ke, Y., Lin, J., Yang, Z., & Cai, J. (2016). Spatiotemporal dynamics of public private partnership projects in China. International Journal of Project Management, 34(7), 1242–1251. https://doi.org/10.1016/j.ijproman.2016.05.006
Chowdhury, A. N., Chen, P. H., & Tiong, R. L. K. (2011). Analysing the structure of public-private partnership projects using network theory. Construction Management and Economics, 29(1–3), 247–260.
https://doi.org/10.1080/01446193.2010.537354
Chowdhury, A. N., Chen, P. H., & Tiong, R. L. K. (2015). Credit enhancement factors for the financing of independent power producer (IPP) projects in Asia. International Journal of Project Management, 33(7), 1576–1587.
https://doi.org/10.1016/j.ijproman.2015.04.007
Ehrhardt, D., & Janson, N. (2010). Can regulation improve the performance of government-controlled water utilities? Water Policy, 12(S1), 23–40. https://doi.org/10.2166/wp.2010.112
Feng, Z., Zhang, S. B., & Gao, Y. (2015). Modeling the impact of government guarantees on toll charge, road quality and capacity for build-operate-transfer (BOT) road projects. Transportation Research Part A: Policy and Practice, 78, 54–67. https://doi.org/10.1016/j.tra.2015.05.006
Gao, Y., Wang, S., & Feng, K. (2017). Failure reasons and enlightenment of PPP project in India Delhi airport. Construction Economy, 38(6), 27–31. https://doi.org/10.14181/j.cnki.1002-851x.201706027
Girardone, C., & Snaith, S. (2011). Project finance loan spreads and disaggregated political risk. Applied Financial Economics, 21(23), 1725–1734. https://doi.org/10.1080/09603107.2011.577006
Grammenos, C. T., Nomikos, N. K., & Papapostolou, N. C. (2008). Estimating the probability of default for shipping high yield bond issues. Transportation Research Part E: Logs and Transportation Review, 44(6), 1123–1138.
https://doi.org/10.1016/j.tre.2007.10.005
Holmstrom, B., & Milgrom, P. (1987). Aggregation and linearity in the provision of intertemporal incentives. Econometrica, 55(2), 303–328. https://doi.org/10.2307/1913238
Hwang, B. G., Zhao, X., & Gay, M. J. S. (2013). Public private partnership projects in Singapore: factors, critical risks and preferred risk allocation from the perspective of contractors. International Journal of Project Management, 31(3), 424–433. https://doi.org/10.1016/j.ijproman.2012.08.003
Iossa, E., & Martimort, D. (2015). The simple microeconomics of public-private partnerships. Journal of Public Economic Theory, 17(1), 4–48. https://doi.org/10.1111/jpet.12114
Kadefors, A. (2004). Trust in project relationships–inside the black box. International Journal of Project Management, 22(3), 175–182. https://doi.org/10.1016/S0263-7863(03)00031-0
Kang, C. C., & Feng, C. M. (2009). Risk measurement and risk identification for BOT projects: a multi-attribute utility approach. Mathematical & Computer Modelling, 49(9–10), 1802–1815. https://doi.org/10.1016/j.mcm.2008.10.015
Ke, Y., Wang, S. Q., Chan, A. P. C., & Lam, P. T. I. (2010). Preferred risk allocation in China’s public–private partnership (PPP) projects. International Journal of Project Management, 28(5), 482–492. https://doi.org/10.1016/j.ijproman.2009.08.007
Ke, Y., Wang, S. Q., Chan, A. P. C., & Cheung, E. (2011). Understanding the risks in China’s PPP projects: ranking of their probability and consequence. Engineering Construction and Architectural Management, 18(5), 481–496.
https://doi.org/10.1108/09699981111165176
Keers, B. B. M., & van Fenema, P. C. (2018). Managing risks in public-private partnership formation projects. International Journal of Project Management, 36(6), 861–875.
https://doi.org/10.1016/j.ijproman.2018.05.001
Kopalle, P. K., & Winer, R. S. (1996). A dynamic model of reference price and expected quality. Marketing Letters, 7(1), 41–52. https://doi.org/10.1007/BF00557310
Kong, D., Tiong, R. L. K., Cheah, C. Y. J., Permana, A., & Ehrlich, M. (2008). Assessment of credit risk in project finance. Journal of Construction Engineering and Management, 134(11), 876–884. https://doi.org/10.1061/(ASCE)07339364(2008)134:11(876)
Krishnan, H., Kapuscinski, R., & Butz, D. A. (2004). Coordinating contracts for decentralized supply chains with retailer promotional effort. Management Science, 50(1), 48–63. https://doi.org/10.1287/mnsc.50.1.48.27052
Lara-Rubio, J., Rayo-Cantón, S., Navarro-Galera, A., & Buendia-Carrillo, D. (2017). Analysing credit risk in large local governments: an empirical study in Spain. Local Government Studies, 43(2), 194–217. https://doi.org/10.1080/03003930.2016.1261700
Levy, N., & Pauzner, A. (2014). Government’s credit-rating concerns and the evaluation of public projects. Journal of Public Economics, 115, 117–130.
https://doi.org/10.1016/j.jpubeco.2013.11.007
Li, S., Abraham, D., & Cai, H. (2017). Infrastructure financing with project bond and credit default swap under public-private partnerships. International Journal of Project Management, 35(3), 406–419.
https://doi.org/10.1016/j.ijproman.2017.01.005
Marques, R. C., & Berg, S. (2012). Risks, contracts, and privatesector participation in infrastructure. Journal of Construction Engineering and Management, 137(11), 925–932.
https://doi.org/10.1061/(ASCE)CO.1943-7862.0000347
Regan, M., Smith, J., & Love, P. (2009, September 10–11). Public private partnership: what does the future hold? In RICS (Ed.), The Construction and Building Research Conference of the RICS (pp. 462–474). RICS.
http://hdl.handle.net/20.500.11937/41940
Ryan, B. (2007). How can the corporate sector concepts of ‘reputation’ and ‘trust’ be used by local government? A study to establish a model of reputation management for local government. Asia Pacific Public Relations Journal, 8, 37–75. https://core.ac.uk/display/11038405
Sachs, T., Tiong, R., & Wang S, Q. (2007). Analysis of political risks and opportunities in public private partnerships (PPP) in China and selected Asian countries: survey results. Chinese Management Studies, 1(2), 126–148.
https://doi.org/10.1108/17506140710758026
Song, J., Song, D., & Wang, D. (2009). The operational risk of Quanzhou Citong Bridge BOT project. Journal of Management Case Studies, 2(3), 196–204. http://en.cnki.com.cn/Article_en/CJFDTOTAL-GLAL200903007.htm
Song, J., Hu, Y., & Feng, Z. (2018). Factors influencing early termination of PPP projects in China. Journal of Management in Engineering, 34(1), 05017008.
https://doi.org/10.1061/(ASCE)ME.1943-5479.0000572
Soomro, M. A., & Zhang, X. (2016). Evaluation of the functions of public sector partners in transportation public-private partnerships failures. Journal of Management in Engineering, 32(1), 04015027. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000387
Tang, L. Y., Shen, Q., & Cheng, E. W. L. (2010). A review of studies on public–private partnership projects in the construction industry. International Journal of Project Management, 28(7), 683–694. https://doi.org/10.1016/j.ijproman.2009.11.009
Taylor, T. A. (2002). Supply chain coordination under channel rebates with sales effort effects. Management Science, 48(8), 992–1007. https://doi.org/10.1287/mnsc.48.8.992.168
Tirole, J. (1994). The internal organization of government. Oxford Economic Papers, 46(1), 1–29. https://doi.org/10.1093/oxfordjournals.oep.a042114
Tserng, H. P., Liao, H. H., Jaselskis, E. J., Tsai, L. K., & Chen, P. C. (2012). Predicting construction contractor default with barrier option model. Journal of Construction Engineering and Management, 138(5), 621–630. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000465
Tserng, H. P., Liao, H. H., Tsai, L. K., & Chen, P. C. (2011). Predicting construction contractor default with option-based credit models–models’ performance and comparison with financial ratio models. Journal of Construction Engineering and Management, 137(6), 412–420. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000311
Uiterwijk, D., Soeters, J., & Fenema, P. V. (2013). Aligning national “logics” in a European military helicopter program. Defense & Security Analysis, 29(1), 54–67.
https://doi.org/10.1080/14751798.2013.760248
Valero, V. (2015). Government opportunism in public-private partnerships. Journal of Public Economic Theory, 17(1), 111– 135. https://doi.org/10.1111/jpet.12105
Vecchi, V., Hellowell, M., Croce, R. D., & Gatti, S. (2017). Government policies to enhance access to credit for infrastructure-based PPPs: an approach to classification and appraisal. Public Money and Management, 37(2), 133–140.
https://doi.org/10.1080/09540962.2016.1266173
Voelker, C., Permana, A., Sachs, T., & Tiong, R. (2008). Political risk perception in Indonesian power projects. Journal of Financial Management of Property and Construction, 13(1), 18–34. https://doi.org/10.1108/13664380810882057
Wang, W. C. (2002). Sim-utility: model for project ceiling price determination. Journal of Construction Engineering and Management, 128(1), 76–84. https://doi.org/10.1061/(ASCE)0733-9364(2002)128:1(76)
Wang, S. Q., Tiong, R. L. K., Ting, S. K., & Ashley, D. (2000). Evaluation and management of political risks in China’s BOT projects. Journal of Construction Engineering and Management, 126(3), 242–250. https://doi.org/10.1061/(ASCE)0733-9364(2000)126:3(242)
Wang, X., Shi, L., Wang, B., & Kan, M. (2019). A method to evaluate credit risk for banks under PPP project finance. Engineering Construction and Architectural Management, 27(2), 483–501. https://doi.org/10.1108/ECAM-06-2018-0247
Wang, Y., & Liu, J. (2015). Evaluation of the excess revenue sharing ratio in PPP projects using principal-agent models. International Journal of Project Management, 33(6), 1317–1324. https://doi.org/10.1016/j.ijproman.2015.03.002
Wibowo, A., Permana, A., Kochendörfer, B., Kiong, R. T. L., Jacob, D., & Neunzehn, D. (2012). Modeling contingent liabilities arising from government guarantees in Indonesian BOT/PPP toll roads. Journal of Construction Engineering and Management, 138(12), 1403–1410. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000555
Yan, M., Pong, C., & Lo, W. (2011). Utility-based multicriteria model for evaluating BOT projects. Technological and Economic Development of Economy, 17(2), 207–218.
https://doi.org/10.3846/20294913.2011.580585
Yang, J., Song, L., & Xing, Z. (2019). Credit default of local public sectors in Chinese government-pay PPP projects: evidence from ecological construction. Advances in Civil Engineering, 2019, 2138525. https://doi.org/10.1155/2019/2138525
Yuan, J. F., Skibniewski, M. J., Li, Q., & Shan, J. (2010). The driving factors of China’s public-private partnership projects in metropolitian transportation systems: public sector’s viewpoint. Journal of Civil Engineering and Management, 16(1), 5–18. https://doi.org/10.3846/jcem.2010.01
Zhang, S., Chan, A. P. C., Feng, Y., Duan, H., & Ke, Y. (2016). Critical review on PPP research – a search from the Chinese and international journals. International Journal of Project Management, 34(4), 597–612. https://doi.org/10.1016/j.ijproman.2016.02.008
Zhang, X. (2005). Critical success factors for public–private partnerships in infrastructure development. Journal of Construction Engineering and Management, 131(1), 3–14.
https://doi.org/10.1016/10.1061/(ASCE)0733-9364(2005)131:1(3)
https://doi.org/10.1061/(ASCE)CO.1943-7862.0000447
Blanc-Brude, F., & Strange, R. (2010). How banks price loans to public-private partnerships: evidence from the European markets. Journal of Applied Corporate Finance, 19(4), 94–106.
https://doi.org/10.1111/j.1745-6622.2007.00163.x
Bing, L., Akintoye, A., Edwards, P. J., & Hardcastle, C. (2005). The allocation of risk in PPP/PFI construction projects in the UK. International Journal of Project Management, 23(1), 25–35. https://doi.org/10.1016/j.ijproman.2004.04.006
Chen, O. (2009). Can the pilot BOT project provide a template for future projects? A case study of the Chengdu No. 6 Water Plant B Project. International Journal of Project Management, 27(6), 573–583. https://doi.org/10.1016/j.ijproman.2008.10.006
Cheng, Z., Ke, Y., Lin, J., Yang, Z., & Cai, J. (2016). Spatiotemporal dynamics of public private partnership projects in China. International Journal of Project Management, 34(7), 1242–1251. https://doi.org/10.1016/j.ijproman.2016.05.006
Chowdhury, A. N., Chen, P. H., & Tiong, R. L. K. (2011). Analysing the structure of public-private partnership projects using network theory. Construction Management and Economics, 29(1–3), 247–260.
https://doi.org/10.1080/01446193.2010.537354
Chowdhury, A. N., Chen, P. H., & Tiong, R. L. K. (2015). Credit enhancement factors for the financing of independent power producer (IPP) projects in Asia. International Journal of Project Management, 33(7), 1576–1587.
https://doi.org/10.1016/j.ijproman.2015.04.007
Ehrhardt, D., & Janson, N. (2010). Can regulation improve the performance of government-controlled water utilities? Water Policy, 12(S1), 23–40. https://doi.org/10.2166/wp.2010.112
Feng, Z., Zhang, S. B., & Gao, Y. (2015). Modeling the impact of government guarantees on toll charge, road quality and capacity for build-operate-transfer (BOT) road projects. Transportation Research Part A: Policy and Practice, 78, 54–67. https://doi.org/10.1016/j.tra.2015.05.006
Gao, Y., Wang, S., & Feng, K. (2017). Failure reasons and enlightenment of PPP project in India Delhi airport. Construction Economy, 38(6), 27–31. https://doi.org/10.14181/j.cnki.1002-851x.201706027
Girardone, C., & Snaith, S. (2011). Project finance loan spreads and disaggregated political risk. Applied Financial Economics, 21(23), 1725–1734. https://doi.org/10.1080/09603107.2011.577006
Grammenos, C. T., Nomikos, N. K., & Papapostolou, N. C. (2008). Estimating the probability of default for shipping high yield bond issues. Transportation Research Part E: Logs and Transportation Review, 44(6), 1123–1138.
https://doi.org/10.1016/j.tre.2007.10.005
Holmstrom, B., & Milgrom, P. (1987). Aggregation and linearity in the provision of intertemporal incentives. Econometrica, 55(2), 303–328. https://doi.org/10.2307/1913238
Hwang, B. G., Zhao, X., & Gay, M. J. S. (2013). Public private partnership projects in Singapore: factors, critical risks and preferred risk allocation from the perspective of contractors. International Journal of Project Management, 31(3), 424–433. https://doi.org/10.1016/j.ijproman.2012.08.003
Iossa, E., & Martimort, D. (2015). The simple microeconomics of public-private partnerships. Journal of Public Economic Theory, 17(1), 4–48. https://doi.org/10.1111/jpet.12114
Kadefors, A. (2004). Trust in project relationships–inside the black box. International Journal of Project Management, 22(3), 175–182. https://doi.org/10.1016/S0263-7863(03)00031-0
Kang, C. C., & Feng, C. M. (2009). Risk measurement and risk identification for BOT projects: a multi-attribute utility approach. Mathematical & Computer Modelling, 49(9–10), 1802–1815. https://doi.org/10.1016/j.mcm.2008.10.015
Ke, Y., Wang, S. Q., Chan, A. P. C., & Lam, P. T. I. (2010). Preferred risk allocation in China’s public–private partnership (PPP) projects. International Journal of Project Management, 28(5), 482–492. https://doi.org/10.1016/j.ijproman.2009.08.007
Ke, Y., Wang, S. Q., Chan, A. P. C., & Cheung, E. (2011). Understanding the risks in China’s PPP projects: ranking of their probability and consequence. Engineering Construction and Architectural Management, 18(5), 481–496.
https://doi.org/10.1108/09699981111165176
Keers, B. B. M., & van Fenema, P. C. (2018). Managing risks in public-private partnership formation projects. International Journal of Project Management, 36(6), 861–875.
https://doi.org/10.1016/j.ijproman.2018.05.001
Kopalle, P. K., & Winer, R. S. (1996). A dynamic model of reference price and expected quality. Marketing Letters, 7(1), 41–52. https://doi.org/10.1007/BF00557310
Kong, D., Tiong, R. L. K., Cheah, C. Y. J., Permana, A., & Ehrlich, M. (2008). Assessment of credit risk in project finance. Journal of Construction Engineering and Management, 134(11), 876–884. https://doi.org/10.1061/(ASCE)07339364(2008)134:11(876)
Krishnan, H., Kapuscinski, R., & Butz, D. A. (2004). Coordinating contracts for decentralized supply chains with retailer promotional effort. Management Science, 50(1), 48–63. https://doi.org/10.1287/mnsc.50.1.48.27052
Lara-Rubio, J., Rayo-Cantón, S., Navarro-Galera, A., & Buendia-Carrillo, D. (2017). Analysing credit risk in large local governments: an empirical study in Spain. Local Government Studies, 43(2), 194–217. https://doi.org/10.1080/03003930.2016.1261700
Levy, N., & Pauzner, A. (2014). Government’s credit-rating concerns and the evaluation of public projects. Journal of Public Economics, 115, 117–130.
https://doi.org/10.1016/j.jpubeco.2013.11.007
Li, S., Abraham, D., & Cai, H. (2017). Infrastructure financing with project bond and credit default swap under public-private partnerships. International Journal of Project Management, 35(3), 406–419.
https://doi.org/10.1016/j.ijproman.2017.01.005
Marques, R. C., & Berg, S. (2012). Risks, contracts, and privatesector participation in infrastructure. Journal of Construction Engineering and Management, 137(11), 925–932.
https://doi.org/10.1061/(ASCE)CO.1943-7862.0000347
Regan, M., Smith, J., & Love, P. (2009, September 10–11). Public private partnership: what does the future hold? In RICS (Ed.), The Construction and Building Research Conference of the RICS (pp. 462–474). RICS.
http://hdl.handle.net/20.500.11937/41940
Ryan, B. (2007). How can the corporate sector concepts of ‘reputation’ and ‘trust’ be used by local government? A study to establish a model of reputation management for local government. Asia Pacific Public Relations Journal, 8, 37–75. https://core.ac.uk/display/11038405
Sachs, T., Tiong, R., & Wang S, Q. (2007). Analysis of political risks and opportunities in public private partnerships (PPP) in China and selected Asian countries: survey results. Chinese Management Studies, 1(2), 126–148.
https://doi.org/10.1108/17506140710758026
Song, J., Song, D., & Wang, D. (2009). The operational risk of Quanzhou Citong Bridge BOT project. Journal of Management Case Studies, 2(3), 196–204. http://en.cnki.com.cn/Article_en/CJFDTOTAL-GLAL200903007.htm
Song, J., Hu, Y., & Feng, Z. (2018). Factors influencing early termination of PPP projects in China. Journal of Management in Engineering, 34(1), 05017008.
https://doi.org/10.1061/(ASCE)ME.1943-5479.0000572
Soomro, M. A., & Zhang, X. (2016). Evaluation of the functions of public sector partners in transportation public-private partnerships failures. Journal of Management in Engineering, 32(1), 04015027. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000387
Tang, L. Y., Shen, Q., & Cheng, E. W. L. (2010). A review of studies on public–private partnership projects in the construction industry. International Journal of Project Management, 28(7), 683–694. https://doi.org/10.1016/j.ijproman.2009.11.009
Taylor, T. A. (2002). Supply chain coordination under channel rebates with sales effort effects. Management Science, 48(8), 992–1007. https://doi.org/10.1287/mnsc.48.8.992.168
Tirole, J. (1994). The internal organization of government. Oxford Economic Papers, 46(1), 1–29. https://doi.org/10.1093/oxfordjournals.oep.a042114
Tserng, H. P., Liao, H. H., Jaselskis, E. J., Tsai, L. K., & Chen, P. C. (2012). Predicting construction contractor default with barrier option model. Journal of Construction Engineering and Management, 138(5), 621–630. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000465
Tserng, H. P., Liao, H. H., Tsai, L. K., & Chen, P. C. (2011). Predicting construction contractor default with option-based credit models–models’ performance and comparison with financial ratio models. Journal of Construction Engineering and Management, 137(6), 412–420. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000311
Uiterwijk, D., Soeters, J., & Fenema, P. V. (2013). Aligning national “logics” in a European military helicopter program. Defense & Security Analysis, 29(1), 54–67.
https://doi.org/10.1080/14751798.2013.760248
Valero, V. (2015). Government opportunism in public-private partnerships. Journal of Public Economic Theory, 17(1), 111– 135. https://doi.org/10.1111/jpet.12105
Vecchi, V., Hellowell, M., Croce, R. D., & Gatti, S. (2017). Government policies to enhance access to credit for infrastructure-based PPPs: an approach to classification and appraisal. Public Money and Management, 37(2), 133–140.
https://doi.org/10.1080/09540962.2016.1266173
Voelker, C., Permana, A., Sachs, T., & Tiong, R. (2008). Political risk perception in Indonesian power projects. Journal of Financial Management of Property and Construction, 13(1), 18–34. https://doi.org/10.1108/13664380810882057
Wang, W. C. (2002). Sim-utility: model for project ceiling price determination. Journal of Construction Engineering and Management, 128(1), 76–84. https://doi.org/10.1061/(ASCE)0733-9364(2002)128:1(76)
Wang, S. Q., Tiong, R. L. K., Ting, S. K., & Ashley, D. (2000). Evaluation and management of political risks in China’s BOT projects. Journal of Construction Engineering and Management, 126(3), 242–250. https://doi.org/10.1061/(ASCE)0733-9364(2000)126:3(242)
Wang, X., Shi, L., Wang, B., & Kan, M. (2019). A method to evaluate credit risk for banks under PPP project finance. Engineering Construction and Architectural Management, 27(2), 483–501. https://doi.org/10.1108/ECAM-06-2018-0247
Wang, Y., & Liu, J. (2015). Evaluation of the excess revenue sharing ratio in PPP projects using principal-agent models. International Journal of Project Management, 33(6), 1317–1324. https://doi.org/10.1016/j.ijproman.2015.03.002
Wibowo, A., Permana, A., Kochendörfer, B., Kiong, R. T. L., Jacob, D., & Neunzehn, D. (2012). Modeling contingent liabilities arising from government guarantees in Indonesian BOT/PPP toll roads. Journal of Construction Engineering and Management, 138(12), 1403–1410. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000555
Yan, M., Pong, C., & Lo, W. (2011). Utility-based multicriteria model for evaluating BOT projects. Technological and Economic Development of Economy, 17(2), 207–218.
https://doi.org/10.3846/20294913.2011.580585
Yang, J., Song, L., & Xing, Z. (2019). Credit default of local public sectors in Chinese government-pay PPP projects: evidence from ecological construction. Advances in Civil Engineering, 2019, 2138525. https://doi.org/10.1155/2019/2138525
Yuan, J. F., Skibniewski, M. J., Li, Q., & Shan, J. (2010). The driving factors of China’s public-private partnership projects in metropolitian transportation systems: public sector’s viewpoint. Journal of Civil Engineering and Management, 16(1), 5–18. https://doi.org/10.3846/jcem.2010.01
Zhang, S., Chan, A. P. C., Feng, Y., Duan, H., & Ke, Y. (2016). Critical review on PPP research – a search from the Chinese and international journals. International Journal of Project Management, 34(4), 597–612. https://doi.org/10.1016/j.ijproman.2016.02.008
Zhang, X. (2005). Critical success factors for public–private partnerships in infrastructure development. Journal of Construction Engineering and Management, 131(1), 3–14.
https://doi.org/10.1016/10.1061/(ASCE)0733-9364(2005)131:1(3)