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Since 1993, the Private Finance Initiative (PFI) has been the dominant form of large-scale infrastructure procurement used by National Health Service (NHS) organisations in the United Kingdom. As of April 2011, 123 PFI projects for new hospital facilities had been agreed between NHS organisations and private sector consortia, representing privately financed investment of £15.9 billion (in 2010 prices), and a projected long-term cost to the NHS of £70.5 billion. Eight additional hospital PFI schemes were being procured or prepared for tender as of April 2011, with an estimated capital investment value of £2 billion. Despite the financial significance of PFI projects to the NHS, the literature has not assessed whether, or the extent to which, the returns expected by investors are excessive. This gap in the evidence base is highly problematic. The presence of excess returns to investors will have an impact on the cost efficiency and affordability of PFI projects, and consequently the financial sustainability of the NHS organisations that pay for them. This thesis evaluates the returns that investors in NHS-commissioned PFI projects expect to earn with reference to the scale of risk being borne by these investors, and explores the sources of the identified excess via an examination of the structure and competitiveness of the PFI financing markets. The study therefore comprises two substantial empirical components. The first draws on the financial models of 11 NHS PFI projects to describe and evaluate the return to investors. Cost of capital benchmarks, constructed on the basis of the Capital Asset Pricing Model, are used as comparators to assess the Internal Rate of Return (IRR) for the 11 projects, and as discount rates to calculate Benefit-Cost Ratios. Both measures agree on the presence of significant excess returns for investors on each project – with large “spreads” between the IRRs and the corresponding cost of capital benchmarks, and high Benefit-Cost Ratio scores. The second empirical component provides an analysis of the structure and competitiveness of the market for private finance. Two indicators of this market’s structure – concentration and entry/exit rates – in addition to the dynamics of the procurement process are the focus of measurement and evaluation. It is demonstrated that: (a) the market for private finance in this sector is an oligopoly, (b) market share is highly concentrated when assessed against UK regulatory standards, and (c) churn and market penetration rates are extremely low. Constraints on the competitiveness of the market are identified as: (i) the low number of bidders; and (ii) the extensive period of non-competitive bidding in the final phase of the procurement process, in which the output specifications of projects are materially altered. The thesis concludes that recent reforms to the procurement process have been ineffective, and the problems underpinning a lack of competitive pressure in procurement may be insuperable, given the inherent complexity of this form of investment and the need to secure external financing. For the NHS, this source of cost inefficiency implies substantial opportunity costs (i.e. foregone opportunities for additional capital investment) and excess costs (i.e. a higher than necessary burden on the revenue budget). A stronger regulatory regime, incorporating regulation of the profitability of PFI projects for investors, is required to minimise the threat posed by this policy to the financial sustainability of the NHS.

Předmětem diplomové práce ?Odpovídají rozdíly českých a britských Public Private Partnership rozdílným potřebám jejich ekonomik?? je analyzovat Public Private Partnership procesy v České republice a Velké Británii, a to z hlediska institucionálního a legislativního zabezpečení. První část diplomové práce podává ucelený obraz o spolupráci soukromého a veřejného sektoru formou PPP. Druhá část se zabývá vývojem a současnou situací v České republice v oblastech legislativního a institucionálního uspořádání PPP procesů. Třetí část je obdobou druhé části, je zde ale analyzována Velká Británie. Poslední kapitola Rozdíly v procesu Public Private Partnership/Public Finance Initiative ve Velké Británii a v České republice směřuje k naplnění hlavního cíle diplomové práce, tedy nalezení rozdílů mezi českými a britskými PPP a jejich zdůvodnění s ohledem na potřeby ekonomik.

South Africa faces a shortfall in its provision of housing for low income households. This study explores the potential to use public private partnerships (PPP) to address these supply problems. A review of the housing market and an examination of the opportunities and challenges presented by PPP are presented, including a review of the international experience in the provision of social housing. Interviews with key stakeholders are undertaken to evaluate the appropriateness of PPP in the South African social housing sector. PPP are believed to have the potential increase the supply of social housing, provided there is continuing support from the state. However, none of the key stakeholders were keen to use the “traditional” PPP process, suggesting a need for innovative partnership models more appropriate for the sector. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

There has been a rapid growth of private participation in infrastructure projects throughout the world in the last three decades. China as the largest developing country in the world has a huge amount of demands for high quality infrastructure projects and public services. The government has actively developed and used the Build-Operation-Transfer (BOT) model to deliver public facilities and services, particularly after 2002. Certain benefits have been brought by the adoption of the BOT model in China's motorway and water sectors. However, issues were also found in the processes behind BOT applications. International organisations as well as scholars suggested that China should learn experiences and lessons from the UK and its PFI scheme. The UK has been the leading country to use private finance in developing public buildings and services. However, very little has been written addressing how lessons from British PFIs can be learnt by China to improve its BOT practice. This study is an attempt to address this vacuum in the existed literature. It was designed to explore the current problems of using BOTs in Chinese motorway and water sectors and looks at what needs to be improved, based upon the PFI lessons in the UK. A mixture of qualitative and quantitative methods has been employed and various methods of data collection used in this study. These included: 21 interviews, 2 observations and one focus group and the analysis on 14 government reports about BOTs in China. The governments' decision-makers, directors, project managers and contractors were involved in the research to explore the results and emerging issues involving the implementation of BOT models in 87 Chinese motorway and water projects in 10 cities covering six provinces. As a result of its findings, the research is able to discuss and identify the relevant experiences and lessons from PFIs in the UK to improve further application of China's BOTs. This study fills the gap in knowledge regarding comparisons between PFIs and BOTs. It also gives recommendations for good practice in relation to Chinese BOT policy decision making, development and evaluation. Finally, the study hopes to give recommendations that enable the implementation of BOT model in Chinese motorway and water sectors to be more successful in the future.

This diploma thesis is a comprehensive and up-to-date review of public private partnership (PPP) infrastructure projects at the municipal level in Germany. Public private partnerships use the know-how and the skills of the private sector for the construction and operation of infrastructure and for the long-term provision of public services. The overall goal of this thesis is to discuss the municipal government's approach to PPP infrastructure projects. The theoretical part of this thesis includes informations and fundamental characteristics of public private partnership project types and the most widely used financial instruments in Germany, as well as the obstacles, challenges and prospects of success for the PPP Programme. The thesis further deals with the legislation and the institutional framework of this cooperation, including the establishment of the Partnerschaften Deutschland und other PPP units in central and local government to promote and manage projects. In particular we focus on the possibility of the involvement of private partners in public private partnerships to clear the backlog of investment and to satisfy local authority investment needs. The empirical part of this work describes the efficient, beneficial and cost-effective delivery of what is currently one of Germany's biggest PPP projects in the field of public- sector building construction: refurbishing, financing and operating the 90 schools in the district of Offenbach in the south of Hesse.

鑒於財政負擔加重以及對政府服務效率之檢討，歐美各國逐步發展出以民間融資創建 (Private Finance Initiative, PFI) 之方式提供公共服務。為判斷由政府自辦或PFI 何者較具效益，英國政府提出公帑節省價值 (Value for Money, VfM) 評估。經考量專案全生命週期之成本，並調整風險與折現後，若公私協力較政府自辦在相同服務水準下所需成本較少，則稱其具備VfM。公私協力主要效益之一在於將部分建造及營運之風險由政府移轉予民間。因此，如何量化可移轉之風險對VfM的評估結果影響甚鉅。英國提出以「樂觀偏誤」 (optimism bias, OB) 量化由政府自辦須承擔的追加預算、延遲完工或利益短少之風險，並委託 Mott MacDonald 研究過去重大公共採購案件，得出樂觀偏誤之參考值，提供評估者合理估算樂觀偏誤的基準。本文研究英國的評估方式及經驗，針對 Mott MacDonald 之研究方法作進一步研討。接著以臺灣機場捷運建設案為例，計算其樂觀偏誤，並嘗試運用 Mott MacDonald 之研究方法加以分析。最後探討 Mott MacDonald 之研究方法在臺灣運用的適切性，且對樂觀偏誤之研究方法提出建議。

英國針對像道路、國防及學校這種些自償率很低的公共建設，發展出PFI模式，以深化、廣化民間參與公共建設之政策。不同於BOT模式之民間廠商向使用者收取費用以收回其興建及營運成本，PFI模式下之特許廠商係根據其績效表現與合約的符合程來向政府收取均付款費用，以回收其興建及營運成本。英國強調，並非所有專案皆適合以PFI模式辦理，僅在專案通過三階段的評估，證明具有公帑節省之價值（value for money, VfM）時，方得採用PFI模式辦理。 臺灣大學之學生和家長對於現有的學生宿舍過於老舊、擁擠、軟硬體設施不足及安全問題一直有所垢病。故台灣大學遂與太子建設公司合作興建BOT學生宿舍並加強整修工程，期能解決現有學生宿舍的問題。本研究先分別模擬政府自建及BOT模式，再計算「風險調整後之公部門比值」與「PFI模式下之相關成本」，並將此兩項數值進行比較，以檢視臺大學生宿舍若以PFI模式興建是否具有「公帑節省之價值」。其結果顯示，若以PFI模式興建臺灣大學學生宿舍，則具有約29.13億之「公帑節省之價值」，即可為臺大校園節省約29.13億之成本，故臺大學生宿舍採PFI模式興建具有可行性。