Optimization of PPP project equity structures based on the satisfactions of the main stakeholders
FENG Ke1,2, WANG Shouqing1,2, XUE Yanguang1
1. Department of Construction Management, Tsinghua University, Beijing 100084, China;
2. Hang Lung Center for Real Estate, Tsinghua University, Beijing 100084, China
Abstract：The equity structure of a public-private partnership (PPP) project directly affects the allocation of risk and interest among the project stakeholders. A reasonable equity allocation decision making model is important for a project's success. This paper first analyzes the equity allocation decision making principles of the main stakeholders. These principles and project financing characteristic were then used to define an optimization model to minimize a PPP projects' social costs while satisfying the objectives of the key PPP stakeholders, i.e., the debtors, the private companies and the governments. A genetic algorithm is used to solve the decision making problem with a Monte Carlo model to simulate the changes in the project revenues with an immunological memory cell to improve the algorithm convergence. The model is validated by companies with an actual urban rail transport project. The model can be used to provide reference data for public and/or private entities for equity structure decision making for other PPP projects.
冯珂, 王守清, 薛彦广. 基于多方满意的PPP项目股权配置优化研究[J]. 清华大学学报（自然科学版）, 2017, 57(4): 376-381.
FENG Ke, WANG Shouqing, XUE Yanguang. Optimization of PPP project equity structures based on the satisfactions of the main stakeholders. Journal of Tsinghua University(Science and Technology), 2017, 57(4): 376-381.
Bakatjan S, Arikan M, Tiong R L K. Optimal capital structure model for BOT power projects in Turkey[J]. Journal of Construction Engineering and Management, 2003, 129(1)： 89-97.
[2]
Zhang X. Financial viability analysis and capital structure optimization in privatized public infrastructure projects[J]. Journal of Construction Engineering and Management, 2005, 131(6)： 656-668.
[3]
Iyer K C, Sagheer M. Optimization of bid-winning potential and capital structure for build-operate-transfer road projects in India[J]. Journal of Management in Engineering, 2011, 28(2)： 104-113.
[4]
Sharma D, Cui Q, Chen L, et al. Balancing private and public interests in public-private partnership contracts through optimization of equity capital structure[J]. Transportation Research Record： Journal of the Transportation Research Board, 2010, 2151(1)： 60-66.
[5]
孙慧, 范志清, 石烨. PPP模式下高速公路项目最优股权结构研究[J]. 管理工程学报, 2011, 25(1)： 154-157.SUN Hui, FAN Zhiqing, SHI Ye. Research on the optimal ownership structure of an expressway under PPP scheme[J]. Journal of Industrial Engineering/Engineering Management, 2011, 25(1)： 154-157. (in Chinese)
[6]
盛和太, 王守清, 黄硕. PPP项目公司的股权结构及其在某养老项目中的应用[J]. 工程管理学报, 2011, 25(4)： 388-392.SHENG Hetai, WANG Shouqing, HUANG Shuo. Analysis of equity shares of PPP project company and its application in a resthome project[J]. Journal of Engineering Management, 2011, 25(4)： 388-392.(in Chinese)
[7]
de Marco A, Mangano G, Zou X Y. Factors influencing the equity share of build-operate-transfer projects[J]. Built Environment Project and Asset Management, 2012, 2(1)： 70-85.
[8]
Donkor E A, Duffey M. Optimal capital structure and financial risk of project finance investments： A simulation optimization model with chance constraints[J]. The Engineering Economist, 2013, 58(1)： 19-34.
[9]
Kurniawan F, Ogunlana S, Motawa I. Stakeholders' expectations in utilising financial models for public-private partnership projects[J]. Built Environment Project and Asset Management, 2014, 4(1)： 4-21.
[10]
Chen B, Liou F M, Huang C P. Optimal financing mix of financially non-viable private-participation investment project with initial subsidy[J]. Engineering Economics, 2012, 23(5)： 452-461.
[11]
柯永建, 王守清, 陈炳泉. 激励私营部门参与基础设施PPP项目的措施[J]. 清华大学学报(自然科学版), 2009, 49(9)： 48-51. KE Yongjian, WANG Shouqing, CHAN Albert Pingchuen. Government incentives for private sector involvement in infrastructure PPP projects[J]. Journal of Tsinghua University (Science and Technology), 2009, 49(9)： 48-51.(in Chinese)
[12]
Zheng D X M, Ng S T, Kumaraswamy M M. Applying a genetic algorithm-based multi-objective approach for time-cost optimization[J]. Journal of Construction Engineering and Management, 2004, 130(2)： 168-176.
[13]
严心池, 安伟光, 赵维涛. 自适应免疫遗传算法[J]. 应用力学学报, 2005, 22(3)： 445-448. YAN Xinchi, AN Weiguang, ZHAO Weitao. Adaptive immunity genetic algorithm[J].Chinese Journal of Applied Mechanics, 2005, 22(3)： 445-448.(in Chinese)
[14]
Yun S, Han S H, Kim H, et al. Capital structure optimization for build-operate-transfer (BOT) projects using a stochastic and multi-objective approach[J]. Canadian Journal of Civil Engineering, 2009, 36(5)： 777-790.
[15]
盛和太. PPP/BOT项目的资本结构选择研究[D]. 北京： 清华大学, 2013. SHENG Hetai. Study on the Capital Structure of PPP/BOT Projects[D]. Beijing： Tsinghua University, 2013.(in Chinese)
2017, Vol. 57 
