Optimization of PPP project transaction structures based on resilience goals
WANG Yingying1,2, GAN Tian1, WANG Shouqing2,3,4
1. School of Public Policy and Management, Tsinghua University, Beijing 100084, China; 2. Center for Public-Private Partnership, Tsinghua University, Beijing 100084, China; 3. Department of Construction Management, Tsinghua University, Beijing 100084, China; 4. Hang Lung Center for Real Estate, Tsinghua University, Beijing 100084, China
Abstract：Transaction structures are the core mechanisms of public-private partnership (PPP) project governance. These directly affect the interest, risk and responsibility distributions among the stakeholders. Resilience goals optimize the structure to enhance the long-term project sustainability. This paper analyzes the resilience goal definition and its applicability to PPP projects. Then, the optimization principles for risk resilience, self-development, force majeure resilience and crisis resilience are used to develop an optimization framework based on resilience goals for the optimization objectives of the government institutions, social capital, contract system and facility capabilities. Finally, the differences between an incremental project and a stock project are discussed along with how to optimize the project transaction structure based on the optimization framework. The optimization involves setting up a project company through investment in the project transaction, implementing operational projects and continuously supplying infrastructure and public services. The results show that the framework and project transaction structure optimization path identified in this study based on the resilience goals provide flexible optimization principles, support strategies and optimization elements that benefit the long-term risk reduction characteristics of PPP projects.
王盈盈, 甘甜, 王守清. 基于韧性目标的PPP项目交易结构优化[J]. 清华大学学报（自然科学版）, 2021, 61(6): 556-564.
WANG Yingying, GAN Tian, WANG Shouqing. Optimization of PPP project transaction structures based on resilience goals. Journal of Tsinghua University(Science and Technology), 2021, 61(6): 556-564.
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2021, Vol. 61 
