Case studies of the return structure of urban underground comprehensive pipeline gallery PPP projects
ZHAO Guofu1,2, WANG Shouqing2,3
1. China National Administration of Coal Geology, Beijing 100038, China; 2. Department of Construction Management, Tsinghua University, Beijing 100084, China; 3. Hang Lung Center for Real Estate, Tsinghua University, Beijing 100084, China
Abstract：Public-private partnerships (PPP) play important roles in constructing and operating domestic urban underground comprehensive pipeline galleries. However, the return mechanism and the return structure are not well understood with little research on the key factors and the application of quantitative analysis tools. This article presents case studies of the return mechanisms and return structures of 71 domestic urban underground pipeline gallery PPP projects that are already operating. A stakeholder analysis shows the livelihood attributes of the pipeline gallery and enterprise interests. The return mechanisms and return structures are then analyzed using the principle of "substance over form" to analyze the key factors. Finally, a return structure model is presented for urban underground comprehensive pipeline gallery PPP projects based on the discounted cash flow and net present value (NPV)-internal rate of return (IRR) which can help the private party in bidding, contract negotiation, return rate monitoring and project renegotiation. This study should improve risk sharing and investment returns of urban underground comprehensive pipeline gallery PPP projects.
赵国富, 王守清. 城市地下综合管廊PPP项目回报结构案例研究[J]. 清华大学学报（自然科学版）, 2022, 62(2): 250-258.
ZHAO Guofu, WANG Shouqing. Case studies of the return structure of urban underground comprehensive pipeline gallery PPP projects. Journal of Tsinghua University(Science and Technology), 2022, 62(2): 250-258.
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2022, Vol. 62 
