Exploring Critical Influence Factors For Distribution Of The Refinancing Gains In Public-Private Partnership Projects

Since early 2014,many ministries and commissions such as NDRC,Ministry of Finance,Ministry of Transport and Department of Housing Construction has issued a series of policies to encourage the social capitals to be involved in the PPP mode of public utility investment.With the successful completion and stable operation of the project,through refinancing of the PPP projects,more economic financing conditions and corresponding refinancing gains can be obtained.However,many studies thinks that the over gain problem in the refinancing of private sector would harm the public interests,which causes influences to the project and the refinancing gains should be distributed between the public sector and the private sector reasonably.Therefore,in this thesis,influencing factors of refinancing gains distribution are identified through literature analysis and then he key influencing factors of gains distribution of PPP projects are identified.13 influencing factors are identified based on the literature analysis,and each one of them is analyzed and demonstrated.Then the factors are adjusted according to interviews.On this basis,all the factors can be divided into five categories,which are factors related to project contribution,risks distribution,public and private relations and negotiation ability.In order to decide the importance of the factors identified,semi-structured interviews are carried out with 10 domestic and foreign scholars and specialists that have rich practical and academic experience in this field.An interview record with over 70 thousand characters is kept.Data analysis is carried out on the comments of different factors from specialists with different backgrounds through descriptive analysis method and consistency check is implemented.It is shown in the results that the most important influencing factors of the refinancing gains distribution in PPP projects are risks distribution after refinancing,risks distribution before refinancing,information asymmetry,the influence of the private sector and the negotiation skills of the business personnel.And the least important factor is different ways of refinancing,the amount of refinancing gains,the method of payment of the public sector share,the relationship between the private and public sectors and the contribution from the public sector to the development of PPP market.This study provides guidance for the more reasonable refinancing gains distribution between the public sector and the private sector and foundation for the studies on the refinancing gains distribution of PPP project.