Public and Private Infrastructure Investment Management Center (PIMAC), Korea Development Institute (KDI), Sejong, Republic of Korea.
Public and Private Infrastructure Investment Management Center (PIMAC), Korea Development Institute (KDI), Sejong, Republic of Korea.
Waste Manag. 2022 Jan 1;137:31-38. doi: 10.1016/j.wasman.2021.09.039. Epub 2021 Oct 29.
This study aimed to examine the government's cost efficiency considering the high-risk/high-return mechanism of PPP. Faced with increasing demand but with limited budget, the Korean government has relied on the Public-Private Partnership (PPP) to provide waste treatment services for the last couple of decades to expand fiscal space. However, most of waste treatment facilities projects have been promoted using the BTO (Build-Transfer-Operate) method with high rate of return due to the demand risk that is transferred to the private. We performed a conversion analysis of a BTO to a BTL (Build-Transfer-Lease) method, in which demand risk is borne by the government, for 18 PPP waste treatment cases with actual operation records. The result of comparing the life-cycle costs of government in employing each project method shows that the BTL can provide 5.26% of Value for Money (VfM) compared to the BTO as the government takes the demand risk and lowers the required rate of return of the private. This implies that transferring the demand risk to the private sector may not always be the best option for the government. From the government's perspective, instead of transferring the demand risk to the private and providing a high rate of return, the government can retain the demand risk and reduce the rate of return, and it can be fiscally more advantageous considering the cost structure of each PPP method. Through Korean PPP waste treatment cases, this study suggests that policy makers who implement PPP should consider the government's strategic risk sharing by understanding the predictability of demand and the nature of cost structure of each PPP method.
本研究旨在考察政府在考虑公私合作伙伴关系（PPP）高风险/高回报机制下的成本效率。面对不断增长的需求和有限的预算，韩国政府在过去几十年中依靠公私合作伙伴关系（PPP）来提供废物处理服务，以扩大财政空间。然而，由于需求风险转移给了私人，大多数废物处理设施项目都采用了高回报率的 BTO（建造-转让-运营）方法来推进。我们对 18 个具有实际运营记录的 PPP 废物处理案例进行了 BTO 到 BTL（建造-转让-租赁）方法的转换分析，在这种方法中，政府承担需求风险。比较采用每种项目方法的政府生命周期成本的结果表明，与 BTO 相比，BTL 可以提供 5.26%的物有所值（VfM），因为政府承担了需求风险并降低了私人的要求回报率。这意味着将需求风险转移给私营部门并不总是政府的最佳选择。从政府的角度来看，政府可以保留需求风险并降低回报率，而不是将需求风险转移给私人并提供高回报率，考虑到每种 PPP 方法的成本结构，这从财政角度来看可能更有利。通过韩国 PPP 废物处理案例，本研究建议实施 PPP 的政策制定者应通过了解需求的可预测性和每种 PPP 方法的成本结构性质，考虑政府的战略风险分担。
