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Candaş, A B and Tokdemir, O B (2022) Automated Identification of Vagueness in the FIDIC Silver Book Conditions of Contract. Journal of Construction Engineering and Management, 148(04).

Guevara, J, Herrera, L and Salazar, J (2022) Interorganizational Sponsor Networks in Road and Social Infrastructure PPP Equity Markets. Journal of Construction Engineering and Management, 148(04).

Han, S, Jiang, Y and Bai, Y (2022) Fast-PGMED: Fast and Dense Elevation Determination for Earthwork Using Drone and Deep Learning. Journal of Construction Engineering and Management, 148(04).

Hosseinian, S M, Arjomand, A, Li, C Q and Zhang, G (2022) Developing a Model for Assessing Project Completion Time Reliability during Construction Using Time-Dependent Reliability Theory. Journal of Construction Engineering and Management, 148(04).

Liu, Q, Ye, G, Yang, J, Xiang, Q and Liu, Q (2022) Construction Workers’ Representativeness Heuristic in Decision Making: The Impact of Demographic Factors. Journal of Construction Engineering and Management, 148(04).

Ma, L and Fu, H (2022) A Governance Framework for the Sustainable Delivery of Megaprojects: The Interaction of Megaproject Citizenship Behavior and Contracts. Journal of Construction Engineering and Management, 148(04).

Tiruneh, G G and Fayek, A R (2022) Hybrid GA-MANFIS Model for Organizational Competencies and Performance in Construction. Journal of Construction Engineering and Management, 148(04).

Wang, P, Wang, K, Huang, Y, Fenn, P and Stewart, I (2022) Auditing Construction Cost from an In-Process Perspective Based on a Bayesian Predictive Model. Journal of Construction Engineering and Management, 148(04).

Xie, H, Hong, Y and Brilakis, I (2022) Analysis of User Needs in Time-Related Risk Management for Holistic Project Understanding. Journal of Construction Engineering and Management, 148(04).

Zhang, X and Liu, J (2022) Incentive Mechanism and Value-Added in PPP Projects Considering Financial Institutions’ Early Intervention. Journal of Construction Engineering and Management, 148(04).

  • Type: Journal Article
  • Keywords: Public-private partnership (PPP); Transaction cost; Incentive mechanism; Value-added;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0002248
  • Abstract:
    In public-private partnership (PPP) projects, as the largest funds provider, financial institutions only supervise the cash flow in the project’s implementation stage. Since financial institutions are not involved in the project’s preliminary planning stage, they have inadequate risk management to projects, leading to adverse effects on the following project’s implementation. This paper proposes that financial institutions intervene in PPP projects early, use their resources to make reasonable plans for the project, enhance the identification and control of project risks, and improve the project profitability and successful implementation possibility. Based on the transaction cost theory, this paper constructs the incentive mechanism and value-added Stackelberg game model of PPP projects under the scenario that financial institutions intervene early. Considering financial institutions intervene in PPP early, the government will reduce planning costs and private investors will save financing costs. The results show that financial institutions’ early intervention in PPP projects can enhance the government’s efforts, private investors’ efforts, the government’s incentive intensity, and also the project’s value-added level. Compared with financial institutions that do not intervene in advance, the entire model can achieve Pareto improvement. This paper is conducive to expanding the application of transaction cost theory in PPP projects. In addition, it can also be conducive to improving the status quo that financial institutions cannot participate in PPP projects in the early stage and promoting the successful implementation of PPP projects.

Zhu, H, Hwang, B, Ngo, J and Tan, J P S (2022) Applications of Smart Technologies in Construction Project Management. Journal of Construction Engineering and Management, 148(04).