Performance-based payment structural design for infrastructure PPP projects
Abstract
The performance-based payment structure has been widely used in infrastructure PPP projects. However, existing research has been absent on the structural unbalance problem of performance-based payment in the current infrastructure PPP projects. This study aims to construct an optimal proportion of the performance-based payment in the total payment, and then design a performance-based payment structure for infrastructure PPP projects. Firstly, the definition of the performance-linked rate is introduced to characterize the proportion of the performance-based payment. Secondly, based on the different objectives of the maximum social benefit and the minimum cost for the public and private sectors, a multi-objective optimization model is constructed to obtain a reasonable value range of the performance-linked rate. Thirdly, the impacts on different parameters in the performance-linked rate are revealed using simulation methods. Finally, the numerical and simulation results show that, for the weak social average ability, the social cost is also high, and a large performance-linked rate should be set. Conversely, when the social average ability is strong, the social average cost is relatively reduced, and a relatively low performance-linked rate should be set. Consequently, the results can guide the contract design in PPP projects.
Keyword : payment structure, performance-linked rate, infrastructure PPP projects, social average cost, social average ability
How to Cite
Su, L., Cao, Y., & Li, H. (2023). Performance-based payment structural design for infrastructure PPP projects. International Journal of Strategic Property Management, 27(2), 133–145. https://doi.org/10.3846/ijspm.2023.19180
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Aziz, A. A., & Abdelhalim, K. (2017). Comparative analysis of P3 availability payments in the USA and Canada. In Second International Conference on Public-Private Partnerships (pp. 560–573), Austin, Texas. https://doi.org/10.1061/9780784480267.044
Beatham, S., Anumba, C., Thorpe, T., & Hedges, I. (2004). KPIs: a critical appraisal of their use in construction. Benchmarking: An International Journal, 11(1), 93–117. https://doi.org/10.1108/14635770410520320
Carbonara, N., Costantino, N., & Pellegrino, R. (2014). Revenue guarantee in public-private partnerships: a fair risk allocation model. Construction Management and Economics, 32(4), 403–415. https://doi.org/10.1080/01446193.2014.906638
Chan, A., Oseikyei, R., Yi, H. U., & Yun, L. E. (2018). A fuzzy model for assessing the risk exposure of procuring infrastructure mega-projects through public-private partnership: the case of Hong Kong-Zhuhai-Macao Bridge. Frontiers of Engineering Management, 5(1), 64–77. https://doi.org/10.15302/J-FEM-2018067
Cheung, E., Chan, A., & Kajewski, S. (2010). The public sector’s perspective on procuring public works projects – comparing the views of practitioners in Hong Kong and Australia. Journal of Civil Engineering and Management, 16(1), 19–32. https://doi.org/10.3846/jcem.2010.02
Chung, D., & Hensher, D. (2015). Risk management in public-private partnerships. Australian Accounting Review, 25(1), 13–27. https://doi.org/10.1111/auar.12062
Cui, C. Y., Liu, Y., Hope, A., & Wang, J. P. (2018). Review of studies on the public private partnerships (PPP) for infrastructure projects. International Journal of Project Management, 36(5), 773–794. https://doi.org/10.1016/j.ijproman.2018.03.004
Cui, Q., Zhu, X., & D’Alessio, A. (2017). Public-private partnership: a design issue. In 2017 IEEE Symposium Series on Computational Intelligence (SSCI) (pp. 1–6). IEEE. https://doi.org/10.1109/SSCI.2017.8285351
Ding, X., & Li, Q. (2022). Optimal risk allocation in alliance infrastructure projects: a social preference perspective. Frontiers of Engineering Management, 9(2), 326‒336. https://doi.org/10.1007/s42524-020-0145-x
Eliasson, J., & Fosgerau, M. (2013). Cost overruns and demand shortfalls-deception or selection? Transportation Research Part B: Methodological, 57, 105–113. https://doi.org/10.1016/j.trb.2013.09.005
Engel, E., Fischer, R., & Galetovic, A. (2013). The basic public finance of public-private partnerships. Journal of the European Economic Association, 11(1), 83–111. https://doi.org/10.1111/j.1542-4774.2012.01105.x
Feng, Z., Zhang, S., Gao, Y., & Zhang, S. (2016). Subsidizing and pricing private toll roads with noncontractible service quality: a relational contract approach. Transportation Research Part B: Methodological, 91, 466–491. https://doi.org/10.1016/j.trb.2016.04.017
Flyvbjerg, B., Skamris Holm, M. K., & Buhl, S. L. (2005). How (in)accurate are demand forecasts in public works projects?: The case of transportation. Journal of the American Planning Association, 71(2), 131–146. https://doi.org/10.1080/01944360508976688
George, H. B., & Matt, S. (2019). Risk model for energy performance contracting in correctional facilities. Journal of Green Building, 14(2), 61–82. https://doi.org/10.3992/1943-4618.14.2.61
Higuchi, T. (2019). Natural resource and PPP infrastructure projects and project finance. In Economics, law, and institutions in Asia pacific. Springer. https://doi.org/10.1007/978-981-13-2215-0
HM Treasury. (2007). Standardisation of PFI contracts. London.
Hosseinian, S. M., & Carmichael, D. G. (2013). Optimal incentive contract with risk-neutral contractor. Journal of Construction Engineering and Management, 139(8), 899–909. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000663
Iyer, K. C., & Sagheer, M. (2011). A real options based traffic risk mitigation model for build-operate-transfer highway projects in India. Construction Management and Economics, 29(8), 771–779. https://doi.org/10.1080/01446193.2011.597412
Lawther, W. C., & Martin, L. (2014). Availability payments and key performance indicators: challenges for effective implementation of performance management systems in transportation public-private partnerships. Public Works Management and Policy, 19(3), 219–234. https://doi.org/10.1177/1087724X14528476
Li, H., Su, L., Zuo, J., Zhao, X., Chang, R., & Wang, F. (2022). Incentive mechanism for performance-based payment of infrastructure PPP projects: coupling of reputation and ratchet effects. International Journal of Strategic Property Management, 26(1), 35–55. https://doi.org/10.3846/ijspm.2022.15969
Liang, Y. M., Moroney, R., & Rankin, M. (2020). Say-on-pay judgements: the two-strikes rule and the pay-performance link. Accounting and Finance, 60, 943–970. https://doi.org/10.1111/acfi.12391
Liu, J., Love, P. E. D., Davis, P. R., Smith, J., & Regan, M. (2015). Conceptual framework for the performance measurement of public-private partnerships. Journal of Infrastructure Systems, 21(1), 04014023. https://doi.org/10.1061/(ASCE)IS.1943-555X.0000210
Martinez, J., & Rodriguez, R. E. (2016). Performance-based indicators as a tool to manage energy efficiency in transport. Case study in Spain. Procedia Computer Science, 83, 847–854. https://doi.org/10.1016/j.procs.2016.04.175
Mladenovic, G., & Queiroz, C. (2014). Assessing the financial feasibility of availability payment PPP projects. In Second Transportation & Development Congress 2014 (pp. 602–611), Orlando, Florida. https://doi.org/10.1061/9780784413586.058
Mouraviev, N., & Kakabadse, N. K. (2014). Risk allocation in a public-private partnership: a case study of construction and operation of kindergartens in Kazakhstan. Journal of Risk Research, 17(5), 621–640. https://doi.org/10.1080/13669877.2013.815650
Narbaev, T. (2022). A meta-analysis of the public-private partnership literature reviews: exploring the identity of the field. International Journal of Strategic Property Management, 26(4), 318–331. https://doi.org/10.3846/ijspm.2022.17860
Ng, A., & Loosemore, M. (2007). Risk allocation in the private provision of public infrastructure. International Journal of Project Management, 25(1), 66–76. https://doi.org/10.1016/j.ijproman.2006.06.005
Ng, T. S., & Wong, Y. M. W. (2007). Payment and audit mechanisms for non private-funded PPP-based infrastructure maintenance projects. Construction Management and Economics, 25(9), 915–923. https://doi.org/10.1080/01446190701544396
Niu, B., & Zhang, J. (2013). Price, capacity and concession period decisions of Pareto-efficient BOT contracts with demand uncertainty. Transportation Research Part E: Logistics and Transportation Review, 53, 1–14. https://doi.org/10.1016/j.tre.2013.01.012
Pellegrino, R. (2021). Effects of public supports for mitigating revenue risk in public–private partnership projects: model to choose among support alternatives. Journal of Construction Engineering and Management, 147(12), 04021167. https://doi.org/10.1061/(ASCE)CO.1943-7862.0002098
Rangel, T., Vassallo, J. M., & Arenas, B. (2012). Effectiveness of safety-based incentives in public private partnerships: evidence from the case of Spain. Transportation Research Part A: Policy and Practice, 46(8), 1166–1176. https://doi.org/10.1016/j.tra.2012.05.008
Roumboutsos, A., & Pantelias, A. (2015). Allocating revenue risk in transport infrastructure public private partnership projects: how it matters. Transport Reviews, 35(2), 183–203. https://doi.org/10.1080/01441647.2014.988306
Salimian, S., Mousavi, S. M., & Antuchevičienė, J. (2022). Evaluation of infrastructure projects by a decision model based on RPR, MABAC, and WASPAS methods with interval-valued intuitionistic fuzzy sets. International Journal of Strategic Property Management, 26(2), 106–118. https://doi.org/10.3846/ijspm.2022.16476
Sang, J. Y., Li, Z. C., Lam, W. H. K., & Wong, S. C. (2019). Design of build-operate-transfer contract for integrated rail and property development with uncertainty in future urban population. Transportation Research Part B: Methodological, 130, 36–66. https://doi.org/10.1016/j.trb.2019.10.003
Shang, L., & Abdel Aziz, A. M. (2020). Stackelberg game theory-based optimization model for design of payment mechanism in performance-based PPPs. Journal of Construction Engineering and Management, 146(4), 04020029. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001806
Shang, L., & Abdel Aziz, A. (2018). The USA PPP payment mechanisms: a comparison to the Canadian PPP systems. In Construction Research Congress 2018 (pp. 129–138), New Orleans, Louisiana. https://doi.org/10.1061/9780784481295.014
Sharma, D., & Cui, Q. (2012). Design of concession and annual payments for availability payment public private partnership (PPP) projects. In Construction Research Congress 2012: Construction Challenges in a Flat World (pp. 2290–2299). ASCE. https://doi.org/10.1061/9780784412329.230
Shi, L., Li, W. W., & He, Y. J. (2020). An incentive analysis of availability payment mechanism in PPP projects. IEEE Access, 8, 106046–106058. https://doi.org/10.1109/ACCESS.2020.2999932
Soliño, A. S., & Albornoz, C. D. V. A. (2021). Improving the payment mechanism in transport public–private partnerships. Public Money and Management, 41(3), 246–254. https://doi.org/10.1080/09540962.2019.1684013
Song, J. M., Chen, L. M., Guan, X. Q., & Fan, W. Z. (2020). Research on risk sharing of PPP plus EPC sewage treatment project based on bargaining game mode. Fresenius Environmental Bulletin, 29(2), 903–912. https://doi.org/10.1061/9780784481752.022
Su, L., Cao, Y., Li, H., & Zhang, C. (2022). Water environment treatment PPP projects optimal payment mechanism based on multi-stage dynamic programming model. Engineering, Construction and Architectural Management. https://doi.org/10.1108/ECAM-04-2022-0291
Suprapto, M., Bakker, H. L. M., Mooi, H. G., & Moree, W. (2015). Sorting out the essence of owner–contractor collaboration in capital project delivery. International Journal of Project Management, 33(3), 664–683. https://doi.org/10.1016/j.ijproman.2014.05.001
Tao, H. E., & Zhao, G. J. (2011). Risk allocation in public private partnerships based on stochastic cooperative game model. Systems Engineering, 29(4), 88–92 (in Chinese).
Vassallo, J. M., & Gallego, J. (2005). Risk sharing in the new public works concession law in Spain. Transportation Research Record: Journal of the Transportation Research Board, 1932(1), 1–8. https://doi.org/10.3141/1932-01
Wang, H., Liu, Y., Xiong, W., & Zhu, D. (2019). Government support programs and private investments in PPP markets. International Public Management Journal, 22(3), 499–523. https://doi.org/10.1080/10967494.2018.1538025
Wang, Y., & Zhao, Z. J. (2018). Performance of public-private partnerships and the influence of contractual arrangements. Public Performance and Management Review, 41(1), 177–200. https://doi.org/10.1080/15309576.2017.1400989
Wang, Y., Cui, P., & Liu, J. (2018). Analysis of the risk-sharing ratio in PPP projects based on government minimum revenue guarantees. International Journal of Project Management, 36(6), 899–909. https://doi.org/10.1016/j.ijproman.2018.01.007
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