THE PRIVATE FINANCE INITIATIVE IN LOCAL GOVERNMENT

This paper distinguishes between the Private Finance Initiative (PFI) and the more general Public Private Partnerships (PPP). It traces the growth of the initiative since its start in 1992 to the current day and considers the implications of PFI for the public finances. A number of economic issues are discussed including bidding costs, financing costs and whole life costing. The importance of risk transfer in the value for money analysis of PFI projects is emphasised and the extent to which risk actually is transferred is questioned. Finally, the contribution of PFI towards modernising public service is recognised but the Audit Commission's recommendation that a wider range of procurement tools ought to be considered is noted.     

The Private Finance Initiative: Has the Accounting Standards Board Reduced the Scheme's Value for Money?

This article examines the state of PFI in the UK following an amendment published by the ASB to FRS 5. It was predicted that this amendment would mean that most properties constructed by the private sector, on behalf of the public sector, would have suddenly to appear on the balance sheets of the latter. This would have led to an unacceptable level of public sector borrowing and could have undermined the entire rationale for the scheme. Having outlined the objectives of PFI and explained the attitude adopted by the ASB, the article examines the reaction of HM Treasury. The article then demonstrates the likely consequences of the main parties in PFI contracts passing on as much risk as possible to the private sector so as to ensure that the assets remain off balance sheet. It concludes by assessing the expected impact that these actions will have on value for money.     

基于养老地产PFI融资模式的风险分担研究

养老地产的融资问题已经成为制约其发展的一大瓶颈。本文针对养老地产运用PFI模式的风险分担进行了探讨,初步分析了养老地产采用PFI模式的风险分类和利益相关者,指出该项目风险设计主要考虑公共部门和SPC公司,并依据风险分担的原则进行了风险分担设计。     

Risk management by SPV partners in toll road public private partnerships

ABSTRACT

Research on risk management in Public Private Partnerships (PPPs) has largely overlooked that the Special Purpose Vehicle (SPV) is made up of several project partners with different interests and objectives to manage risk. This paper makes an important contribution to this literature as it articulates SPV partners’ perceptions of how they manage risk in toll road PPPs. Our case studies show that the different skillsets of both the international and domestic partners with their sub-contractors provide opportunities for mitigating and managing risk but also pose potential problems in terms of measuring and obtaining value for money for taxpayers.     

金融服务外包风险影响因素识别与度量研究

本文采用市场调研方法,利用SPSS13．0对调研数据进行处理,采用因子分析法,以各因子的方差贡献率占8个综合因子总方差贡献率的比重作为权重进行加权汇总,对金融服务外包影响因素进行因子综合评价。经过定量研究,系统分析了28个变量,得出金融服务外包风险影响因素主要有决策风险、操作风险、管理风险、财务风险、技术风险、环境风险、道德风险和市场风险8个风险影响因素的研究结论。     

PFI模式在我国城镇廉租房建设中的应用

廉租房建设作为解决我国城镇低收入群体的住房问题一个有效途径,发挥着越来越重要的作用,但其建设资金的不足也制约着这种作用的有效发挥,本文从PFI内涵出发,进一步介绍其在廉租房建设中的运作模式,并进行可行性和价值分析,探讨PFI模式在我国城镇廉租房建设中的应用.     

中国影子银行部门系统性风险的形成、影响与应对

本文分析了影子银行风险传染机制及其影响,在违约风险基于会计账户传染的马尔科夫过程假设下,运用投入产出法构建影子银行系统性风险测度模型,以2007-2012年中国影子银行业务数据进行检验,结果显示：信托公司部门是主要的风险源,银行部门是系统性风险最主要的承担者,观测期内影子银行部门系统性风险整体呈现上升趋势。防控系统性风险应从影子银行业务风险隔离机制、资本与杠杆率监管、信息透明度、宏观审慎框架和风险应急机制等建设着手。     

Managing and Concluding the Pfi Process for a New High School

This article reports the findings from an in-depth investigation of a Private Finance Initiative (PFI) project to replace a local authority high school. Through a combination of participant observation, semi-structured interviewing and document review, the research seeks to establish whether the belief that the PFI will result in cost-effective innovative design and operation and maintenance cost savings is justified. The findings suggest little evidence of innovation on the part of the private sector. This observation has implications for the comparative cost of the PFI vis-a-vis traditional public sector procurement, given that innovation (on the part of the private sector) is believed to be one of the key drivers of cost savings. In addition the article makes recommendations with regard to best practice in management and completion of PFI projects with reference to issues around consultation, planning, finance and service delivery.     

从价值管理的角度看PFI

有效地实施PFI,可以促进公共项目开发,是实现建设产业经济增长的有效途径。PFI的运作方式将拓宽基础设施建设项目的融资渠道,解决传统建设管理模式中存在的问题,对我国基础设施建设的发展具有重要意义。从价值管理的角度对PFI进行探讨,以便更好的了解PFI较传统开发的优势,意义重大。     

Competitive equilibria in economies with multiple indivisible and multiple divisible commodities

In this paper we consider a general equilibrium model with a finite number of divisible and a finite number of indivisible commodities. In models with indivisibilities it is typically assumed that there is only one divisible good, which serves as money. The presence of money in the model is used to transfer the value of certain amounts of indivisible goods. For such economies with only one divisible commodity Danilov et al. showed the existence of a general equilibrium if the individual demands and supplies belong to a same class of discrete convexity. For economies with multiple divisible goods and money van der Laan et al. proved existence of a general equilibrium if the divisible goods are produced out of money using a linear production technology and no other producers are present in the model.     

期权思想在动态联盟招投标中的应用

为了规避风险,投标参与动态联盟的企业可以选择与供应商签订定金合同以避免商品价格波动带来的损失。为了合理确定定金的数值,本文将定金合同看成一种复合期权,建立了求解定金大小的数学模型,从而可以利用看涨期权的计算方法求出定金的近似解。这样,就为企业签订定金合同提供了理论依据,避免了盲目性。     

An institutional theory perspective on the UK's Private Finance Initiative (PFI) accounting standard setting process

This article examines the Private Finance Initiative (PFI) accounting standard setting process from an institutional theory perspective. It identifies three forms of institutional pressures and examines their impact on the PFI standard setting process. ‘Coercive’ pressure, exerted by the Treasury, and ‘normative’ pressure, exerted by the accounting profession, were influential in shaping respondents' comments on the PFI accounting Exposure Draft (ED). It is argued that the views of the accounting profession seem to have prevailed in the PFI standard setting process. This might stem from its institutional legitimacy and close ties with the Accounting Standards Board (ASB). In line with its broader policy objective of adopting private sector business practices in the public sector, the Treasury has eventually ‘acquiesced’ to the final PFI accounting standard issued by the ASB.     

基于《PFI合同标准》的PFI合同结构研究

PFI模式是私人主动融资模式,其越来越多的被应用在大型工程项目上.英国和日本以及亚洲很多国家都在对PFI模式进行深入的研究.本文主要从PFI合同的发展现状、PFI合同的主体及其关系、PFI合同结构及其特点进行研究.此研究将有助于PFI合同在我国的成功应用和推广.     

Mind the Gap: Crowdfunding and the Role of Seed Money

We analyze voluntary private contributions to public goods and the role seed money plays in signaling the public good's quality to potential subsequent contributors. We present a theoretical model and analyze two sets of naturally occurring data from crowdfunding platforms. After developing the theoretical background, we find statistically significant switch points that distinguish between seed contributions and subsequent contributions. A positive change in contribution behavior after the switch suggests an increase in the perceived value of the public good. We find that the signal comprises the number of contributors and the average contribution (as a proportion of the targeted goal). Copyright © 2015 John Wiley & Sons, Ltd.     

Risk aversion in a model of endogenous growth

Despite the evidence on incomplete financial markets and substantial risk being borne by innovators, current models of growth through creative destruction predominantly model innovators’ as risk neutral. Risk aversion is expected to reduce the incentive to innovate and we might fear that without insurance innovation completely disappears in the long run. The present paper introduces risk averse agents into an occupational choice model of endogenous growth in which insurance against failure to innovate is not available. We derive a clear negative relationship between the level of risk aversion and long run growth. Surprisingly, we show that in an equilibrium there exists a cut-off value of risk aversion below which the growth rate of the mass of innovators tends to a strictly positive constant. In this case, innovation persists on the long run and consumption per capita grows at a strictly positive rate. On the other hand, for levels of risk aversion above the cut-off value, the economy eventually stagnates.     

风险控制理论在国际建筑承包中的应用

风险控制是实施风险管理的关键的步骤之一,建筑承包商跨国经营成功与否与其实施风险控制的水平有直接的关系。本文针对灵活多变的特点,结合国际建筑工程承包的实例,着重对在跨国建筑承包 中应用风险控制理论的可行对策进行分析研究 ,强调风险回避、风险分担、风险转移、风险多元化、保险以及预备金等方法都是实施风险控制的有效手 段。     

跨国企业的转让定价策略--基于价值链的案例研究

在全球价值链分工日益成熟的背景下,跨国企业的关联交易安排日益复杂,如何制定转让定价规则以保证整体税负和风险水平同时较低成为跨国企业面临的新问题。通过W集团在关联交易中转让定价策略的案例,运用价值链分析和功能风险分析,从企业价值创造和税收产生的源头着眼,沿着价值链的推进分析了VIE模式的跨国企业在转让定价中的税负与风险问题。基于价值链分析构建出跨国企业的转让定价分析模型,可为跨国企业制定转让定价策略提供新思路,也有助于丰富价值链分析的应用领域。     

教育投融资改革PFI模式初探

当前投融资体制改革已经深入到公共事业领域。上海作为我国现代化经济中心城市,率先在教育与卫生两个领域成立了申教投资公司和申康投资公司,进行公益性事业投融资体制改革的探索。本文通过对英国PFI投资制度的分析,认为我国的教育投融资体制改革中引入PFI模式,将对减轻财政负担、政府职能转变、政府风险分摊及事业单位的人事制度改革等方面,起到积极的推动作用。