Recommended link to article:
NIKITA V. LOKSHINа
аRussian Presidential Academy of National Economy and Public Administration
DOI: 10.22394/2070-8378-2020-22-4-17-26
Abstract:
This article considers the public-private partnership (PPP) projects financing mechanism through the analysis of its models. The importance and necessity of using variability in structuring of different elements of financing mechanism are proved, which allows to detect the ways of their effective interaction in order to increase the efficiency of using financial resources during PPP projects implementation. The existence of basic models for PPP projects financing mechanism is justified including direct financing, project financing and financing with professional participants in the securities market. The schemes and algorithms of their functioning are presented. The article argues that in the modern conditions it is expedient to supplement the basic models for PPP projects financing mechanism by the new elements: postponed tax payments, bonds with special purpose, elements of Islamic financing mechanism models. Combining new and classic elements contributes to improvement of financing mechanism models and focuses on expanding the circle of potential investors for PPP projects.
Keywords:
public-private partnership, financing mechanism, project financing, concession, risks, infrastructure bonds, postponed tax payments, Islamic finance, endowment fund, endowment
Received:
January 27, 2020
References:
Aleshin V.V. Moral risks of public-private partnership contractual obligations: relevance and vector of overcoming them. Ekonomika i predprinimatelstvo. 2017. № 5-1 (82). P. 198-200. In Russian
Brejli R. Corporate finance principles / R. Brejli, S. Majers. translated from English by N. Baryshnikova. M.: ZAO “Olimp-Biznes”, 2012. In Russian
Vasilieva, E.Y., Akimova E.M. The state of concession bonds market and their importance for the development of infrastructure. Ekonomika i predprinimatelstvo. 2018. № 5 (94). P. 291-295. In Russian
Weiss Y.V. The models and mechanisms of public-private partnership implementation in investment projects with the participation of corporations. Vestnik Samarskogo munitsipalnogo instituta upravleniya. 2017. № 2. P. 41-48. In Russian
Delmon J. Public-private partnership partnership in infrastructure (practical guide for public authorities) / Jeffrey Delmon // The World Bank 2010. Krasnoarmejsk: GEO-TEK, 2010. In Russian
Zajkova K.V. Directions for improving the organization of special economic zones in the Russian Federation. Gosudarstvennaya sluzhba. 2019. № 2. P. 65-70. In Russian
Trunin P., Kamenskih M., Muftyahetdinova M. Islamic financial system: current status and development prospects. M.: IEPP, 2009. In Russian
Jeskomb E.R. Public-private partnership. Basic principles of financing / Translation from English edited by R.F, Yabbarova. M.: Alpina Publisher, 2015. In Russian
Kisel K. Partnership between public and private sector: theoretical foundations /. Biznes. Obschestvo. Vlast. 2012. № 10. P. 1-15. In Russian
Kurbanov S.A., Khamuradov M.A. Risks and their role in public-private partnership. Politika, ekonomika i sotsialnaya sfera: problem vzaimodeistviya. 2016. № 8. P. 16-22. In Russian
Nikiforenko A.S. Public-private partnership infrastructure projects financing by means of project bonds and credit default swaps. Forum. Seriya: gumanitarnye i ekonomicheskie nauki. 2018. № 3 (5). P. 289-292. In Russian
Reznichenko N.V. Models for public-private partnership. Vestnik Sankt-Peterburgskogo universiteta. Seriya: Management. 2010. № 4. P. 58-83. In Russian
Petyukov S.E. Financing investment projects in the electric power using public-private partnership mechanism: Ph.D. dissertation. Financial University under the Government of the Russian Federation, Moscow, 2018. In Russian
Articles in Open Access mode are published under the Creative Commons Attribution 4.0 International (CC BY) license.
