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Evaluating the return on private investment in public-private partnerships

Vol. 25, Iss. 8, AUGUST 2019

Received: 13 December 2018

Received in revised form: 21 May 2019

Accepted: 4 June 2019

Available online: 30 August 2019

Subject Heading: INVESTING

JEL Classification: D22, E47, G11, G17

Pages: 1918–1932

Belyaeva A.S. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation

Subject This article discusses the issues and problems of private investment in public-private partnerships.
Objectives The article aims to analyze the current situation in public-private partnerships.
Methods The research methodology includes a comparative analysis, formalization, and financial modeling.
Results The article describes the key characteristics of public-private partnerships and shows its prevalence in the Russian economy. It tells of the need for an investment analysis when assessing the feasibility of a project using the internal rate of return. The article proposes an original definition of public-private partnerships and mechanism of financial modeling for practical assessment of the feasibility of private investment in public-private partnerships.
Conclusions and Relevance The existing financial terms of public-private partnership agreements do not correspond to the conditions for obtaining fair returns for the sectors characteristic of public-private partnership. To address this problem, it is necessary to use a methodology to justify the performance of private investment in such a project. The results of the study can be used to further explore the efficiency of investing in public-private partnership projects.

Keywords: investment, internal rate of return, State


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