Finance and Credit
 

Abstracting and Indexing

РИНЦ
Referativny Zhurnal VINITI RAS
Worldcat
LCCN Permalink
Google Scholar

Online available

EBSCOhost
Eastview
Elibrary
Biblioclub

Archiving

Cyberleninka (12 month OA embargo)

A financial mechanism to develop transport infrastructure based on concession agreements

Vol. 25, Iss. 10, OCTOBER 2019

Received: 12 August 2019

Received in revised form: 26 August 2019

Accepted: 9 September 2019

Available online: 30 October 2019

Subject Heading: INVESTING

JEL Classification: C13, H54, L90, L98, O22

Pages: 2402–2413

https://doi.org/10.24891/fc.25.10.2402

Savrukov A.N. Plekhanov Russian University of Economics, Moscow, Russian Federation
savrukov_a@mail.ru

https://orcid.org/0000-0003-0739-4287

Savrukov N.T. Nizhny Novgorod State University of Engineering and Economics, Knyaginino, Nizhny Novgorod, Russian Federation
mikul.savrukov@yandex.ru

https://orcid.org/0000-0002-1688-9006

Kozlovskaya E.A. Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation
erankoz@mail.ru

https://orcid.org/0000-0003-0983-6907

Subject The article addresses the relations between legal entities within transport infrastructure development projects that are implemented on the basis of concession agreements.
Objectives The purpose of the study is to develop a mechanism to finance the development of transport infrastructure on the basis of concession agreements. It will harmonize and take into account the interests of all participants and attract extra-budgetary resources for construction and modernization of infrastructure.
Methods We employ the systems and targeted approach, generalization, methods of comparative analysis and elements of quantitative analysis.
Results The article offers and discloses a financial mechanism for transport infrastructure development based on concession agreements. It includes a model of interaction between participants to concession agreements, budget financing through subsidies in the form of a capital grant, and guaranteed traffic to private partners. It also establishes tariffs for transportation with investment premium. The practical use of the offered mechanism will create and maintain the transport infrastructure, share risks and attract private capital to solve important tasks for national economy development.
Conclusions Integrated development is crucial for transport infrastructure. It will improve the competitiveness of the economy and realize the country's transit potential. The offered financial mechanism includes the attraction of private investment, State guarantees, and compensation of possible risks allocated to the concession owner.

Keywords: financing, transport, infrastructure, public-private partnership, concession

References:

  1. Li B., Akintoye A., Hardcastle C. VFM and Risk Allocation Models in Construction PPP Projects. URL: Link
  2. Higton N., Clark S.L. Using Public Private Partnerships to Deliver Successful Rail Projects. URL: Link
  3. Varnavskii V.G., Klimenko V.A., Korolev V.A. et al. Gosudarstvenno-chastnoe partnerstvo: teoriya i praktika [Public-Private Partnership: Theory and Practice]. Moscow, SU HSE Publ., 2010, 287 p.
  4. Kabashkin V.A. Gosudarstvenno-chastnoe partnerstvo v regionakh Rossiiskoi Federatsii [Public-private partnership in regions of the Russian Federation]. Moscow, Delo Publ., 2010, 117 p.
  5. Kogan A.B. [Interbranch analysis of the Novosibirsk region economy]. Vestnik NGUEU = Vestnik NSUEM, 2016, no. 1, pp. 123–132. URL: Link# (In Russ.)
  6. Jiwattanakulpaisarn P., Noland R.B., Graham D.J., Polak J.W. Highway Infrastructure Investment and County Employment Growth: A Dynamic Panel Regression Analysis. Journal of Regional Science, 2009, vol. 49, iss. 2, pp. 263–286. URL: Link
  7. Pereira A.M., Andraz J.M. On the Economic Effects of Public Infrastructure Investment: A Survey of the International Evidence. College of William and Mary, Department of Economics Working Paper, 2013, no. 108. URL: Link
  8. Chen Z., Haynes K.E. Public Surface Transportation and Regional Output: A Spatial Panel Approach. Papers in Regional Science, 2015, vol. 94, iss. 4, pp. 727–751. URL: Link
  9. Pollitt C., Bouckaert D. Public Management Reform: A Comparative Analysis. Oxford University Press, 2011, 392 p. URL: Link
  10. Clifton C., Duffield C.F. Improved PFI/PPP service outcomes through the integration of Alliance principles. International Journal of Project Management, 2006, vol. 24, iss. 7, pp. 573–586. URL: Link
  11. Iyer K.C., Sagheer M. Hierarchical Structuring of PPP Risks Using Interpretative Structural Modeling. Journal of Construction Engineering and Management, 2010, vol. 136, iss. 2, pp. 151–159. URL: LinkCO.1943-7862.0000127
  12. Gross M., Garvin M. Structuring PPP toll-road contracts to achieve public pricing objectives. The Engineering Project Organization Journal, 2011, vol. 1, iss. 2, pp. 143–156. URL: Link
  13. Savrukov A.N., Savrukov N.T., Kozlovskaya E.A. [Assessment of the state and level of development of public-private partnership projects in the subjects of the Russian Federation]. Voprosy Ekonomiki, 2018, no. 7, pp. 131–141. (In Russ.) URL: Link
  14. Shor I.M. [Stages of concession mechanisms implementation in the Volgograd oblast]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2018, vol. 11, no. 1, pp. 102–120. (In Russ.) URL: Link
  15. Skamris M.K., Flyvbjerg B. Accuracy of Traffic Forecasts and Cost Estimates on Large Transportation Projects. Transportation Research Record: Journal of the Transportation Research Board, 1996, vol. 1518, iss. 1, pp. 65–69. URL: Link
  16. Velikaya E.M. [State regulation features of freight rail transportation tariffs]. Vestnik Irkutskogo gosudarstvennogo tekhnicheskogo universiteta = Proceedings of Irkutsk State Technical University, 2014, no. 2, pp. 194–198. URL: Link (In Russ.)
  17. Baranov V.V., Baranova I.V., Muradov A.A. [Concession agreements as a tool for the implementation of public-private partnership in the management of infrastructure and socially significant projects]. Imushchestvennye otnosheniya v Rossiiskoi Federatsii = Property Relations in the Russian Federation, 2015, no. 9, pp. 74–81. (In Russ.)

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 25, Iss. 10
October 2019

Archive