Abstract
Public Private Partnership (PPP) projects have attracted wide attention from academia and industry over the past 20 years, however, they have been plagued by certain factors. This study identified, classified, and evaluated the success factors that may affect PPP projects for achieving sustainability. First, a list of 32 critical success factors were categorized into 3 groups, then a questionnaire survey was conducted, with 108 responses received from experts, researchers, and PPP project managers in China. Second, using a fuzzy synthetic evaluation (FSE) method, stakeholder relationships (A1–A10), external environmental (B1–B8), and project management of a special purpose vehicle (C1–C14) collected data at three different factor group locations in PPP projects were used in this evaluation. The results obtained nine top factors: private sector financing capacity, government credit, government commitment or guarantee, completeness of legal framework, available financial markets, the feasibility study report and implementation, effectiveness of risk management, project investment, and cost control and revenue distribution. It was demonstrated that fuzzy synthetic evaluation techniques are quite appropriate techniques for PPP projects. The research findings should impact on policy development towards PPP and Private Finance Initiative (PFI) project governance.
Highlights
Public private partnership (PPP) projects have been widely used to ease pressure on government finances in China since 2013
The analysis showed that these critical success factors were mainly related to political influence
This section discusses the top nine critical success factors that has divide into three success groupings in formulating sustainable PPP
Summary
Public private partnership (PPP) projects have been widely used to ease pressure on government finances in China since 2013. The core principles of a PPP project include win–win cooperation, risk allocation, sustainability, and revenue sharing [1,2,3,4,5,6,7]. PPP projects have been characterized as having a long implementation period [8], large investment scale [9], complex financing structure [10], financial and investment sustainability [11,12,13], and diverse participants [14]. Based on a recent literature review [15,16,17,18], critical success factors over a long-term cooperation period were identified to help public and private stakeholders control PPP project performance risks
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