Применимость ГЧП контрактации инфраструктурных проектов как функция их специфичности (на примере проекта строительства Крымского моста)

Abstract

The Crimean bridge as the largest infrastructure project of Russia can be considered as a marginal case of the relative effectiveness of public financing without the involvement of the private partner. According to the formalization employed the implementation of project through the market coordination leads to the arising of additional costs due to the rising of specificity’s level. Increasing of these costs is not linear and more intensive than the growth of the level of specificity. Introduction of the NPV-efficiency assessment tool into the analysis allows to prove the fact of a limiting reduction of this interval in case of considering the risk profile of the project under consideration. The reserve required due to risk of rising of budget formed because of project’s scale actually is not existing according to next reasons: 1) the rising of discount rate is more intensive than raising of negative expectations; 2) the raising of the additional equity premium is more intensive than rising of the risk-free rat itself. Thus, the project of the Crimean bridge should be considered as an marginal case of relatively effectiveness of direct government funding comparing PPP scheme.

Keywords:

large-scale project, public-private partnership, transaction costs, institutional analysis, contracts’ design, the Crimean bridge