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- Publisher
- Taylor & Francis
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- © 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group on behalf of the Architectural Institute of Japan, Architectural Institute of Korea and Architectural Society of China.
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- 10.1080/13467581.2023.2208197
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Abstract
JOURNAL OF ASIAN ARCHITECTURE AND BUILDING ENGINEERING https://doi.org/10.1080/13467581.2023.2208197 CONSTRUCTION MANAGEMENT Research status and trend of PPP in the US and China: visual knowledge mapping analysis a b c,d e b Yongchao Cao , Chengyi Zhang , Huimin Li , Limin Su and Muskan Sharma Kuinkel a b School of Management and Economics, North China University of Water Resources and Electric Power, Zhengzhou, China; Department of Civil and Architectural Engineering, University of Wyoming, Laramie, Wyoming, USA; Department of Construction Engineering and Management, North China University of Water Resources and Electric Power, Zhengzhou, China; Henan Key Laboratory of Water Environment Simulation and Treatment, Zhengzhou, China; School of Mathematics and Statistics, North China University of Water Resources and Electric Power, Zhengzhou, China ABSTRACT ARTICLE HISTORY Received 22 September 2022 Public-private-partnership (PPP) model has been widely used in public services and infrastruc- Accepted 24 April 2023 ture projects, and many relevant studies on PPP have emerged. Based on CiteSpace and VOS viewer, this study aims to comprehensively analyze the research status and development trend KEYWORDS of the PPP model in China and US. Firstly, the essential statistical characteristics of authors, Public–private partnership; institutions, and publications are given based on the relevant data collection in Web of Science research trend; visualized core collection database. Secondly, the research hotspots and evolution trends of PPP by analysis; Us and China scholars in China and US are discussed by carrying out keywords co-occurrence analysis and cluster analysis. Finally, from the literature analysis and keyword co-occurrence network over time, the research directions, such as payment risks for the government during the operation period, early termination mechanism and system compensation mechanism, government supervision, and related information, are summarized and forecast, to provide theoretical guidance for the future research on PPP. 1. Introduction construction, operation, maintenance, and management The Public-Private Partnership (PPP) model has of facilities or systems, where the public sector usually become an important way to supply public goods owns facilities or systems. In contrast, the private sector is and purchase public services. It has brought not only given the right to decide how to complete the projects or significant changes and innovations to the develop- tasks (FHWA 2015; Lee and Miller 2021). PPP in China ment of the field (Cheng et al. 2020) but also brought refers to the long-term cooperative relationship between great benefits to economic and social development the public and private sectors to provide public goods or (Shioji 2001). With the advantages of reducing the services. The narrow sense of PPP emphasizes the com- financial burden, improving the supply efficiency of plementary advantages, risk-sharing, and benefit-sharing infrastructure or public services, sharing risks, and pro- between the public and private sectors. PPP can be moting the transformation of the role of the govern- understood as a long-term contractual relationship ment, and related issues, the PPP model is widely used between the public and private sectors based on infra- in infrastructure projects, which significantly improves structure and public utilities, in a broad or narrow sense, the economic value of infrastructure and public service in which the public sector is the regulator, collaborator, outputs while promoting their development simulta- and purchaser. The private sector is responsible for infra- neously. The PPP has been widely used in developed structure investment, financing, design, construction, and developing countries (Cheng et al. 2020; Song operation, and maintenance. The investment income of et al. 2019). However, there are still great differences the private sector is obtained as “user payment” or “gov- in various regulations and industrial applications of ernment payment,” or “feasibility gap subsidy” (Finance PPP among countries due to their varying pace of 2014; Cheng et al. 2020). development (Cheng et al. 2020). Moreover, the development of PPP has gone There is still no unified definition for the PPP model through the stages of germination, exploration, pro- (Khanom 2010). According to the federal transportation motion, and accelerated development, and has administration, a PPP is a contractual relationship obtained rich research results in each stage (Song between the public and the private sectors based on et al. 2022). In particular, the globalization of PPP has a contract. The contract generally refers to the repair, further profoundly influenced the development and CONTACT Chengyi Zhang chengyi.zhang@uwyo.edu Department of Civil and Architectural Engineering, University of Wyoming, WY 82071, Laramie, USA © 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group on behalf of the Architectural Institute of Japan, Architectural Institute of Korea and Architectural Society of China. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. 2 Y. CAO ET AL. growth of such projects (Siemiatycki 2013). Under the viewer were used to describe the research status and current open market economic environment, PPP pro- development trends, and then analyze the differences jects in developed countries, represented by the between China and the US. Section 4 includes United States, also have distinctive international char- a descriptive analysis of general trends in publications, acteristics. The United States, as an economic power, academic “PPP” of different stakeholders, and major has always paid attention to introducing various forms source journals. Section 5 analyses the research fron- of financing from the private sector as a process of tier and the topics of trend. Lastly, directions for future economic development. The country has formed research on PPP and the conclusion of this study a unique PPP management system and development appear in Sections 5 and 6, respectively. model reflecting the actual situation, such as multi- modal PPPs, the world bank database, and so on (Lee 2. Research designed and Miller 2021; Pantangi et al. 2022; Kaminsky 2022). On the other hand, some developing countries repre- This section summarizes about the relevant literature sented by China are constantly summarizing the both in China and the US and further reveals the main uniqueness and successful experiences of the PPP developing trend of research in PPP in China and the model while actively participating in international US simultaneously. The research procedures and meth- cooperation (Ke et al. 2010; Xiong and Han 2021; odological framework are shown in Figure 1. Song et al. 2022). However, different development paths exist between developed and developing coun- 2.1. Methods tries due to differences in social and economic systems and market environment. Therefore, the following The works of literature published in a specific discipline questions are worth further consideration. reflect the scientific characteristics of the field to a certain extent, which means predicting the develop- (1) What are the differences in development status ment trend of a specific discipline can be extracted and and evolution trends between China and USA condensed from those works (Kuhn 1962). Information for the PPP model? visualization technology can explore the dynamic (2) What is the mechanism of the differences? structure and development law hidden in massive (3) What could be the conceptual framework and data to a great extent since it can make the processing future research directions for PPP? and analysis of citation data no longer limited by the number of citations (Chen et al. 2012). To answer the above questions, this study has been Cite Space and VOS viewer are the most frequently structured into six sections. Following a bit of back- used knowledge mapping tools in the field of scientific ground and introduction in Section 1, the research metrology (Pan, Xu, and Skare 2022). Specifically, the methodology is described in Section 2. This study col- citation visual analysis technologies of Cite Space and lected all relevant pieces of literature published since VOS viewer software are comprehensively used to 1991.01 in China and the US. Cite Space and VOS describe the measurement with dynamic, time-sharing, Figure 1. The framework of the relevant research procedures and methodological. JOURNAL OF ASIAN ARCHITECTURE AND BUILDING ENGINEERING 3 China US 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Year Figure 2. The Number of Publications of PPP from 1991 to 2022 in the US and China. and multivariate for the literature of PPP in China and the resulted in a total of 478 articles from the authors US, respectively, which is embodied in the visual opera- of the U.S. and 615 articles from the authors of tions, such as the statistical analysis of the literature, co- China. The selected research papers and articles occurrence of organization or author cooperation, co- were studied thoroughly to understand the trend occurrence and clustering, mutation of keywords. Based of PPP in both countries. on the methods of co-word analysis, cluster analysis, and co-citation analysis, the visual knowledge mapping is drawn, and the primary citation nodes, knowledge turn- 3. Descriptive analysis ing points, and key paths in the evolution of the PPP 3.1. General trends of publications knowledge field are identified to further explore the current development trend on PPP research field in The development trend of PPP in China and the US China and the USA, respectively. could be understood by exploring the publications selected for this study. Figure 2 depicts the research on PPP in China and the US. It is observed that the 2.2. Data collection and processing research in the area of PPP rose steadily from 2010 The Web of Science (WOS) database is considered until 2020 for both the countries where the an authoritative data source for publications (Singh U.S. witnessed a sharp rise between 2016 to 2020. et al. 2021). Meanwhile, the WOS core collection Due to the government budget and per capita database is considered a convenient data source income reduction, there is a significant gap in con- that can carry out a quantitative analysis of the struction and maintenance funds for public transport PPP (Song et al. 2019). Therefore, the WOS data- infrastructure. To fill in the funding gap and further base, including SCI, SCIE, SSCI, A&HCI, ESCI, was stimulate economic recovery, the US promulgated chosen to extract the publications in the research the American Recovery and Reinvestment Act in area of the PPP (Li et al. 2021). Precise query was 2009 to encourage the private sector to participate carried out including the to retrieve “TS = [(public in infrastructure construction in terms of laws. private partnership* AND public AND private AND Subsequently, the American Investment Proposal partnership) OR (BOT AND build AND operate AND was constructed, and the strategies for expanding transfer) OR (PFI AND private AND finance AND the infrastructure investment were further clarified initiative) OR (BOOT AND build AND operate AND through cooperation with the private sector. Since own AND transfer) OR (BOO AND build AND own then, the PPP model in the US entered a phase of AND operate) OR (DBFO AND design AND build acceleration, which established a certain foundation AND finance AND operate) OR (TOT AND transfer for research on PPP in the US. On the other hand, the AND operate AND transfer) OR (ROT AND renovate research on PPP in China was still at the initial stage AND operate AND transfer) OR (BLT AND build AND during 2010–2014, which escalated from 2015 until lease AND transfer)]”, selecting China and the US as 2020. Meanwhile, many relevant policies, such as gui- Countries, within the date range 1991.01–2022.03. dance on innovating investment and financing Out of the articles searched, the records that were mechanisms in key areas and encouraging social not related to the topics and strategies, and dupli- investment, are being issued to promote the PPP cate articles were screened and eliminated, which model vigorously. Many PPP projects in different Publications in the WOS 4 Y. CAO ET AL. industries are being implemented, acting as fertile that many institutions have begun to invest a lot of soil for the research in the PPP model. scientific research in the field of PPP, and cooperative relationships among various institutions have gradu- ally been established. In Table 2, the top 10 authors in the field of PPP is 3.2. Academic “PPP” of different stakeholders listed sorted by their NP. Here, the h-index and AVE To fully understand the academic contributions of the (Average Citation per Publication) are introduced to countries, mainstream institutions, and the researchers further evaluate their academic contributions in the in the relevant fields of (Li et al. 2021) research, the field of PPP. These are important indicators to measure academic “PPP” of different stakeholders are divided the scientific research level of a researcher (Li et al. into macro level, meso level, and micro level, where 2021). Albert P.C. Chan has the highest NP (88) as the countries as in macro level are only set for the US well as h-index (59), while Yong Jian Ke has the highest and China, and the meso and micro levels being the AVE (64.93) among the listed authors. The mentioned institutions and scholars from these countries respec- authors in this list are considered to deliver a valuable tively (Li et al. 2021). impact in the research area. According to the WOS core collection database, the number of publications (NP) on PPP in the US from January 1991 through March 2022 was 478, 3.3. Major source journals and that in China was 615. Table 1 summarizes the top 10 institutions for the most NP in China and Although the relevant works of literature have the U.S. The values of betweenness centrality (C) been published in more than 200 different jour- for the corresponding institutions are also nals, the research publications are mainly focused included. An American scholar Leydesdorff (2007) on some authorized journals, for example, used the betweenness centrality as a key index to Sustainability, Journal of Management in measure the academic characteristics of literary Engineering, Journal of Construction Engineering, journals. Professor Chen Chaomei (Chen et al. and Management, Transportation Research Record, 2012), the developer of Cite Space, also used Journal of Cleaner Production, Engineering betweenness centrality to represent the impor- Construction and Architectural Management. The tance of the scientific measurement units, such as factors, such as NP, Co-citation frequency (Co), authors and citations in the literature. Therefore, and Journal Impact Factor™ (Five Year) (JIF), that the academic influence can be evaluated by inter- effectively reflect the importance of periodicals and mediary centrality. publications, have been introduced to evaluate the From Table 1, in the U.S., the University System of journals publishing the research on PPP (Pu, Xu, Maryland ranks in the top with NP = 35 and C = 0.07, and Marques 2021; Li et al. 2021). The data are followed by Cornell University with NP = 20 and C = represented in Table 3. 0.09. On the other hand, in China, Hong Kong From Table 3, it is observed that there are 65 Polytechnic University is at the top with the highest articles published in the Sustainability Journal, NP = 102, followed by other institutions. This shows which shows that the scholars pay more attention Table 1. The top 10 active and productive institutions in PPP research. US China Rank Institution NP C Institution NP C 1 University System of Maryland 35 0.07 Hong Kong Polytechnic University 102 0.35 2 Cornell University 20 0.09 Dalian University of Technology 37 0.08 3 Columbia 12 0.02 Southeast University 35 0.15 4 Harvard University 11 0.09 Tong Ji University 34 0.26 5 Purdue University 10 0 Hong Kong University of Science of Technology 25 0.04 6 Centers For Disease Control Prevention USA 9 0.06 Tsinghua University 24 0.10 7 Georgia Institute of Technology 9 0.01 University of Hong Kong 23 0.06 8 George Mason University 8 0.08 Sichuan University 21 0.04 9 Stanford University 8 0.10 Beijing Jiaotong University 20 0.06 10 University of Washington 8 0 Chongqing University 17 0.06 Table 2. The top 10 active and productive authors in PPP research. Rank Author NP h-index AVE Rank Author NP h-index AVE 1 Chan, Albert P. C. 88 59 44.05 6 Wang, S.Q. 24 17 63.29 2 Zhang, X.Q. 33 27 47.27 7 Chen, C 23 11 15.65 3 Ke, Y.J. 28 20 64.93 8 Xiong, W. 22 31 20.95 4 Skibniewski, M.J. 25 47 30.28 9 Wang,H.M. 18 8 16.50 5 Yuan, J.F. 25 19 24.52 10 Garvin, M.J. 16 14 27.75 JOURNAL OF ASIAN ARCHITECTURE AND BUILDING ENGINEERING 5 Table 3. The top 10 source journal of PPP research in the US and China. Rank Source journals NP Co JIF Rank Source journals NP Co JIF 1 Sustainability 65 605 3.473 6 Engineering Construction and Architectural 28 153 4.129 Management 2 Journal of Management in Engineering 51 1341 6.212 7 Public Performance Management Review 23 350 3.458 3 Journal of Construction Engineering and 42 1190 4.513 9 International Journal of Project Management 24 2097 9.222 Management 4 Transportation Research Record 42 185 1.686 8 Journal of Infrastructure Systems 23 514 3.014 5 Journal of Cleaner Production 30 728 9.444 10 International Journal of Strategic Project 18 244 2.310 Management to the research on the sustainability of PPP projects. appeared are counted, which reflects the research Meanwhile, the rapid economic development since progress of China and the US in the field of PPP. the reform and opening in China has led to some VOS viewer was used to obtaining the co- environmental impacts, which provides a certain occurrence network of all keywords (Author key- research objective for scholars to investigate the words and keywordsPlus) corresponding to the area of PPP in the environmental field (Li et al. research on PPP. 2020; An et al. 2018). Hence, the publications of Here the occurrence threshold of each keyword is such study in the Journal of Cleaner Production set to 20. The number of articles meeting the threshold resulted with NP = 30, Co = 728, and JIF = 9.444. is 35 out of 1968 keywords and 90 out of 2385 key- Besides those, both China and the US carried out words from articles published in the US and China, many PPP projects in the field of transportation dur- respectively. Figure 3. shows the co-occurrence net- ing the early stage which led to the study in that work for China and the US. field and resulted in 42 articles being published in In Figure 3., besides the keyword “public-private the Transportation Research Record. After many years partnership”, the top five keywords with the highest of development, the application of the PPP model frequency in the papers from the US were infrastruc- has transformed to the construction or service of ture projects (74), performance (50), management (50), government projects (Song et al. 2022) such as public risk management (53), governance (48), and that in transport, education, medical treatment, environmen- China were projected (occurrences 141), China (128), tal protection, and even prisons and police stations management (112), risk allocation (119), critical success (Song et al. 2022). More importantly, the factors (112). International Journal of project management, one of The occurrence times of keywords with time evolu- the top journals in SSCI, has a JIF of 9.222. Its citation tion can be better understood according to the color is as high as 2097 times, while the NP is only 24, change of keywords in Figure 3. Specifically, the hea- which is sufficient to illustrate this journal’s impor- vier the color, the earlier the keyword appears. tance and reference value for research in the field of Conversely, the lighter the color, the later the keyword PPP (Pu, Xu, and Marques 2021). Additionally, scho- appears (Pan, Xu, and Skare 2022). As seen in Figure 3., lars from China and the US have also published the color yellow appears later. Hence, the keywords in articles related to PPP in journals like the Journal of yellow represent the primary research hotspot in Management in Engineering, and the Journal of recent years. It is well understood that the research Construction Engineering and Management with from American scholars since 2017 is mainly focused a considerable number of publications. on critical success factors, performance, determinants, incomplete contracts, and governance. Those from Chinese scholars since 2019 are mainly on governance, 4. Analysis of the research frontier and sustainability, contracts, investment, and decision- trending topics making. 4.1. Keywords co-occurrence analysis On the other hand, from the temporal and spa- The trend topics mainly refer to one or more of the tial distribution of keywords, the research on PPP in core topics in a scientific research field, represent- China and US are at different stages. Primarily, ing the theoretical knowledge and technical appli- researchers are found to be concerned about the cation concerned by most researchers in this field. sustainability of PPP projects since 2019. Although Co-occurrence analysis is the quantitative research some contributions to the Chinese economy are on the co-occurrence times of keywords that can adopted from foreign PPP experience and knowl- reveal the relevance and corresponding character- edge, some problems still exist (Song, Hu, and istics of the research content (Kraus, Breier, and Feng 2018). For example, the projects such as Dasí-Rodríguez 2020; Kraus et al. 2020). Fuzhou No. 4 Minjiang River Bridge, Quanzhou Specifically, the trending topics from January 1991 Citong Bridge, brought massive loss to society due to March 2022 and the time every keyword first to the mistakes in decision-making by the 6 Y. CAO ET AL. (a)US (b)China Figure 3. Visualization map of the keyword co-occurrence network related to PPP research (Occurrences of keyword≥20). Figure 4. Cluster analysis of documents in the PPP research field. government. Therefore, scholars in China have been extracted from the collected literature, and then the paying attention to the contents of governance, chart representing cluster analysis is drawn on the sustainability, investment, and decision-making in research of PPP in China and the US, which repre- PPP projects. sents the major research topics. From the cluster Also, it is worth mentioning that the research on analysis based on the Log-Likelihood Ratio (LLR) low-carbon and renewable energy is not shown in the algorithm, the major research topics are #0 “manage- figure, with the current issues in global warming, cli- ment”, #1 “policy”, #2 “behavior”, #3 “performance”, mate degradation, and energy depletion still being on #4 “risk”, #5 “pricing”, #6 “governance”, #7 “revenue the table. This research should focus on the application risk”, #8 “operational” and #9 “dispute”, as shown in and practice with the development of society. Figure 4. The relevant parameters of the network are labeled in the upper left corner of Figure 4. In parti- cular, the modularity Q of 0.58 in the clustering 4.2. Keywords cluster analysis structure is significant(>0.3), which represents that Based on the keyword frequency analysis, this section inter-cluster connections are considerable and over- will continue to study the development mode and whelming (Chen, Ibekwe-Sanjuan, and Hou 2010). In research trend through keyword clustering analysis. addition, the mean silhouette used to evaluate the Keywords and high-frequency words are firstly average homogeneity of these clusters is 0.8256 JOURNAL OF ASIAN ARCHITECTURE AND BUILDING ENGINEERING 7 (>0.5), representing a rational high silhouette value great significance to the research on identifying and and a more uniform structure (Chen, Ibekwe-Sanjuan, preventing policy risks for PPP projects. and Hou 2010). Cluster #2 “behavior” refers to opportunism beha- Cluster #0 “management” mainly refers to project viors. The research on opportunism behaviors began management of PPP projects, which began with the with the transaction cost theory, which reflected that construction project management and developed in one party to the transaction pursuing their interests the field of construction, investment, and financing does not hesitate to sacrifice other parties. It is not only management for infrastructure projects. The research manifested in deliberately avoiding and evading con- team led by scholars Ke et al. (2009) from China firstly tractual obligations but also in behaviors of false com- did the literature analysis and theoretical reviews on mitment, deception, concealment, and dishonesty project management of PPP. This laid a theoretical (Brown, Grzeskowiak, and Dev 2009; Ozkan-Tektas foundation for the construction and research on the 2014). Due to the particularity of PPP projects, there theoretical management system of PPP projects (Ke are always the risks of private sectors taking specula- et al. 2009). Tang, Shen, and Cheng (2010) conducted tive behaviors in PPP projects. Xiang, Huo, and Shen a literature review on the project management of PPP (2015) pointed out that the main reason causing losses in the construction engineering field to improve exist- and risks is the opportunistic behaviors of the private ing practices and provide new insights for future sector led by information asymmetry (Xiang, Huo, and research on PPP (Tang, Shen, and Cheng 2010). Song, Shen 2015). To curb the opportunistic behaviors of the Zhang, and Dong (2016, 2019) successively carried out private sector, Liu et al. (2016) analyzed the mechanism statistics and analysis on research literature on PPP in restraining the opportunistic behaviors through the WOS using knowledge clustering and other methods principal-agent theory, which is based on the contrac- (Song, Zhang, and Dong 2016; Song et al. 2019). It tual relationship between public and private sectors reveals the research hot spots and evolution trends in and provides new insights for the construction of PPP the research of PPP in recent 20 years from the per- contracts (Liu et al. 2016). Furthermore, from the per- spective of project management, which brings enlight- spective of government supervision, Liu et al. (2017) enment in future research. gave the selection strategies of opportunistic beha- Cluster #1 “policy” mainly refers to the system or viors of public and private sectors during the operation policy of PPP. In recent years, the problems exposed by period using evolutionary game theory. They put for- the large-scale implementation of PPP are related to ward policy suggestions for government supervision the imperfect construction of systems and policies. The (Liu et al. 2017). The existence of opportunistic beha- expected development of PPP should include fair and vior is not conducive to the cooperation between the standardized systems and procedures, extensive public public sector and the private sector and may also bring participation (Boyer 2016). While developing countries more conflicts (Feng, Hao, and Li 2021). usually face difficulties, such as lagging construction of Cluster #3 “performance” mainly refers to the per- the system and weak awareness in the market, which formance evaluation of PPP projects. The performance increases the risks of PPP failure (Qin, Luo, and Wang evaluation is evaluated for economic, social, risk shar- 2022). With the intensive release and active implemen- ing, environment, technology, and other factors tation of policies in the field of PPP, relevant research related to the implementation and operation of the has been enriched, including regulation systems (Yuan projects should be evaluated comprehensively and et al. 2018), policies on diffusion, policy learning, and objectively, which to the requirements of PPP project the role of government in the implementation process stakeholders such as project investors, government of projects. Meanwhile, the research on matching the departments and the public and the interests of pro- legal system construction is also becoming more abun- ject objectives (Yuan et al. 2009, 2010; Love et al. 2015). dant (Zhang 2015). Rouhani, Oliver Gao, and Richard Improving the performance of PPP projects has always Geddes (2015) pointed out that previous studies on been a key goal of PPP to achieve value for money infrastructure PPP projects mostly focused on model- (Zhang 2005; Song et al. 2019). From Figure 4, the most ing without policy analysis and provided correspond- highly cited article from Yuan et al. (2009) defined ing suggestions to policymakers on the payment performance objectives and key performance indica- mechanism of PPP projects (Rouhani, Oliver Gao, and tors (KPIs) to evaluate the performance of PPP projects. Richard Geddes 2015). Osei-Kyei and Chan (2017) Based on the perspective of stakeholders, question- explored the critical success factors of PPP projects naires and interviews are further used to determine through case studies and compared the results with the KPI of the PPP projects (Yuan et al. 2009, 2010). global experience, which provided practical and man- Given the fact that the traditional fixed capital struc- agement enlightenment for the policy implementation ture and performance measurement methods cannot of PPP projects (Osei-Kyei and Chan 2017). Wu et al. describe the dynamic evolution of project perfor- (2020) studied the impact of policy changes on PPP mance risk, a dynamic capital structure method is con- projects through a case study (Wu et al. 2020). It is of structed to carry out performance and risk 8 Y. CAO ET AL. management of projects under uncertainty transfer of PPP projects, Blanc-Brude, Goldsmith, and (Sundararajan and Tseng 2017). Wang et al. (2021) Välilä (2009) found that the construction cost is higher analyzed the impact of various stakeholders on the than that of the traditional procurement method by performance of PPP projects using a social network analyzing the construction contract price of tradition- to measure the output and results during the whole ally procured roads and public-private partnerships life cycle of PPP projects (Wang et al. 2021). (Blanc-Brude, Goldsmith, and Välilä 2009). The market- Cluster #4 “risk” and Cluster #7 “revenue risk” can be based option pricing approach called the risk-neutral summarized as risk management, including risk assess- valuation method was used to determine the correct ment, allocation, and revenue risk. However, Cluster #9 value of minimum revenue guarantee (MRG) options “dispute” is risk assessment and unreasonable risk (Ashuri et al. 2012), which is the most frequently cited sharing. Currently, the research on risk management literature in clustering (Ashuri et al. 2012). Song et al. has become one of the hot issues in PPP (Yuan et al. (2018)studied government guarantees in the PPP toll 2018). Taking the PPP projects in Hong Kong as an road projects, which suggested that the government example, Shen, Platten, and Deng (2006) discussed considers the surplus of private firms, and the surplus the main risks in the implementation process of PPP and social welfare of service-users when making the projects and further studied the risk sharing between guarantee scheme (Song et al. 2018). Feng et al. (2016) public and private sectors (Shen, Platten, and Deng investigated optimal subsidy schemes of the public 2006). Wang et al. (2000, 2004) put forward the rele- sector and optimal service prices for toll roads, which vant risk management model for PPP projects (Wang found that the subsidy from the public sector can et al. 2000; Wang, Dulaimi, and Aguria 2004). improve service quality for a low sufficiently public- Subsequently, Ke, Wang, and Chan (2013) put forward management cost, and for the optimal service price the risk sharing mechanism and studied the preference and the subsidy, the private sector only obtains reser- for risk sharing in China, Hong Kong, the United vation surplus (Feng et al. 2016). Kingdom, and Greece (Ke et al. 2010; Ke, Wang, and Cluster #6 “governance”, that is project governance. Chan 2013). The basis of financing and cooperation for The inherent incompleteness of contract and the infrastructure projects is the risk sharing between pub- inherently unstable partnership of PPP projects lic and private sectors (Ke et al. 2010), and reasonable increases the difficulty of project management. The risk sharing can reduce the occurrence of a dispute existing governance system based on project contract during the concession period (Ke, Wang, and Chan and relationship norms are difficult to deal with the 2010). And scholars extended the existing risk research complex practical problems of PPP projects effectively framework and empirical research. Additionally, sev- and falls into the dilemma of incomplete project gov- eral risks, such as political risk, financial risk, revenue ernance mechanism and the relationship of unclear risk, and so on, have also been hot issues in the risk elements, resulting in the low effectiveness of manage- management of PPP projects. Unfortunately, the pre- ment for PPP projects. Good project governance is an sent risk research in the field of project management is important factor for the success of PPP projects (Zhang mainly based on subjective data such as questionnaire et al. 2015; Xiong et al. 2019). By comparing the devel- surveys, which can make the research results rely on opment of the PPP model in China and the US, Dong, “participants” and the project risk factors depend on Wang, and Yang (2016) discovered that the govern- “situation”. ment plays a key role in the operation process of PPP Cluster #5 “pricing” mainly refers to pricing products projects, which is very important for the reasonable or services of PPP projects. The factors affecting the supervision of the projects (Dong, Wang, and Yang price decision include the goals, cost, market demand, 2016). Derakhshan, Turner, and Mancini (2019) ana- competitors, and other external factors of enterprises lyzed the role and relationship of stakeholders inside (Yuan et al. 2019, 2021). With the increase in the num- and outside the organization from a systematic review ber of PPP projects, the design and optimization of PPP of the literature on project governance (Derakhshan, concession pricing are of great significance in improv- Turner, and Mancini 2019). It opens a new way for ing the management efficiency of PPP projects (Xu relevant research on stakeholders in project govern- et al. 2012; Yuan et al. 2019; Li et al. 2022). However, ance. From the research on pre-contractual relational due to the unique economy of public goods or ser- governance in PPP projects, Mu, Wu, and Haershan vices, PPP projects’ products or services differ from (2021) discovered that ex-ante relational governance those in the general market. The fundamental goal of could effectively reduce various uncertainties in the PPP project pricing is to maximize social utility (Li et al. implementation process of a contract. It is of great 2022). Meanwhile, the costs of the products or services, significance to sign the formal contract (Mu, Wu, and which are determined by the participation of the pri- Haershan 2021). In addition, compared with general vate sector, are still an important factor affecting the construction projects, the governance issues of PPP pricing of PPP projects (Yuan et al. 2021). Due to the projects are more complex (Chen 2020). For the com- construction, operation and maintenance, and risk plex governance network system of PPP projects, JOURNAL OF ASIAN ARCHITECTURE AND BUILDING ENGINEERING 9 different governance mechanisms and their elements being transferred to the operation period (Ming, are joint and influence each other instead of isolated. Hu, and Zheng 2021). The operation and main- The strength of the relationship among all elements tenance are the fundamental differences has become the core content of the research on pro- between PPP and traditional government pro- ject governance and project governance network jects. Although the time, source, and process of system. government payment, as well as the liability for Cluster #8 “operational” mainly refers to the man- breach of contract for failure to pay in time, is agement of PPP projects during the operational period stipulated in advance, there is a phenomenon or concession period. As more and more PPP projects that payment cannot be made in time due to begin the operation period, more attention and dis- the financial resources of some governments cussions are focused on problems that occurred during and the reputation of honoring agreements, the operation period. Lam and Javed (2015) pointed especially the impact of COVID-19 in the recent out that the uncertainty of incomes still is one of the two years. Given this risk, the public and private main risks when performance standards and output sectors should further design the refined pricing parameters are used in the monitoring process of mechanism or innovate the business model (Li operation and maintenance for PPP projects (Lam et al. 2022; Yuan et al. 2021). When multiple PPP and Javed 2015; Liang and Ashuri 2020). The perfor- projects are implemented simultaneously, the mance of the highway pavement and the complex private sector, especially large investment com- interactions among all relevant factors of stakeholders panies, can establish an internal capital pool were simulated using the system dynamics (SD) model taking the private sector as the main equity during the concession period of the PPP highway pro- investment to deal with various financing or ject, which can help either the public sector or the repayment risks. private investor evaluate concession decision-making (2) Design of early termination and compensation through addressing pavement maintenance of the PPP mechanism: Many problems have also been highway project (Zhang et al. 2018). Osei-Kyei and exposed with the rapid development of the Chan (2017) explored the perceptual differences in PPP model (Liu et al. 2017; Song et al. 2018; the factors contributing to the successful management 2018; Zhang et al. 2020). There are many risk of PPP projects at the operational stage among stake- factors in a long period (about 10 to 30 years) for holders. The research findings show that each stake- most PPP projects, which may lead to the early holder group considers an efficient and well-structured termination of projects once some risk factors payment mechanism the most crucial operational occur. Early termination will affect the supply of management critical success factor (CSF) (Osei-Kyei public projects and bring a heavy burden to the and Chan 2017). Moreover, they identified the factor public and private sectors (Zhang and Xiong groupings of 19 CSFs associated with managing PPP 2015). In addition, determining the responsibil- projects at the operational stage and examined the ity sharing and calculating the amount of com- most significant factor grouping using the fuzzy syn- pensation is the core issue in dealing with the thetic evaluation (FSE) technique (Osei-Kyei, Chan, and early termination of PPP projects (Xiong, Zhang, Ameyaw 2017). Liu et al. (2017) studied the selection and Chen 2016; Zhang et al. 2020; Xiong and strategies problem of public and private sectors during Han 2021). However, the static compensation the operation and maintenance period for PPP projects mechanism is not suitable for the early with- and put forward relevant policy suggestions from drawal from PPP projects under the current a government supervision perspective (Liu et al. 2017). situation (Song et al. 2018; Zhang et al. 2020). Although some general compensation models are studied in the existing research (Treasury 5. Directions for future research 2007), other factors affecting the early termina- tion of PPP projects are not considered. Through literature measurement tools, such as Cite Therefore, it needs to be further studied for the Space and VOS viewer, systematic reviews on the early termination mechanism and more sys- research of PPP in China and the US were carried out tematic compensation mechanism of PPP from different perspectives. Although the existing projects. research has rich theoretical support, some directions (3) Management and control of the implementa- still are worthy of further research and exploration. tion of the projects from the regulatory level: Therefore, the future research trends of PPP will be Since PPP projects are usually infrastructure pro- stated as follows. jects involving the public interests, it is neces- sary for the government to manage and control (1) Research on payment risks from the govern- the implementation and quality of the projects ment during the operation and maintenance (Marques 2017; Chen 2020). At present, a range period: Many problems arise with PPP projects 10 Y. CAO ET AL. of factors, such as the imperfect supervision 6. Conclusions system, project supervision process, and public With the wide application of the PPP model in devel- participation supervision mechanism of PPP oped and developing countries, a large number of projects, lead to opportunistic behavior in the high-level academic papers on PPP have been pub- implementation process of PPP projects (Xu lished (Song et al. 2019). Different from the existing et al. 2010; Li, Li, and Wang 2016; Han et al. research systematically stating the current situation 2020). Thus, it is a problem worth exploring for and trend of PPP with a global perspective (Zhang current researchers and practitioners on how to et al. 2016, 2020; Wang et al. 2018; Song et al. 2019), achieve a balance between supervision and effi - this study only focuses on the research in China and ciency, and deal with the relationships among the US, which aims to accurately identify the current administration, public supervision, and contract research status and trend of PPP projects, and is more management to do an excellent job in super- conducive to the improvement of quality and effi - vision, which is neither absent nor offside ciency of PPP projects in these countries. (Koliba et al. 2014; Mouraviev and Kakabadse This study analyzes and summarizes the literature 2015). In short, some deficiencies, such as the on PPP in China and US from different perspectives legal basis of government supervision, supervi- during 1991.01–2022.3. The main results of this study sion process, industry supervision, project per- include: formance supervision, and the consistency of institutional supervision, needed to be further (1) The essential statistical characteristics, including studied. authors, and institutional publications in China (4) Expand new application areas: During the past and US, are firstly shown, mainly focusing on two decades, the PPP model has been increas- annual NP, institutional NP and C, authors NP, ingly applied to transportation, water, energy, h-index, and AVE, and NP, Co, and JIF of major and other industries (Liu, Yu, and Cheah 2014; journals. The analysis concluded that the Love et al. 2015; Song, Zhang, and Dong 2016, research on PPP by Chinese and American scho- 2018). To cope with the climate crisis, effec - lars is positive. The results also show that the tively reduce carbon emissions and vigorously research on PPP in China has made rapid pro- develop green energy, countries can use the gress from 2009 to 2022. PPP model in renewable power infrastructure (2) The cooperation among the scientific research to reform and innovate the public service sup- institutions in China and US is analyzed. Most ply mechanism in the energy field and broaden institutions were found to be of the same type in investment and financing channels, which can the same country or region. Not much diversity fully mobilize the enthusiasm of the private was witnessed in the cooperation of the institu- sector to participate in the construction of tions. In other words, cooperation among sig- energy projects, and then effectively improve nificant research institutions is a rare breed that the level of public services and meet the needs further improvement. requirements of the public for safe, reliable (3) The existing theoretical research fields of PPP and clean energy supply. The PPP model is are summarized. The research on representative also encouraged to introduce rural revitaliza- clustering summarized that the academic tion, agriculture, and other fields in China. It is research fields of PPP mainly include project worth further exploring whether the previous management, policy, behavior, performance, research experience can be directly applied in risk management, pricing project governance, these new fields. and the management of the operational period (5) Emphasize Green Bonds in PPP: Green Bonds or concession period. enhance the development of green infrastruc- (4) Through this study, emerging trends, such as ture projects. Mostly, PPPs depend on financial government payment risk during operation per- institutions or other public/private entities to iod, early termination mechanism and system fund their projects (Ordonez, Uzsoki, and Dorji compensation mechanism, regulatory level, 2015). Green bonds encourage sustainability and new field application, are put forward in and promote projects proven to be environ- combination with the practice, which provides mentally beneficial. Hence, such an approach theoretical guidance for future research on PPP. that involves multiple benefits to the environ- ment and solves a project’s financing gap The limitations of this study include: should be encouraged and promoted. The fea- sibility of the green bond is worth further (1) The techniques of literature collection and data exploration and study. processing should be comprehensive and JOURNAL OF ASIAN ARCHITECTURE AND BUILDING ENGINEERING 11 mastered more deeply. 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Journal
Journal of Asian Architecture and Building Engineering – Taylor & Francis
Published: Nov 2, 2023
Keywords: Public–private partnership; research trend; visualized analysis; Us and China