Purpose

The purpose of this paper is to examine the risk perception of project sponsors in financing of public–private partnership (PPP) infrastructure projects in India.

Design/methodology/approach

The methodology used is survey questionnaire that seeks the perception of risk managers in PPP projects. Rating and relative ranking of risk at various phases of PPP project have been analyzed and supplemented by unstructured interviews.

Findings

This paper shows that the perception of project sponsors for various levels of project risk categories differ significantly in PPP infrastructure projects. The practices of assessing risk and handling differ among the financing institutions. The ranking of risks shows a disagreement among respondents for relative importance. The project financiers that include major banks and financial institutions funding for the PPP infrastructure projects perceive risks differently, and their disagreement on the relative importance of risks may create a sub-optimality in risk management, and the essence of project sponsorship may be lost.

Research limitations/implications

This paper examines the perceptions of the various risks involved in PPP infrastructure project financing. The authors emphasize on the infrastructure projects in the transportation and energy sector that are undertaken in the PPPs. This research can further be extended to the other infrastructure sectors such as roads, shipping and communication.

Practical implications

Experiences reveal that risk perception profoundly influence the implementation of infrastructure projects involving PPPs. To ensure smooth implementation and success of PPP infrastructure projects, the project sponsors must align, synchronize and develop consensus on the various funding and non-funding risks into the project curriculum.

Social implications

The PPP infrastructure projects carry huge investment and are of strategic importance to the nation and society. In order that the provision of infrastructure which can be most economically and efficiently delivered through PPPs, the risk concordance assumes crucial importance.

Originality/value

The authors believe that this research may provide new direction to the visible and invisible misbalances in risk postures of project partners, which has been a cause of concern to the government and policymakers in India in the recent times.

中文翻译：

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印度PPP基础设施项目融资中的风险感知

目的

本文的目的是研究印度的公私合营（PPP）基础设施项目融资中项目发起人的风险感知。

设计/方法/方法

所使用的方法是调查问卷，旨在寻求对PPP项目中的风险管理者的理解。对PPP项目各个阶段的风险等级和相对等级进行了分析，并通过非结构化访谈进行了补充。

发现

本文表明，在PPP基础设施项目中，项目发起人对各种级别的项目风险类别的看法存在显着差异。融资机构之间评估风险和处理风险的做法有所不同。风险等级显示受访者在相对重要性上存在分歧。包括大型银行和金融机构为PPP基础设施项目提供资金的项目融资人对风险的看法有所不同，他们对风险相对重要性的意见分歧可能会导致风险管理的次优性，并且项目赞助的本质可能会丢失。

研究局限/意义

本文考察了对PPP基础设施项目融资所涉及的各种风险的看法。作者强调了PPP中进行的交通和能源领域的基础设施项目。这项研究可以进一步扩展到其他基础设施领域，例如道路，航运和通讯。

实际影响

经验表明，风险感知会深刻影响涉及PPP的基础设施项目的实施。为了确保PPP基础设施项目的顺利实施和成功，项目发起人必须在项目课程中就各种融资和非融资风险进行协调，同步并达成共识。

社会影响

PPP基础设施项目投资巨大，对国家和社会具有战略意义。为了能够通过PPP最经济，最有效地提供基础设施，风险一致性至关重要。

创意/价值

作者认为，这项研究可能会为项目合作伙伴的风险状况中的可见和不可见失衡提供新的方向，这已引起印度政府和政策制定者最近的关注。