TY - BOOK A1 - Alfen, Hans Wilhelm A1 - Kalidindi, Satyanarayana N. A1 - Ogunlana, Stephen A1 - Wang, ShouQing A1 - Abednego, Martinus P. A1 - Frank-Jungbecker, Andrea A1 - Jan, Yu-Chien Amber A1 - Ke, Yongjian A1 - Liu, YuWen A1 - Singh, L. Boeing A1 - Zhao, GuoFu T1 - Public-Private Partnership in Infrastructure Development - Case Studies from Asia and Europe N2 - Development of infrastructure projects with private engagement through PPP has become one of the commonly adopted procurement strategies in developed and developing countries. All over the world where PPP procurement has been used in one form or another, the way in which it is carried out has become an important issue. Yet, there is no standard method of PPP implementation as each country adapts the process as appropriate for its own culture, economy, political climate and legal system. It is therefore essential that all parties likely to be involved have a common understanding of the principles underlying PPP structures and an appreciation of the key issues from the standpoints of the private as well as the public sectors. PPP projects with substantial private investments involve participation of stakeholders with diverse perspectives, which can lead to different perceptions on the viability of the project. The introduction chapter covers the general issues of PPP implementation and presents an overview of the use of PPP in the delivery of public infrastructure and services across the world. Following, in five case studies PPP projects from Asia and Europe are presented and reveal differences in the respective approaches of each country. The case studies analyze project objectives, scope and site as well as legal, contractual and financial framework under which the projects were realized. Each case study closes with a chapter discussing the different approaches and summarizing lessons learned. T3 - Schriftenreihe der Professur Betriebswirtschaftslehre im Bauwesen - 7 KW - Public Private Partnership KW - Asia KW - Risikomanagement KW - Projektfinanzierung KW - Konzession KW - Infrastrukturentwicklung KW - Fallstudien KW - Project Finance KW - Concession KW - Europe KW - Infrastructure Development KW - Case Studies Y1 - 2009 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:gbv:wim2-20090427-14689 UR - http://www.vdg-weimar.de/katalog/public-private-partnership-in-infrastructure-development-1172.html SN - 978-3-86068-382-8 SN - 978-3-95773-102-9 ER - TY - THES A1 - Cordes, Susann T1 - Die Rolle von Immobilieninvestoren auf dem deutschen Markt für Public Private Partnerships (PPPs) : Eine institutionenökonomische Betrachtung T1 - The role of real estate investors on the German market for Public Private Partnerships (PPPs): An analysis based on New Institutional Economics N2 - Die Arbeit untersucht auf der Basis der Neuen Institutionenökonomik die Rolle von Immobilieninvestoren, d.h. offene und geschlossene Immobilienfonds, Real Estate Investment Trusts, Real Estate Private Equity Fonds und Lebensversicherungen, auf dem deutschen Markt für Public Private Partnership Projekte im öffentlichen Hochbau. Dafür werden Immobilienanlagevehikel als institutionelle Ausgestaltung einer Prinzipal-Agent-Beziehung aufgefasst, bei der der Anleger als Prinzipal die Kapitalanlage an den Immobilieninvestor als Agent delegiert. Die geschäftlichen Aktivitäten eines Immobilieninvestors werden durch den normierten Handlungsspielraum, d.h. die rechtlichen Vorgaben, determiniert. Daneben beeinflusst auch die Ausgestaltung der PA-Beziehung, d.h. die Rechte des Prinzipals und die Anreize für den Agenten, die geschäftlichen Aktivitäten eines Immobilieninvestors. Zusammengeführt werden diese beiden Kategorien unter dem Begriff des „definierten Gestaltungsrahmens“, der als Rahmen der geschäftlichen Aktivitäten eines Immobilieninvestors verstanden wird, der dessen PPP-Investitionsmöglichkeiten bestimmt. So ist die Eignung eines Immobilieninvestors für eine PPP-Investition davon abhängig, ob sein „definierter Gestaltungsrahmen“ zum „erforderlichen Gesamtgestaltungsrahmen“ des PPP-Projektes passt. Letzterer wird dabei durch das PPP-Vertragsmodell, die PPP-Immobilienart, die PPP-Wertschöpfungsphase sowie die gewählte Handlungsoption des Investors auf dem PPP-Markt determiniert. In der Arbeit werden theoretische PPP-Investitionsmodelle entwickelt, in denen dargelegt wird, welche Immobilieninvestoren in welche PPP-Projekte investieren sollten. Dabei werden Empfehlungen zu den geeigneten Handlungsoptionen des jeweiligen Investors auf dem PPP-Markt erarbeitet und dargelegt, in welcher PPP-Wertschöpfungsphase dieser investieren sollte und welche der PPP-Vertragsmodelle und PPP-Immobilienarten für eine Investition geeignet sind. Zudem werden Gestaltungsempfehlungen zum rechtlichen Rahmen hergeleitet. Des Weiteren werden die Immobilieninvestoren auch für die bisher schon auf dem PPP-Markt agierenden Bau- und Betreiberunternehmen, insbesondere den Mittelstand, als potentielle Kooperationspartner auf dem Erstmarkt (Primärmarkt), als Exitpartner auf dem Zweitmarkt (Sekundärmarkt) oder als Wettbewerber klassifiziert. Die Thematik ist auch für die öffentliche Hand von Interesse, da der durch den Markteintritt neuer Investoren erhöhte Wettbewerb die Konditionen der PPP-Verträge verbessern kann und die Einbindung des Mittelstandes in PPP-Projekte ausdrückliches Ziel der Bundesregierung ist. N2 - This thesis analyses the role of real estate investors on the German market for Public Private Partnership projects. Real estate investors are Open and Closed End Property Funds, Real Estate Investment Trusts, Real Estate Private Equity Funds and Life Insurances. The inquiry’s theoretical framework draws on insights derived from New Institutional Economics. Central point is the consideration of real estate investment vehicles as institutional arrangements of principal-agent relationships that are characterised by delegation of capital investments of mostly private investors - taking on the role of principals - to institutional real estate investors as agents. The admissible business activities of the real estate investor are determined by a defined scope of action, i.e. the legal framework. Furthermore, the concrete design of the principal-agent relationship, i.e., the principal‘s rights and the agent’s incentives, influences the possible business activities of the real estate investor. These two categories then constitute the overall “defined frame of discretion”. The latter sets up the frame of a real estate investor’s business activities and determines its options as to PPP investments. Hence, the suitability of a real estate investor for a PPP investment depends on whether the “defined frame of discretion” is congruent with the “necessary frame of discretion” for a certain PPP project. The latter again is determined by the sort of PPP contract, the PPP sector, the phase of value creation and the investor’s options for action on the PPP market. The thesis develops several theoretical PPP investment models that demonstrate which real estate investors should invest in which sort of PPP project. Moreover, recommendations are given regarding the investor’s business options, it is shown in which phase of value creation a real estate investor should invest and which the suitable sorts of PPP contracts and PPP sectors are. Furthermore, design recommendations for the legal framework are derived from the analysis. Finally, real estate investors are identified as potential cooperation partners on the PPP primary market and as exit-partners for a commitment on secondary markets. Further, they may even function as competitors for construction and operation companies that already act on the PPP market, particularly small and medium sized companies. The thesis’s subject matter also is of interest for public authorities and governmental institutions. One of their central goals is to foster the involvement of small and medium sized companies in the realisation of PPP projects. Moreover, the entry of alternative investors for PPP projects spurs competition in the PPP market and entails improved conditions for PPP contracts. T3 - Schriftenreihe der Professur Betriebswirtschaftslehre im Bauwesen - 8 KW - Public Private Partnership KW - Institutioneller Anleger KW - Investor KW - Unbewegliche Sache KW - Immobilienfonds KW - Geschlossener Immobilienfonds KW - Offener Immo KW - Öffentlich Private Partnerschaften KW - Immobilieninvestor KW - Infrastruktur-Sondervermögen KW - Real Estate Investment Trusts KW - Gestaltungsrahmen KW - real estate investor KW - project finance KW - equity KW - primary and secondary market KW - construction company Y1 - 2008 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:gbv:wim2-20090416-14671 SN - 978-3-86068-387-3 ER -