－日本の PFI 事業のデータを用い ... - esri.go.jp

1 192 2016 1 PFI VFM PFI PFI VFM (Value For Money) PFI 2014 3 PFI VF M 312 BOT BTO VF M BTO VF M VF M 400 VF M PFI

2 JEL Clas s ificat io n Nu mb er: D86, H54, H57 Key Words : PFI VF M BTO BOT 26 2 6 06-85 01 63 1-8 5 01 7-1-1 100 8918 2-1-3 192 2 Empirical Analys

3 Is of VFM and Contract Structure s in PFI Proje cts : an Analys is of PFI Pro je c ts in Japan By Mas ato YODO, Hirokazu MIZOBATA , and Yus uke HAYA SHIDA Abs tract The purpose of this study is to investigate whether the Value for Money (VFM) of PFI pro jects depends on the fields and the contractual structures of the projects from the perspective of the in-complete contract theory. Recent research on incomplete contracts indicates that project fields and property rights of the facilities influence contractor incentives. Using data fro m 312 projects im-plemented in Japan by the end of March 2014, we show that the private contractors of these pro-jects could attain higher VFM in water filtration and sewage business by adopting a BOT (Bu i ld-Operate-Transfer) contract.

4 In contrast, in public facility construction and management pro-jects, the contractors could achieve better results in VFM under a BTO (Build-Trans fer-Operate) contract. In addition, we simulate the total VFM choosing desirable contractual structures for each project and find that the simulated VFM is approximately 40 billion yen higher than that in the ac-tual contract. These results imply that the contractual structures play an important role in PFI pro-jects. Specifically, to obtain higher benefits for the PFI, the type of contractual structures (BOT or BTO) requires careful selection depending on the field of each project.

5 JEL Clas s ificat io n Nu mb er: D86, H54, H57 Key Words: PFI, VFM, Incomplete Contract Th eo ry, BTO, BOT PFI VF M PFI 3 199 9 PFI PFI 500 PFI PFI 4 PFI VF M Va l u e For Money VF M Mon ey Va l u e VF M 1 PFI VF M 415 8.

6 183 1999 201 3 2 VF M 2013 6 PPP/PFI 10 201 3 202 2 12 PFI PFI PFI Hart (20 03 ) PFI Bennett and Iossa (20 0 6) PFI (20 03) BTO BOT 3 PFI 1 VF M Value For Money htt 2 HP P FI ht 3 Iossa and Martim o rt ( 2 01 2) , (2015) Martimort and Pouyet (2008)

7 Iossa and M ar t imo rt (2012) 192 4 4 PFI PFI BTO BOT VF M BTO VF M PFI 2

8 PFI PFI VF M 3 4 5 1 3 Hart (2003), Ben n ett an d Io s s a (2006), (2003) PFI Hart ( 20 03 ) 2 4 Chong et al.

9 (2006) P FI PFI VF M PFI 5 Hart (2 00 3) Bennett and Iossa (20 06 ) 5 Hart (2 00 3) Hart (2003), Bennett and Iossa (20 06 ) PFI BTO 6 (2003) (200 3)

10 Hart et al. (1997) BTO BOT BTO BOT BTO BOT BOT 7 PFI 5