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1.3. The Role of Public-Private Partnerships in the Development of
Infrastructure of the Russian Economy
The effectiveness of specific areas of stimulating business participation in
the development of public-private partnerships in the implementation of capital-
intensive projects can be achieved only because of their close interaction. The
key areas, in our opinion, which should be the development of organizational
mechanisms of the public-private partnership system and their normative
consolidation, government participation in financing the most socially and
economically significant projects, providing guarantees for commercial risks,
simplifying the process of creating reserve funds.
Based on the results of studies of foreign experience and analysis of
problem areas of the Russian economy, promising areas for the development of
public-private partnerships in Russia are identified. Representatives of the
development of public-private partnerships are most interested in the formation
of a common environment in the development of transport infrastructure.
It has been established that the problem of assessing the effectiveness of a
public-private partnership project is to determine its level of profitability.
Note that in the practice of economic analysis, the main indicators of
assessing the economic efficiency of investment projects are (Казанцев и
Миндели, 2010):
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- total or average annual profit that the company receives when
implementing a public-private partnership project
- return on investment or a simple rate of return
- payback period, that is, the term return on investment with venture
financing
So, total profit is defined as the difference between monetary results and
costs caused by the implementation of the public-private partnership project
(Казанцев и Миндели, 2010):
𝑛𝑛 = �(𝐶𝐶𝐶𝐶
𝑡𝑡
− 𝑇𝑇𝐶𝐶
𝑡𝑡
)
𝑚𝑚
𝑡𝑡=0
,
where 𝐶𝐶𝐶𝐶
𝑡𝑡
is the cost estimate of the results obtained by the venture investor
from his project during the time interval 𝑡𝑡; 𝑇𝑇𝐶𝐶
𝑡𝑡
is total costs incurred by the
venture investor during the time interval 𝑡𝑡; 𝑚𝑚 is the number of intervals during
the investment period, i.e., the life cycle period of the public-private partnership
project.
Note that the average annual profit is an indicator that determines the
average amount of net profit received by a venture investor during the year:
𝑛𝑛
𝑟𝑟
=
1
𝑇𝑇 × �
(𝐶𝐶𝐶𝐶
𝑡𝑡
− 𝑇𝑇𝐶𝐶
𝑡𝑡
)
𝑚𝑚
𝑡𝑡=0
,
where 𝑇𝑇 is the duration of the investment period, years.
A public-private partnership project can be considered economically
feasible if these indicators are positive, otherwise the project is unprofitable.
Note that the return on investment indicator can be defined as the ratio of
annual profit to venture investments invested in the project (Казанцев и
Миндели, 2010):
𝑅𝑅𝑅𝑅𝑅𝑅 =
𝑃𝑃
𝑅𝑅 ,
where 𝑃𝑃 is the profit from the project; 𝑅𝑅 is initial investment in the project.
Note that for investment projects characterized by a constant net income 𝑃𝑃
0
and one-time capital investments in the public-private partnership project 𝑅𝑅, the
payback period 𝑃𝑃𝑃𝑃 can be determined by the formula (Казанцев и Миндели,
2010):
𝑃𝑃𝑃𝑃 =
𝑅𝑅
𝑃𝑃
0
=
1
𝑅𝑅𝑅𝑅𝑅𝑅.
Based on this expression, you can approximately estimate the payback
period, using for this an indicator of return on investment.
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It should be noted that the higher the probability of obtaining low incomes,
the riskier the project itself. And the riskier the project, the higher should be the
rate of return for such a project.
Note that when choosing from a variety of options, investing in venture
capital is often limited only to abstract considerations such as “this project
seems less risky” or “in this case, the profit is greater, but the risk, it seems, is
greater.” At the same time, the degree of risk in most cases can be accurately
estimated, and the profitability of the proposed public-private partnership project
corresponding to this risk can also be determined. Thus, analyzing the results
obtained, the venture investor can not only choose the most attractive way for
him to invest venture capital, but also significantly reduce the degree of possible
risk.
Basically, the probability theory is used to carry out the necessary
calculations. According to this theory, each event is associated with a certain
quantity that characterizes the possibility that an event will occur, while p is the
probability of this event. If this event cannot occur under any conditions, its
probability is zero, that is, 𝑝𝑝 = 0. If this event occurs under any conditions, its
probability is 1. When, because of the experiment, it was established that an
event occurs in n cases from 𝑁𝑁, then the probability 𝑝𝑝 = 𝑛𝑛/𝑁𝑁 is mapped to it.
The total sum of the probabilities of all events that may occur because of some
observation should be equal to 1. Enumeration of all possible events with their
corresponding probabilities is called the probability distribution in this
experiment.
We agree with the opinion of M. Naychuk-Khrushch (Найчук-Хрущ,
2011) that the economic evaluation of the effectiveness of financing a public-
private partnership project (venture financing) can be carried out on the basis of
the following model (Figure 1).
The main criterion for assessing the effectiveness of investment projects
and the feasibility of investing by venture investors is the ability of a future
company to grow rapidly. Obviously, the financial risk of a venture investor can
only be justified by appropriate remuneration, which provides that the return on
invested capital will be much higher. Venture investors strive to be sure that the
potential future income from the project will be sufficient to cover the costs
incurred.
Depending on the results obtained on public-private partnership projects
and the costs of financing them, the following main effects can be distinguished
(Казанцев и Миндели, 2010):
- economic (the economic result from the implementation of innovations
and the result taken into account in the financial indicators of companies)
- scientific and technical (novelty, utility of the result of innovation)
- social (social results of the implementation of innovations)
- environmental (the effects of innovation on the environment)
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