Purpose

Public–private partnership (PPP), a project financing arrangement between private investors and the public sector, has revolutionized the approach to the funding and development of public infrastructure worldwide. However, the increasing cases of financial risks and poor financial risk management related to the model threaten the sustainability and financial success of PPP projects leading to huge financial investment losses. This study aims to review existing literature to establish the key measures to control the financial risks of sustainable PPP projects.

Design/methodology/approach

A PRISMA-compliant systematic literature review method was used in this study. Data were sourced from academic databases consisting of 56 impactful peer-reviewed journal articles.

Findings

The review outcomes demonstrate 41 critical factors (measures) in mitigating the financial risks of sustainable PPP projects. They include minimum revenue guarantee, strategic alliance with private investors, financial transparency and accountability and sound macroeconomic policies. The principal results of the study were categorized and conceptualized into a financial risk management maturity model for sustainable PPP projects. Lastly, the study reveals that further studies and project policies must focus more on addressing financial challenges relating to climate risks, and health and safety concerns such as COVID-19 outbreak that have negative impacts on PPP projects.

Research limitations/implications

The results provide essential research gaps and directions for future studies on measures to mitigate the financial risks of sustainable PPP projects. However, this study used small but significant existing publications.

Practical implications

A checklist and a conceptual maturity model are provided in this study to help practitioners to learn and improve upon their practices to mitigate the financial risks of sustainable PPP projects.

Originality/value

This study contributes to managerial measures to reduce huge losses in financial investments of PPP projects and the attainment of sustainability in public infrastructure projects with a financial risk maturity model.

中文翻译：

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可持续公私伙伴关系项目财务风险的关键管理措施：PRISMA 审查

目的

公私合作伙伴关系（PPP）是私人投资者和公共部门之间的项目融资安排，彻底改变了全球公共基础设施的融资和开发方式。然而，与该模式相关的财务风险案例不断增加，财务风险管理不善，威胁着PPP项目的可持续性和财务成功，导致巨大的财务投资损失。本研究旨在回顾现有文献，以确定控制可持续 PPP 项目财务风险的关键措施。

设计/方法论/途径

本研究采用符合 PRISMA 标准的系统文献综述方法。数据来源于学术数据库，其中包含 56 篇有影响力的同行评审期刊文章。

发现

审查结果展示了减轻可持续PPP项目财务风险的41个关键因素（措施）。其中包括最低收入保证、与私人投资者的战略联盟、财务透明度和问责制以及健全的宏观经济政策。研究的主要结果被分类并概念化为可持续 PPP 项目的财务风险管理成熟度模型。最后，该研究表明，进一步的研究和项目政策必须更多地关注解决与气候风险以及健康和安全问题（例如对 PPP 项目产生负面影响的 COVID-19 爆发）相关的财务挑战。

研究局限性/影响

研究结果为未来研究减轻可持续 PPP 项目财务风险的措施提供了重要的研究空白和方向。然而，这项研究使用了少量但重要的现有出版物。

实际影响

本研究提供了清单和概念成熟度模型，以帮助从业者学习和改进其实践，以减轻可持续 PPP 项目的财务风险。

原创性/价值

本研究有助于采取管理措施，减少 PPP 项目财务投资的巨额损失，并通过财务风险成熟度模型实现公共基础设施项目的可持续性。