2020 Volume 76 Issue 2 Pages I_82-I_91
Twenty years have passed since the enforcement of “Act on Promotion of Private Finance Initiative” in Japan, and further promotion of Public Private Partnerships to infrastructure projects is expected in the future. When considering a PPP with new infrastructure development, after satisfying the criteria of economic analysis from the viewpoint of national economy, it is necessary to structure project scheme based on financial analysis from the scope of private businesses, bankability analysis of private finance from the perspective of lenders, and public expenditure analysis from the viewpoint of the public sector. Although these four analyzes are closely related to each other, it is difficult to structure a scheme from a comprehensive viewpoint because they are implemented individually from each viewpoint. Therefore, the purpose of this study is to propose an analysis approach that integrates economic, financial, bankability and public expenditures in order to efficiently conduct comparative evaluation of various business schemes including PPP. First, the basic idea of the integrated analysis is explained in detail, and after developing each analysis table on a spreadsheet basis, an integrated analysis table is derived by interconnecting the tables. In addition, with an integrated analysis table prepared for a virtual new toll road project, the usefulness of the integrated analysis approach for structuring the project scheme is confirmed through case studies.
