Determining Critical Success Factors for Public–Private Partnership Asset-Backed Securitization: A Structural Equation Modeling Approach

Liu, Li; Guo, Yubo; Chen, Chuan; Martek, Igor

doi:10.3390/buildings11050199

Cited by 9 publications

(19 citation statements)

References 66 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Their research highlighted the importance of supporting institutional systems and market factors for PPP-ABS [13]. Liu et al (2021) determined the critical success factors for PPP-ABS through a questionnaire survey and adopted structural equation modeling to explore the relationship between these factors and the success of PPP-ABS. The results showed that the maturity of relevant institutions, including transparent information disclosure, mature accounting and tax standards, mature secondary market, clear and effective government regulation, will affect the issuance and success of PPP-ABS [12].…”

Section: Related Studies Of Ppp-absmentioning

confidence: 99%

See 1 more Smart Citation

Evaluation of PPP-ABS investment environment based on combined weighting of level difference maximization and TOPSIS method

Zhang,

Feng,

Feng

2023

PLoS ONE

View full text Add to dashboard Cite

Asset-backed securitization (ABS) is currently used to refinance public-private partnership (PPP) projects in the infrastructure field. To stimulate the investors’ enthusiasm, this study evaluated the investment environment of PPP projects asset-backed securitization (PPP-ABS). Firstly, we established a PPP-ABS investment environment evaluation indicator system based on the literature review and the practice of PPP-ABS. Then, the optimal weights of each indicator were determined by the combined weighting of level difference maximization method, where the subjective weights were determined by the AHP method, and the objective weights were determined by the entropy method. Finally, we evaluated the PPP-ABS investment environment from 2015 to 2022 with the technique for order preference by similarity to ideal solution (TOPSIS) method. The final valuation results are consistent with the actual situation. The results showed that the PPP-ABS investment environment exhibits a stable and upward trend. Under the overall guidance of the government, the approval process, information disclosure and supervisory systems have continued to improve, the number of ABS products issued has continued to grow, and the overall market risk is controllable. However, some problems still need to be solved and improved, including inadequate accounting and tax systems, insufficient liquidity in the secondary market, and the recovery of economic development in the post-COVID-19 era. This study fills the research gap in PPP-ABS. It proves the rationality and feasibility of PPP-ABS and is expected to provide a reference for investors’ decision-making and promote the sustainable and healthy development of PPP-ABS.

show abstract

Section: Related Studies Of Ppp-absmentioning

confidence: 99%

“…However, with the rapid promotion of PPP, many problems have been exposed, that are not conducive to its sustainable development [8,9]. ABS can improve the liquidity of basic assets [10,11], which can activate the existing PPP project assets [12][13][14][15]. By the end of 2016, the PPP-ABS was officially proposed in China.…”

Section: Introductionmentioning

confidence: 99%

Evaluation of PPP-ABS investment environment based on combined weighting of level difference maximization and TOPSIS method

Zhang,

Feng,

Feng

2023

PLoS ONE

View full text Add to dashboard Cite

show abstract

“…Moreover, through a measurement model and a structural model, SEM is an effective methodology for assessing model constructs and hypothesized structural relations among latent factors [74]. Thus, SEM has been widely used in the field of construction management, e.g., [58,[75][76][77][78][79][80]. The structural model can be developed and analyzed further after the measurement model has been evaluated satisfactorily [65].…”

Section: Sem Approachmentioning

confidence: 99%

Formwork System Selection Criteria for Building Construction Projects: A Structural Equation Modelling Approach

2022

View full text Add to dashboard Cite

Selecting the appropriate formwork system (FWS) is a critical aspect in the successful completion of reinforced concrete (RC) building construction projects. The selected FWS has a significant impact on the cost, time, and quality performances of the project. As there are many FWSs and formwork fabricators (FWFs) available, the selection of the FWS depends on several compromising and conflicting criteria. This study aims to identify the FWS selection criteria groupings (e.g., latent factors) and investigate the quantitative interrelationships among them. For this purpose, 35 FWS selection criteria were identified through literature review, and a questionnaire was developed. The data from the questionnaire were statistically analyzed, and five latent factors were identified: FWS-FWF characteristics, structural design, local conditions, cost, and performance indicators. A conceptual framework was developed based on the latent factors, and a structural equation modelling (SEM) approach was utilized to identify the effects among the latent factors. The results of the SEM approach confirmed that FWS-FWF characteristics are affected by the structural design and local conditions and FWS-FWF characteristics have a substantial effect on cost and the performance indicators of the project. The findings of this study may assist construction professionals in selecting the FWS in building construction projects.

show abstract

“…In order to ensure the standardization and unity of a large amount of relevant index data, data preprocessing measures need to be taken to prepare for the screening of indicators in random forest model. e data standardization processing is shown in equations ( 1)- (3).…”

Section: Audition and Data Processing Of Credit Risk Assessmentmentioning

confidence: 99%

“…The stadiums and gymnasiums operated by the government after the game cannot produce good social benefits and even become idle buildings because of the single function, low actual utilization rate and the operation mode do not meet the market demand. This situation undoubtedly increases the financial burden of the local government and fails to achieve the purpose of making full use of social resources [ 3 ]. Therefore, combined with past cases and experience, the construction and management of sports public service venues has produced a form of cooperation between the government and social capital, namely PPP mode.…”

Section: Introductionmentioning

confidence: 99%

Credit Risk Evaluation of Asset Securitization of PPP Project of Sports Public Service Venues Based on Random Forest Algorithm

Wang

2022

Computational Intelligence and Neuroscience

View full text Add to dashboard Cite

Due to the characteristics of sports public service venues, there are still some financing difficulties under the PPP (public-private partnership) operation mode. Although asset securitization can solve its corresponding problems and enhance the standardization of PPP projects, its many participants, complex transaction structure, and other influencing factors still have a great impact on the financing effect. Therefore, this paper integrates the random forest algorithm into the asset securitization credit risk evaluation system of PPP project of sports public service venues, and screens the audition indicators of credit risk evaluation through the constructed model. The experimental results show that optimizing the parameter setting of random forest model can effectively reduce the misjudgment rate of default samples, while maintaining the stability of other performance indicators. Even if other misjudgment rates will increase to a certain extent, it is within a reasonable range, which improves the overall performance of the model. The ROC curve shows that the risk credit indicators selected by the model have strong evaluation performance and effectiveness and can provide some reference information for the credit risk prevention of asset securitization of PPP project of sports public service venues.

show abstract

Determining Critical Success Factors for Public–Private Partnership Asset-Backed Securitization: A Structural Equation Modeling Approach

Cited by 9 publications

References 66 publications

Evaluation of PPP-ABS investment environment based on combined weighting of level difference maximization and TOPSIS method

Evaluation of PPP-ABS investment environment based on combined weighting of level difference maximization and TOPSIS method

Formwork System Selection Criteria for Building Construction Projects: A Structural Equation Modelling Approach

Credit Risk Evaluation of Asset Securitization of PPP Project of Sports Public Service Venues Based on Random Forest Algorithm

Contact Info

Product

Resources

About