Public-private partnership in the modern economy: the role of information asymmetry and trust in PPP project management
Makarov I.N.1,2, Drobot E.V.3,4
, Sukhina Yu.V.5, Yakushov Yu.A.6, Volodina A.I.7
1 Липецкий филиал РАНХиГС
2 Липецкий казачий институт технологий и управления (филиал) федерального государственного бюджетного образовательного учреждения высшего образования «Московский государственный университет технологий и управления имени К.Г. Разумовского (Первый казачий университет)»
3 Центр дополнительного профессионального образования
4 Первое экономическое издательство
5 Российский государственный университет туризма и сервиса
6 Финансовый университет при Правительстве Российской Федерации Липецкий филиал
7 Финансовый университет при Правительстве Российской Федерации (Липецкий филиал)
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Journal paper
Journal of Economics, Entrepreneurship and Law (РИНЦ, ВАК)
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Volume 14, Number 8 (August 2024)
Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=69296564
Abstract:
The study of the public-private partnership problems does not lose its relevance, especially in the context of information asymmetry and the need to build trust in PPP project management. The authors of the article propose the concept of the economic mechanism architecture in relation to the model of public-private partnership. Within the framework of this architecture, the authors identify in detail five constituent elements: the system of property relations; the institutional system; the system of incentives and deterrents; organizational forms, technological achievements and the level of technological development, as well as industrial and technical nuances of the activities of business entities; and information and regulatory communication networks. In addition, taking into account the principles of project management, resource allocation, institutional framework and a systematic approach, the authors propose a mechanism for implementing cooperation between the state and the private sector. The mechanism includes: a mechanism for harmonizing the interests of PPP participants; information and management mechanisms for information exchange, regulatory supervision and management of participants, subjects of partnership and their interaction with the external environment; PPP financial mechanisms; and institutional environment and local context (partners, investors, and operators). It is concluded that the state is able to significantly increase the effectiveness of the PPP mechanism by increasing the level of mutual trust between participants in economic interaction. As a result, the study revealed a significant obstacle preventing the establishment of effective regulatory mechanisms in the PPP system, namely the problem of information asymmetry. In order to solve this problem, the authors recommend focusing on the creation of an effective mechanism of information exchange between the public authorities involved in PPP and other key PPP participants.
Keywords: public-private partnership, trust, information, project, project management
JEL-classification: L32, L33, L38
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