Methodical positions of decision-making on choosing the most rational form of public-private partnership in the seaport
L.V. Shiryaeva,
д-р экон. наук, профессор, заведующая кафедрой «Учет, финансы, аудит», Одесский национальный морской университет (65029, Украина, г. Одеса, ул. Мечникова, 34; e-mail: shiryaeva@inbox.ru)
O.K. Afanasyeva,
канд. экон. наук, доцент, доцент кафедры «Менеджмент и маркетинг на морском транспорте», Одесский национальный морской университет (65029, Украина, г. Одеса, ул. Мечникова, 34; e-mail: olga-af@ukr.net)
Аннотация. Сегодня вопрос внедрения механизма государственно-частного партнерства в деятельность морских портов является одним из наиболее актуальных, поскольку позволяет решить целый ряд проблем, связанных с финансированием инфраструктурных объектов. Однако выбор наиболее эффективной формы такого партнерства осложняется тем, что морские порты являются сложными социально-экономическими системами, в рамках которых пересекаются интересы различных участников. В статье представлен подход к выбору наиболее эффективной формы государственно-частного партнерства в морских портах, учитывающий интересы субъектов макро -, мезо - и микроуровня. Предлагаемые методические положения, разработанные на основе теории векторной оптимизации, позволяют достичь баланса между общегосударственными и частнособственническими интересами (соответственно правительства, портовых властей и частных стивидорных компаний).
Abstract. Today, the issue of implementation of public-private partnership in the working process of sea ports is one of the most acute, as it allows to solve a number of problems related to the financing of infrastructure objects. However, selecting the most effective form of such partnership is complicated by the fact that ports are complex socio-economic systems in which the interests of different members are intersected. The article presents an approach to the selection of the most effective forms of public-private partnership in the seaports, taking into account the interests of the macro- meso- and micro-level. Proposed methodical positions are based on the theory of vector optimization and let achieve a balance between state and private interests (those of government, port authorities and private stevedoring companies).
Ключевые слова: форма государственно-частного партнерства, морской порт, экономический интерес, эффективность.
Keywords: public-private partnership form, seaport, economic interest, efficiency.
Problem definition. Seaports are complex socio-economic systems that play an essential role in providing transport and economic ties of the country. In the context of globalization their value is increasing when creating the conditions for effective implementation of the world economic relations of the state.
Over the past decades in many countries there have been significant changes in the principles and mechanisms of the working process of the sea ports. The rapid technological development of the organization of transportation requires major investment in upgrading of infrastructure and superstructure of ports. Moreover, there appear increased demands on communication systems, security, and quality of service.
All these changes occur in the context of economic liberalization, reduction of the state funding and privatization, reforming of the ports (especially the management system), that are still owned by the state. In most countries of the world solving problems of construction and improvement of ports attract private capital on the principles of public-private partnership (PPP).
Any sea port is a strategically important object of national importance. Consequently, its working process has to serve primarily to national socioeconomic interests. On the other hand, when involving in the port some private sector in the person of terminal operators, enterprises of service activities, it is necessary to consider their interests. In addition, interests of the port workers - the owners of the workforce - should also be considered. Under these conditions, a complex system of interests is
formed within the sea port.
Analysis of recent research and publications. Public-private partnership theory and practice are subjects of many domestic and foreign experts' researches that deal with the problems of the conceptual apparatus of public-private partnership, its forms and features, advantages and disadvantages, the efficiency of cooperation of partners [5-12]. At the same time, mentioned works present not clearly defined selection criteria and choosing procedure of determining forms of participation of private capital in the port activities.
Research task. The purpose of the article is to develop methodical positions on choosing the most effective form of interaction between the state and private entities in the seaports economy based on the balance between interests of parties.
The main research material. In the given research a public-private partnership (PPP) in seaports is proposed to be regarded as a system of economic and legal relations on the basis of public operatorship which subjects of public and private sectors enter in order to implement projects of development of the seaports, that are strategically important for the economy of the state [1].
Today the issue of implementation of public-private partnership in the working process of sea ports is one of the most acute, as it allows to solve a number of problems related to the financing of infrastructure. However, selecting the most effective form of such partnership is complicated by the fact that ports are complex socio-economic systems within which there is an intersection of interests at various levels. Interests of the public-private partnership in
Экономика и предпринимательство, № 6, 2014 г.
the seaports are different; they have a different nature and are reflected in the different target systems.
Interests of the national level, port authorities and private companies operating in the port (or the interests of macro-, meso- and micro-level) in the research are presented in the form of a set of indicators [2, 5, 7, 8].
Interests of the macro-level PPP seaports (level of the government - ministry, department) can be represented by the following indicators.
1. Maximization of the gross domestic product (GDP):
LQt ^ max
t=i
(1)
where Qt - the amount of work performed in the t-th year (in value terms ); T - the forecast period. 2. Increasing of national ports share in service of the international trade flows:
T Qdom.p
z Q—
m
t=i Е t
max,
(2)
where Qtdom.p - the turnover of domestic ports (in kmind);
Etm - market capacity in the t-th year (in real
terms).
3. Maximizing tax payments to the state
budget:
Ltp - number of port workers in the t-th year,
pers.
Interests of the meso-level PPP seaports (the public sector - the port authorities) reflect the following set of indicators.
1. Improving competitiveness of the port K:
q
K = — ^ max, Rq
(6)
where q - quality of services (shortening of vessels processing, reducing unproductive downtime, improving security of goods);
Rq - cost to be incurred to achieve a given level of quality, monetary units.
Typically, the competitiveness is determined by comparing the company's guiding values to indicators of competitors. Competitiveness is the higher the bigger it takes for K (compared with unity). Increase in the competitiveness of the port results in improvement of the competitive position in the market of port services in the form of an increase in the market share.
2. Ensuring environmental safety and security of navigation:
2 (Rtacc + Rtdis ) t=i
^ min,
(7)
where Rtacc" ls - costs of accidents and environmental disasters in the t-th year, monetary units. 3. Profit maximization of the port:
T
I
t=i
T(Rttax + Rtchp)
^ max,
(3)
(1 + e)t
income tax in the t-th year
where Rta monetary unit;
Rtchp - charging payroll in the t-th year, monetary unit;
e - rate discount.
4. Ensuring effective employment:
LLt ^ max
t=i
(4)
where Lt - the number of workers employed in the port field in the t-th year, pers.
5. Rising incomes of the population employed in the port area of:
T
S
t=i
L—1-^ max
t=i (i + e )t
(Vt + Ftc )/LtP
(5)
max,
units;
(1 + e)1
where Vt - payroll in the t-th year, monetary
etary units;
Ftc - consumption fund in the t-th year, mon-
T FPr
t=i(i + e)t
max,
(8)
where Ftpr - net profit of the port in the t-th year, monetary units.
4. Maximizing of integral economic effect of the implementation of investment projects:
NPV = L
t=i
(Fpr + А) _
t к"" r- LKi-
(9)
where (Fpi+A)t - cash flow, obtained as a result of the investment project in the t-th year, monetary units;
Sres - residual value of an object created during of the [project, monetary units;
Ktin - the amount of the investment (capital investment) for the project, monetary units;
T - project implementation period.
5. Maximizing of the investment attractiveness eIRR:
T (Fpr + А) = T Kt"
t=i (i + eiRR )t t=i(i + eiRR )t eiRR ^ max ,
(10)
where eIRR - the discount rate, at which the value of the reduced effects is equal to the capital investment.
Interests of the micro-level PPP in the sea-
S
—»
max
Journal of Economy and entrepreneurship, Vol. 8, Nom. 6
ports (private sector - stevedoring company) reflect such factors.
1. Maximization of profits or that part of it, which is used for direct consumption (the owner tends to be in such a ratio of accumulation and consumption funds, in which one can maximize consumption without compromising the perspective development of a company):
T Fc 2- F
t* (1 + e)t
max
(11)
where Ftc - consumption fund in the t-th year, monetary units.
2. Increase in net discounted profit:
npv = s(FPr + A)t +-S!L- i_Ktnv
=1 (1+e)t (1+e)T t=i(l + e)t
(12)
3. Maximization of the project profitability:
t(Fpr + A)t
PI =
t=1
(1 + e)t ^
max
t Kt
(13)
t=1(1 + e)t
4. Minimization the payback period of
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