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PFI PFI

PFI 2003 PFI PFI PFI PFI PFI 100-8141 2-3-6 TEL03-3277-0712 FAX03-3277-3462 E-maila-hase@mri.co.jp PFI http://www.rs.civil.tohoku.ac.jp/pfi-jsce/

[ 1] PFI i [ 2] PFI i [ 3] PFI ii [ 4] iii [ 5] iv [ 6] v [ 7] PFI v [ 8] vi [ 9] vii [10] vii 1. PFI 1.1 PFI 1 1.2 PFI/PPP 6 1.3 PFI/PPP 13 1.4 PFI VFM 16 1.5 PFI 19 1.6 PFI 22 1.7 PFI 28 1.8 PFI PFI 34 2. PFI VFM 2.1 VFM 37 2.2 VFM 41 2.3 VFM 43 2.4 VFM 45 2.5 47 2.6 PSC 49 2.7 51 2.8 53 2.9 55 2.10 PFI LCC 57 2.11 61 2.12 VFM 63 2.13 69 2.14 71 2.15 73 2.16 75

2.17 VFM 78 2.18 80 2.19 VFM 82 3. PFI 3.1 85 3.2 89 3.3 95 3.4 98 3.5 102 3.6 PFI 106 3.7 110 3.8 PFI 116 3.9 118 3.10 123 3.11 129 3.12 PFI 134 3.13 PFI 139 3.14 142 4. PFI 4.1 PFI 145 4.2 PFI 148 4.3 151 4.4 PFI 154 4.5 159 4.6 161 4.7 PFI 164 4.8 166 4.9 169 4.10 PFI 171 4.11 173 4.12 177 4.13 180 5. PFI 5.1 PFI 183 5.2 186 5.3 PFI 189 5.4 PFI 192 5.5 PFI 195 5.6 PFI 198 6. PFI 6.1 PFI 201

6.2 PFI 204 6.3 207 6.4 PFI 210 6.5 212 6.6 (SPC) 216 6.7 (SPC) 219 6.8 221 6.9 (SPC) 223 6.10 225 6.11 227 7. PFI 7.1 PFI 229 7.2 232 7.3 PFI 235 7.4 PFI 239 7.5 243 7.6 PFI 245 7.7 PFI 248 7.8 251 7.9 PFI 253 8. PFI 8.1 PFI 257 8.2 259 8.3 262 8.4 265 8.5 PFI 268

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1PFI PFI (Private Finance Initiative) PPP (Public Private Partnerships)1999 PFI PFI 2004 3 140 PFI PFI 2004 3 PFI PFI PFI BOT PFI PFI 2001 6 PFI PFI PFI PFI 2PFI PFI 2001 6 1999 5 12 http://www.rs.civil.tohoku.ac.jp/touron/ PFI PFI PFI i

PFI PFI PFI PFI PFI PFI PFI 2001 6 3 2002 6 2 1 PFI PFI 2004 3PFI PFI 2 2001 6 9 1 44 3 ML 1 2001 2 5 2 2001 4 20 1 2001 9 10 2 2001 10 30 3 2001 11 26 4 2001 12 27 5 2002 1 31 6 2002 2 19 7 2002 3 11 8 2002 4 18 9 2002 5 17 10 2002 6 11 11 2002 6 25 12 2002 7 19 13 2002 7 30 14 2002 8 6 15 2002 8 20 16 2002 9 6 17 2002 9 26 18 2002 10 23 19 2002 11 18 20 2002 12 16 21 2003 1 20 22 2003 2 7 23 2003 2 28 24 2003 3 14 ii

25 2003 3 28 26 2003 5 9 27 2003 6 12 28 2003 6 23 29 2003 7 2 30 2003 7 18 31 2003 8 4 32 2003 8 22 33 2003 9 5 34 2003 9 22 35 2003 10 14 36 2003 10 24 37 2003 11 4 38 2003 11 14 39 2003 12 2 40 2003 12 16 2004 1 19 41 2004 2 3 42 2004 2 12 43 2004 2 19 44 2004 3 5 PFI 2002 9 25 14 PFI 2002 9 25 27 PFI PFI 2003 6 8 21 2003 11 26 2003 PFI 2004 5 24 29 PFI 2004 6 6 2002 9 PFI PFI 4 2. 2004 3 31 * iii

PFI 50 2004 3 31 : 39 UFJ UFJ ( 5 PFI 2003 iv

2003 2004 6 PFI PFI 7 PFI PFI PFI PFI PFI PFI 1) PFI JAPICNo.90pp.11-142002.03 v

8 PFI VFM PFI vi

9 10 Mr. Graham TAYLORMr. Adrian BAXTERMr. Jim FosterHighway Agency, UKMr. Michael WILKINSMr. Robert ROBINSON Standard & Poors, LondonMr. Robert BAIN Leeds UniversityMr. Layth IraniMr. Osamu YagiSumitomo Mitsui Banking Corporation EuropeMr. Atsushi OkudaMizuho Corporate Bank LondonDr. John Carr PriceWaterhouseCoopers, LondonMr. Charales NicolasGeorge KennedyHalcrowMr. David RushtonLaing PFI PFI vii

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PFI PFI PFI PFI 1), 2) PFI PFI PFI 146 2004 3 31 3) PFIPFI 2004 3 2 25 267 4) LRT 5) PFI 6) PFIDBFODesign, Build, Finance and Operate PFILRT PFIPPPPublic Private Partnerships PFI Highways AgencyDBFO 1.1-1 1.1-1 634 8.36 10 25% 25 5,000 PFIM25 M1M6 10 7 Partenariat Public-Privé 1

8) Public Private Partnership ( Öffentlich Private Partnerschaften) 9) 1.1-1 Highways AgencyDBFO 7) A69 Newcastle to Carlisle M1-A1 Motorway Link, Leeds A1(M) Alconbury to Peterborough A417/ A419 Swindon to Gloucester A50/ A564 Stoke to Derby link A30/ A35 Exeter to Bere Regis M40 Junctions 1-15 A168/A19 Dishforth to Tyne Tunnel A1 Darrington to Dishforth* 12/1/96 83.8 26/3/96 29.8 8/2/96 20.8 8/2/96 54.7 20/5/96 56.8 24/7/96 104.3 8/10/96 121.3 14/10/96 103.4 13/2/03 59.6 9.4 214 128 49 20.6 75.7 65 29.4 245 * 33, 30 A69 A19 A1-M1 A1 Darrington to Dishforth A1(M) A50/A654 A417/A419 M40 A30/A35 1.1-1 Highways AgencyDBFO 7) PPI(Private Participation in Infrastructure) PICKO(Private Infrastructure Investment Center of Korea) 2

PFI/PPP BOT 10) PPPPUBLIC-PRIVATE PARTNERSHIP 11) PPPBenefits of PPP PFI PFI PFI services sold to the public sector PPPVFM 17% 12) 8 DBFO 15% 13) 10% 10% PFI 10 PFI 15% 12) PFI Highways Agency PFI PFI 3

PFI 14) PFIPFIPFI 14) PFI PFI PFI PFI VFM PFI PFI 4

1) PFI Vol.841999 5 pp.4-7 2) PFI- 2001 3) PFIhttp://www8.cao.go.jp/pfi/ 4) PFIhttp://www.pfikyokai.go.jp/ 5) PFI PFI 2003 6 6) PFIhttp://www.city.fukuoka.jp/ 7) Highways Agency An Introduction to DBFO Road Building Projects in the UK,16th October 2003 8) French ministry of Public Works, Transport and Housing, Economic and International Affaires Division Financing of Major Infrastructure and Public Service Projects Public-Private PartnershipPresses des Ponts et Chaussées2000 PPP 2001 9) PFI JAPIC2002 3 pp.11-14 10) BOT 29 1995 11 pp.57-64 11) Bing Li and Akintola AkintoyaAn overview of public-private partnership; Akintola Akintoye, Matthias Beck & Cliff Hardcastle: PUBLIC-PRIVATE PARTNERSHIP Managing risks and opportunities-, Blackwell Publishing, 2003 12) UK HM Treasury PUBLIC PRIVATE PARTNERSHIPS -THE GOVERNMENT S APPROACH-, Her Majesty s Stationery Office (http://www.hm-treasury.gov.uk/mediastore/otherfiles/ppp2000.pdf) 13) UK Highways AgencyValue in Roads, June 2002 (http://www.highways.gov.uk/roads/dbfo/ value_in_roads/011.htm) 14) 12 PFI/PPP (http://www.rs.civil. tohoku.ac.jp/ pfi-jsce/) 5

PFI /PPP PFIPPP PFI PFI PFI PPP(Public Private Partnerships) 1997 PFI PPP PPP PFI PFI PPP PFI PFI PFI PFI PFI PPP PPP PFI PFIDraft Value for Money Appraisal Guidance 1) What is PFI?The PFI approach involves the public sector in contracting to purchase quality services, with defined outputs, from the private sector on a long term basis, and including maintaining or constructing the necessary infrastructure so as to take advantage of private sector management skills incentivised by having private finance at risk. PFI PFI PFI PFI PFI PFI 6

PPP 2) PPP GOCO(Government Owned Contractor OperatedOut Sourcing, Contract out Asset SalesWider marketssales of businessespartnership companiesprivate Finance initiativeservices sold to the public sector / Financially free- standing projectsconcessions and FranchisesJoint VenturesPartnership investmentspolicy Partnerships PPP3), 4), 5) ConcéssionAffermageGérance Régie IntéresséeMETPMarche d Entreprise de travaux public PPP 1.2-1 1 2 3 5 8 15 25 30 20 30 : Prud homme (2000), 6) PPP 7) Buy-Build-OperateBuild-Own-OperateBuild-Own-Operate-Transfer (BOOT) Build-Transfer-Operate (BTO) Joint VentureLease-Develop-OperateAlliance Contracts Barter ArrangementsGovernment Office Space LeasesLong-term Service Provision Contracts 7

8) ContractingNPO PPPPPP 8) 1.3-1 PPP 8) PPP The remainder of this chapter sets out different broad types of partnerships and the opportunities and challenges posed by each. There is clearly some overlap, with a number of existing PPP projects fitting into more than one category and some of the same opportunities an d challenges apply to a range of PPP types. Prud homme 5) Prud hommeppp 5) 8

Valéry Li and Akintoya 9) PPP PPPPUBLIC-PRIVATE PARTNERSHIP 9) 1.3-2 PPP PFIConcession Joint Venture Ownership Long-term Private involvement increasing Short-term Partial Asset usage Service Alternative contract Leasing Joint ventures Concession Privatization PPP models 1.3-2 PPP models and private sector involvement level 9) 9

PPP PFI PFI PPP PPP PPP PPP PFI PFIPPPPrivate Finance Initiative Draft Value for Money Appraisal Guidance PPP/PFI PPP/PFI 10

BOT/BTO/BOO/LeaseBack SPC unitary payment 1) HM TreasuryDraft Value for Money Appraisal Guidance, February 2004 (http://www.hm-treasury.gov.uk/documents/public_private_partnerships/key_documents/ppp _keydocs_vfm.cfm) 2) UK TreasuryPUBLIC PRIVATE PARTNERSHIPS: THE GOVERNMENT S APPROACH (2000) 3) PPP/PFI 2003 3 4) 2002 12 5) Rémy PRUD HOMMEA Draft Typology of Public-Private PartnershipFrench ministry of Public Works, Transport and Housing, Economic and International Affaires Division Financing of Major Infrastructure and Public Service Projects Public-Private Partnership Presses des Ponts et Chaussées2000) PPP 2001 11

6) 2001 4 7) NSW Government: Working with Government Private Financing of Infrastructure and Certain Government Services in NSW A Public Discussion Paper, November 2000 8) PPP PPPPublic Private Partnership: 14 5 9) Bing Li and Akintola Akintoya: An overview of public-private partnership; Akintola Akintoye, Matthias Beck & Cliff Hardcastle: PUBLIC-PRIVATE PARTNERSHIP Managing risks and opportunities-, Blackwell Publishing, 2003 12

PFI/PPP [] PFI PFI PFI PFI PPP PFI PFI PFI [] 1.3-1 PFI 1.3-1 ( ) () () PFI 13

PFI PFI [] PFI BTOBOTBOO PFI NPV0 N Y VFM0 NPV N Y PFI 1.3-1 PFI NPV PFI PFI NPV VFM PFI VFM LCC PFI PFI DBO VFM 14

PPP PFI 1.2 PFI 7.6 PFI PFI PFI PFI 1.3-2 PFI [] PFI PPP PFI PFI [] 1) PFI PFI 15

PFI VFM VFM [ ] PFI VFM(Value for Money) VFM VFM PFI VFM VFM VFM VFM VFM PFI VFM [] VFM PFI VFM [] PFIVFM 1) PPP PUBLIC-PRIVATE PARTNERSHIP 2) PPPBenefits of PPP 4 VFM Highways AgencyVFM bargaining 16

PFI VFM Highways Agency VFM PFI PFI PFI SPVVFM Green Book 3) [] X 4) PFI VFM VFM VFM VFM PFI 5) VFM 6) 2.19 VFM VFM [] VFM PFI VFM VFM 17

[] 1) HM Treasury Taskforce Private FinancePartnerships for Prosperity The Private Finance Initiative1997 PFI 1998 2) Akintola AkintoyeMatthias Beck & Cliff HardcastlePUBLIC-PRIVATE PARTNERSHIP Managing risks and opportunities-blackwell Publishing2003 3) KPMGReport on identifying and measuring the differential tax receipts from Private Finance Initiative schemes for the purpose of economic evaluation against a Public Sector ComparatorHM TREASURY2002 4) 1982 5) Vol.27 CD-ROM2003 6) PFI VFM Vol.27CD-ROM 2003 7) VFM 2003 12 http://www.mlit.go.jp/sogoseisaku/policy/pfi/vfm-1.html 18

PFI [] PFIVFM PFI 1) [] 2), 3) 5 PFI [] Highways Agency 30 PFI PFI 4) [] PFI 19

1986199050 /20301.5-1 40501.5-2 Design BuildDBFO Partnering 1.5-1 86 90 5) 1.5-2 87 90 5) 20

[] PFI PFI Highways Agency PFI PFI PFI PFI [] PFI 6) [] 1) VFM 2003 11 ()2003 2) 4 2002 3) 58 2003 4) Highways AgencyValue for Money Manual1995 5) UK National Audit OfficeDepartment of Transport: Contracting for Roads1992 6) PFI PFI 2004 3 21

PFI VFM [] PFI VFM 1.7 [] PFI 2025 50 / 30 / 60 1) 50 212025 51 2) PFI [] PFI Payment 1.6-1 PFI PFI PFI PFI 22

PFI PFI PFI PFI PFI PFI P F I 1.6-1 PFI 3) PFI PFI PFI PFIPFI Payment PFI PFI PFI PFI PFI 23

PFI PaymentPFI PFIPayment PFI PFI PFI [] VFM NAOPFIVFM 1.6-1PFI 4) PFI PFI IT PFIDartford ETC 5) Fazakerley 6) DBFOM40 Fazakerley 6) 24

PSC 1.6-1 VFM VFM West Middlesex Hospital The new Dartford and Gravesham hospital Falkirk 115 105 9% Balfron 25 23 8% Glasgow 460 434 6% West Lothian 55 53 4% Edinburgh 124 122 2% 130 125 NAO: The PFI Contract for the Redevelopment of 4% West Middlesex Hospital, 2002 181.6 176.5 NAO: The PFI Contract for the new Dartford and 3% Gravesham hospital, 1999 *1 Audit Scotkand: Taking the Initiative Using PFI to Renew Council Schools, 2002 Highland 32 32 0% NAO: The Private Finance Initiative: the Contract to A74(M)/M74 236 200 15% Complete and Operate the A74(M)/M74 in Scotland, 1999 M1-A1 339 232 31% NAO: The Private Finance Initiative: The First Four A1M 195 154 21% Design Build Finance and Operate Roads Contracts, A419/A417 110 112-1.8% 1999 *2 A69 49 62-21% Bridgend 319 266 17% NAO: The PFI Contracts for Bridgend and Fazakerley 248 247 0.4% Fazakerley Prisons, 1997 MOD main building 690-807 (748.5) 746 0.3% NAO: Ministry of Defence: Redevelopment of MOD main building, 2002 *3 The New British 48 38.5 21% NAO: The New British Embassy in Berlin, 2000 Embassy in Berlin NAO: The PRIME Project: the Transfer of the The PRIME Project 2568 2008 22% Department of Social Security Estate to the Private Sector, 1999 *4 Non-Combat Vehicles 24.7 18.9 NAO: The Procurement of Non-Combat Vehicles for 23% the for the Royal Air Force, 1999 the Defence Fixed NAO: The Private Finance Initiative: The Contract Tele- communications System 1830 1530 16% for the Defence Fixed Telecommunications System, 2000 *4 IT the National Insurance Recording System 329 133 793 695 12% NAO: The Contributions Agency: the Contract to Develop and Operate the National Insurance Recording System *5 NAO: National Savings: Public Private Partnership with Siemens Business Services, 2000 NAO: Public Private Partnerships: Airwave-Police Radio System, 2002 Airwave-Police Radio 1,610 1,470 9% System *1: NAO PSC *2: PSC PSC Halcrow *3: VFM PSC mid-point 748.5m *4: PSC *5: VFM 59 : IPPR: Audit reports on value for money in the PFI, 2002 7) [] PFI PFI PFI 25

[] 8) 9) DBFO DBFO 10) VFM A69 11) PFI 4.47.3 [] 1) BTO PFI 2) 3) 4) Payment PFI 5) PSC VFM VFM 6) Highways Agency PFI PFI [] 1) 2000 2000 (http://www.jsce.or.jp/committee/kikaku/2000pr.htm) 2) 15 2003 (http://www.mlit.go.jp/hakusyo/mlit/h14/h14/index.html) 3) PFI No.37 2000 4) NAOPFI: Construction Performance2003 5) Dartford River Crossing HP (http://www.dartfordrivercrossing.co.uk/drc/nframe.htm) 6) NAOThe PFI Contracts for Bridgend and Fazakerley Prisons1997 26

7) IPPRAudit reports on value for money in the PFI2002 (www.ippr.org.uk/research/files/team21/project132/pfi%20audit%20reports%20vfm%20ta ble.doc) 8) 1999 (http://www.mlit.go.jp/road/press/press0/990224.html) 9) ()2003.6 (http://www.mlit.go.jp/road/sign/pc/localruletop.html) 10) Highways AgencyDBFO - Value in Roads1997 11) NAOThe Private Finance Initiative: The First Four Design, Build, Finance and Operate Roads Contracts1998 27

PFI VFM PFI PFI PFI 23 1) 28

PFI PFI PFIPFI PFI Fast Track PFIPFIPFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI 29

PFI PFIPFI PFIPFI affordability PFI PFI 12 3 2) PFI PFI PFI PFI Fast Track 1.7-1 PFI CarlisleMillbankA74(M)/M74 DBFO PFI 26 6 59 3) BOT 40,000US$ 30 6 24 42 4) Skye Bridge1989 1992 1995 21 5) Highways Agency 8 DBFOPFI 30

PFI PFI PFI Highways Agency PFIHighways Agency DBFO 6) PFI 7) PFIPFI PFI PFI PFI PFI PFI PFI Fazakerley Bridgend 25 Lowdham Grange 8) PFI Highways AgencyEarly Design Build PFI 31

9), 10) 11) PFI 12) PFI PFI 1999 (1) (2) 12 1998 13) PFI PFI 32

VE PFI 1) 2000 ()2000 2) 15 9 2 PFI http://www.soumu.go.jp/news/000329-2.html 3) NAO The Private Finance Initiative: The Contract to Complete and Operate the A74(M)/M74 Motorway in Scotland1999 4) 1996 10 () 1996 5) NAOThe Skye Bridge1997 6) PPP 2004 2 ()2004 7) PFI 2002 http://www.mlit.go.jp/sogoseisaku/policy/pfi/2.pdf 8) Private Finance PanelReport on the procurement of custodial services for the DCMF at Bridgend and Fazakerley1996 9) 1999 10) 1996 11) ()1998 12) 16 30 12 25 2003(http://www.keizai-shimon.go.jp/2003/1225/1225item8.pdf) 13) 15 7 (http://www.nilim.go.jp/lab/peg/sougou_tebiki2.htm) 33

PFI PFI [] PFI PFI PFI [] VFM PSC PSC PSC 1980 1) [] PFI 34

2) PFIPSC ABC(Activity-based Costing) 3) [] PFI PFI PSC PFI 35

PFI [] 1) 1999 2) Vol.27CD-ROM 2003 3) 2002 36

( PFI VFM

VFM VFMPSCPFI LCC VFM(Value For Money)PFI PFI VFM PFI VFM VFM VFM VFMVFM VFM VFM PFI VFM VFM (Best Value) PFI VFM VFM VFM PSC PFI PFI LCC PFI LCC PSC PFI VFM PSC PFI LCC PSC VFMPSCPFI LCC VFM=(PSC-PFI LCC)/PSC100% VFM PSC PFI LCC VFM 2.1-1 VFM VFM PSC PFI LCC 37

2.1-1 PSC PFI LCC VFM VFM VFM VFM VFM PFI PFI VFM PFI PFI PFI VFM LCC VFM PFI VFM PFI VFM VFM VFM VFM PFI VFM VFM 38

VFM VFM VFM PFI VFM VFM PFI VFM VFM VFM PFI PFI VFM VFM PFI VFM 39

VFM VFM PFI VFM VFM PFI VFMTreasury Taskforce 2.1-1 VFM Treasury Taskforce:"Value for Money Drivers in the Private Finance Initiative-A Report by Andersen and Enterprise LSE"2000 2) VFM VFM VFM VFM VFM 1) VFMValue For Money 13 7 27 2) Treasury TaskforceValue for Money Drivers in the Private Finance Initiative-A Report by Andersen and Enterprise LSE2000 3) PFI PFI VFM 2004 40

VFM VFM PFI VFM VFM VFM VFM VFM PSC PFI PFI LCC VFM PFI VFM PFI PFI VFM PFI BOT PFI PFI LCC PFI PFI VFM 41

PFI PFI VFM PSC PFI LCC VFM VFM VFM VFM PSC VFM PSC PFI LCC PFI PFI PSC PFI PFI LCC 1) VFMValue For Money 13 7 27 2) PFI PFI VFM 2004 3) PFI PFI 1998 42

VFM VFM VFMVFMPSC PFILCCPFI PSCPFILCCVFM PFI VFM PFI Financially Free Standing (Services Sold to the Public Sector) (Joint Venture) PFI Financially Free Standing Joint Venture Services Sold to Public Sector 2.3-1 PFI 2 43

PFI PFI 2 3 PFI PFI 3 VFM PSC PFI LCC PFI IRR 3 VFM PSC PFI PFI VFM PFI PFI LCC VFM 1) VFMValue For Money 13 7 27 2) PFI- 2001 3) Treasury TaskforcePublic Sector Comparators and Value For MoneyPolicy Statement No.2 1998 4) PFI 16 1 44

VFM PFI VFM VFM VFM VFM VFM VFM VFM VFM VFM PFI PFI VFM VFM PFI LCCPFI LCC LCCPSC VFM VFM 2.4-1 VFM PSC PFI LCC 2.4-1 2.4-1 VFM VFM VFM VFM PSC VFM PFI PFI 2.4-1 VFM 45

PFI VFM PFI VFM PFI VFM 2.4-2 2.4-2 PFI VFM VFM PFI VFM PFI LCC PFI PSC VFM PSC PSC VFM PSC VFM VFM PFI VFM 1) PFI 13 1 22 2) VFMValue for Money 13 7 27 46

VFM 1) VFM 3. 5 4 2) H M TreasuryThe Green Book3) Green Book 1.5 1.0 2.0 2.0 3.5 1.01.6 1.5 0.71.5 1.0 30 30 2.5-1 3) 30 3175 76125 126200 201300 301 3.5 3.0 2.5 2.0 1.5 1.0 47

30 300 1.035 300 3 1.010 300 20 PFI VFM The Green Book SPC 1) 1999 2) Stiglitz, J. E.: Economics of the Public Sector (3rd Ed.), 2000 2003 3) HM Treasury: The Green Book, Appraisal and Evaluation in Central Government, 2003 4) Vol.27CD-ROM 2003 48

PSC PSC PFI VFM PSC PFI PSC PSC 2.6-1 PSC 49

PSC PSC 1VFMValue for Money 13 7 27 2PFI 13 1 22 3 16 () 2003 50

PSC LCC PSC PFILCC 2.7-1 () () ( ) () () (PSC ) 2.7-2 1 2.7-3 1 51

PSC 1) 16 () 2003 52

PFI PSC VFM PSC 2.8-1 53

2.8-2 () : 13 2 ()() PFI 1) 1997 2) 13 54

VFM PSC PSC PSC VFM PSC 14 57.4 91.5 30.4PSC PSC PFILCC PFILCC PSC PFILCC PFILCC 55

PSC 1) PSC VFM PSC PFI PSC PSC PFI 2.9-1 PFILCC 2) PSC PSC PFI 1) 1999 2) 2002 56

PFI LCC VFM PSC PFI LCC PFI VFM PSC PFI LCC PFI LCC () 2.10-1 2.10-1 PFI LCC No PFI PFI PSC PFI SPC SPC PFI VFM () 57

No PFI ( )PSC BOT BOT/BTO BOT PFI PSC PFI VFM 11 3 4% PFILCC PFI VFM ( ) PFI PFI LCC PFI 58

() 80 ( 50) PFI 100PFI PFI PFI LCC LCC PFI_LCC () PFI () PFI PFI PFI () 59

PFI 1) 2) VFM 15 6 VFMValue For Money 13 7 27 3) PFI- 2001 () 60

IRRDSCR VFM PFI LCC PFI LCC VFM VFM PSCPFI LCC PSC PFI LCC PFI VFM PFI LCC PSC PFI LCC PFI LCC IRR DSCR PFI VFM 15 6 VFM VFM PSCPFILCC VFM VFM PFIVFM IRREIRRDSCR LLCR 61

PFI PFI BOT PFI PFI 63 PFI PFI 15 PFI IRR DSCR PFI PFI PFI 23 1) VFM 15 6 2) PFI PFI VFM 2004 3) PFI 14 12 4) VFMValue For Money 13 7 27 5) PFI 15 9 6) PFI 16 1 7) PPPPFI 16 3 62

VFM 16 3 PFI 146 VFM VFM PFI VFM PFI VFM PFIPPP PFIPPP 16 3 146 146 PFI 130 130 VFM 120 2.12-1 PSC 28 PFI LCC 26 120 VFM 10.8 30 VFM VFM VFM 25 9 VFM VFM2 VFM VFMVFM 15 6 VFM 63

2.12-1 PFI VFM 64

2.12-1 PFI VFM 65

2.12-1 PFI VFM PPPPFI 16 3 66

VFM PFI PFI LCC PFI VFM VFM PSC PFI LCC VFM VFM PSC PFI LCC VFM PSC PFI LCC PFI VFM VFM VFM PFI PFI LCC PFI LCC PSC VFM PFI 67

PSC PSC VFM PSC PFI VFM PFI LCC IRR DSCR VFM 1) PPPPFI 16 3 2) VFMValue For Money 13 7 27 3) VFM 15 6 PFI 16 1 5) PFI 15 9 68

VFM PSC PFI LCC VFM (2) PSC PFI LCC VFM PFI BTO 20 69

VFM JAPIC 60 BTO VFM BTO PFI PFI PFI PFI VFM VFM VFM VFM VFM 0VFM 0 VFM 0 PFI X VFM winwin JAPICVFM 0 56VFM 0 5 VFM PFI PFI Competitive Neutrality Policy1997 PFI 1) PFI- 2001 2) PFI 1999 3) State Government of VictoriaCompetitive Neutrality1996 70

PSC PFILCC PFI PSC () PFI PSC PFILCC VFM 2.7 PSC PFI PFI 2.14-1 PSC 71

PFI PFI () - PFI - PSC - - 1) 2000 2003 2) PFI 13 22 72

PFI PFI PFI PFI P FI VFM PSC PFI LCC PFI PFI PFI PFI VFM PFI LCC PFI PFI 16 14 PFI PFI PFI PFI 586 2 27 PFI 15 48 PFI 1) BOOBOT 20 LCC 113 PFI 34 LCC 30 47 21 32 PFI 23 BTO BOT PFI 32 LCC 73

PFI PFI VFM BTO PFI BOT BTO PFI PFI PFI PFI PFI 10 PFI PFI VFM 348 PFI 348 349 3 3 1 5 6 1 5 2 1 1) PFI Vol.27CD-ROM2003 74

PFI VFM [] PFI PFI PFI PFI PFI PFI VFM VFM [] VFM VFM VFM VFM VFM VFM 1) VFM VFM VFM VFM VFMVFM PFI PFI PFI CPM (Critical Path Method) 75

PFI VFM VFM PFI B/C<1 PFI B/C>1 PFI VFM VFM VFM 2003 2) VFM VFMVFM VFMVFM VFMVFM PFIJVPFI 2.16-1 2.16-1 PFI N PFI t PFI 0 K N 1 PFI T T + K + k T + N 1 PFI T k 2.16-1 PFI N N N T T 0 K+k K+k K T+K+k T+K+k K T+N-1 T+N-1 N-1 t b1t b2t b4t t c1t c2t c4t 76

2.16-1 2)VFM PFIVFMVFM ++ 2 b 2t c 2t T + N + k + [( ) ] 1 k T b2t c2t VFM ++ = VFM + 1+ r 1 NPV2 + t k 1+ r t= T + N ( ) T NPV NPV VFM VFM VFMVFM PFI VFM [] PFI PFIVFM (2003)VFM VFM VFM VFMVFM VFMVFM VFMVFM PFI [] [] 1) VFMValue For Money 13 7 27 2) PFI VFM Vol.27CD-ROM 2003 77

VFM PFI PSC PFI PSC VFM PFILCC PFI 2.17-1 VFM PSCPSC PSC 2.8 2.14 Highways Agency 25 PFILCC PSC PFILCC 78

PSC PFI PFI VFM PSC PSC LCC 1) 2) VFMValue For Money 13 7 27 13 79

PFI VFM PFI [] VFM Treasury Taskforce VFM VFM VFM 2.18-1 VFM PFI 1 338 15.36 2 267 12.14 3 256 11.64 4 250 11.36 5 232 10.55 6 220 10.00 7 190 8.64 8 185 8.41 9 184 8.36 10 PSCPublic Sector Comparator 167 7.59 11 120 5.45 12 107 4.86 13 106 4.82 14 PFI 96 4.36 15 69 3.14 16 67 3.05 17 64 2.91 18 36 1.64 Treasury Taskforce: Value for Money Drivers in the Private Finance Initiative, 2000 VFM 18 PFI 22 18 1 1 80

PFI [] PFI PFI PFI [] [] 1) Treasury TaskforceValue for Money Drivers in the Private Finance Initiative-A Report by Andersen and Enterprise LSE2000 2) David VoseRisk Analysis A Quantitative Guide, John Wiley & Sons2000 2003 3) The Institution of Civil Engineers and Faculty of Actuaries and Institute of ActuariesRisk Analysis and Management for ProjectThomas Telford1998 4) 2003 http://www.mlit.go.jp/kisha/kisha04/13/130206/04.pdf 81

VFM VFM VFM 3 VFM VFM PFI VFM VFM 1) VFM 2) VFM VFM 1) PFI 2) 3) VFM VFM PFI PSCPFILCC VFM PFI PFI PFI SPC VFM VFM VFM PFI SPC PFI VFM VFM PFI VFM 82

VFM VFM VFM VFM PFI VFM 2.19-1 2.19-1 2.19-1 2.19-1 PFI PFI DBFO PFI SPC 2.19-2 PFI SPC 83

2.19-2 SPC SPC PFI 3) VFM VFM DBFO 2.19-3 PFI VFM 2.19-3 VFM VFM 1) VFMValue For Money 13 7 27 2) PFI PFI VFM 2004 3) PFI VFM Vol.27CD-ROM 2003 84

PFI

) PFI PFI PFI PFI PFI VFM VFM PFI 3.1-1 85

3.1-1 3.1-1 86

3.1-1 3.1-1 PFI PFI PFI PFISpecial Purpose Company, SPCPFI PFI PFI 87

PFI 3.1-2 PFI PFI PFI PFI PFI 3.43.7 3. 11 2.173.14 3.1-2 3.9 SPC 1) 2000 2) : No.464-19pp.23321993 3) PFI 2001 1 22 4) PFI PFI 1999 5) PFI 1999 6) 2000 7) PFI Vol.102003 88

PFI PFI 89

90 VFM PFI 3.2-1 3.2-1 PFI H13.1.22

86 13 4 1) 2.5 2) 150100 130 3) 3.8 ISMInterpretive Structural Modeling 3.2-1 3.2-1 91

3.2-1 ISM 3.2-1 PFI 3.2-1 PFI 2004 3.2-2 3.2-3 3.2-2 92

3.2-3 3.2-2 2 2 1 2 3 3.2-2 93

15 PFI 1) PFI 2001 22 2) PFI PFI 2004 3 3) Vol.102003 4) 2004 94

PSCPFILCC 2.2 VFM PFI VFM SPC PFI BOT 95

Avoidance Abatement Retention Transfer VFM 3.3-1 PSC 96

3.13 VFM 3.3-1 1980 1) PFI- 2001 2) BOT Vol.8No.11997 97

PFI PFI PFI 3.1 PFI PFI PFI 3.4-1 3.4-1 98

PFI PFI 3.4-2 3.4-2 PFI 100 PFI PFI 100 99

PFI PFI 100 PFI PFI 100 AT 100

1) 3.3 1) PFI 13 1 22 2) No.693 VI-53205-2172001 3) PFI 2003 2004 101

PFIPFI PFI PFI PFI Treasury Taskforce PFI VFM 2.1-1 PFI PFI PFI PFI 3.5-1 102

3.5-1 PFI BTO Kirklee A B PFI Skye 30 Eastern Distributor 5 A$ DBFO CPI RPI 103

3.5-1 SHT 90 110 ( ) QEmax20 max27, max30 M2 IRR max45 Melbourne City Link CPI Case1: Case2: Case3: DBFO LRT A:, B:, C:, D: DBFO Dockland LRT 104

PFI PFI 1) Treasury Taskforce"Value for Money Drivers in the Private Finance Initiative-A Report by Andersen and Enterprise LSE2000 2) PFI PFI 1998 3) NAOThe Skye Bridge1997 4) RTAEastern Distributor Summary of contracts1998 5) Highways AgencyValue in Roads1997 6) Sydney Harbour Tunnel 7) PICKO 8) The Institution of Civil EngineersSecond Severn Crossing1997 9) M2 10) TransurbanMelbourne City Link 105

PFI PFI PFI PFI PFI PFI BOT DBFO VFM PFI 106

3.6-1 DBFO UK Tn.Aus Br.UK A13DBFO UK R R Q Q R R Q Q 3.6-1 3.6-2 107 PFI SPC

BOTPFI PFI 3.6-1 DBFO Q R 3.6-1 3.6-2 R 3.6-2 108 Q

PFI VE 1) M6 Toll 2) Shoji.Y(2000) 3) 1) PFI 2003 2004 2) Shoji.YTheoretical Analysis on Traffic Volume Risk in PFI Transport Projects, 55 2000 109

1 PFI PFI [] [ ] 2) PFI ) PFI 110

PFI 3.7-1 3.7-1 CAT 111

PFI 4) 3.7-2 50% 5) gal 3.7-1 112 3.7-2

3.7-3 3.7-4 113

PFI 114

PFI PFI PFI 1) 2) PFI13 122 3) 4) PFI27 2003 5) 2002 115

PFI PFI VFM SPC PFI PFI PFI PFI PFI PFI PFI PFI PFI BOT PFI PFI 116

1998 11 1 PFI PFI TUPE Transfer, Undertaking and Protection of EmploymentPFI 2000 PFI PFI SPC PFI SPC BOTBTOJV BOT 3.3 2 SPC 3 FEM 1) PFI1999.1 2) 3 2004.2 http://www8.cao.go.jp/pfi/shiryo_sb_3_4.pdf 117

PFI 2.1 PFI VFM PFI PFI VFM PFI PFI PFI PFI VFM PFI VFM 118

P-I : probability-impact score 1), 2) 3.9-1 probability impact NIL (0) VLO (0.05) LO (0.15) MED (0.25) HI (0.35) 119 VHI (0.45) VHI (0.8) 0 0.04 0.12 0.2 0.28 0.36 HI (0.4) 0 0.02 0.06 0.1 0.14 0.18 PI 1.0 MED (0.2) 0 0.01 0.03 0.05 0.07 0.09 0.05PI 1.0 LO (0.1) 0 0.005 0.015 0.025 0.035 0.045 VLO (0.05) 0 0.003 0.008 0.013 0.018 0.023 PI 0.05 NIL (0) 0 0 0 0 0 0 3.9-1

PSC PFI-LCC PFI PFI-LCC PFI 1-5) 120

Excel 90 PSC PSC PSC PFI PSC PFI-LCC 3.8-2 121 3.9-2

1) 911 2) 3) PERT 4) 5) Palisade BestFitRISK Decisioneering Batch FitCrystal Ball 6) Palisade RISK Decisioneering Crystal Ball 1) David VoseRisk Analysis A Quantitative GuideJohn Wiley & Sons2000 2003 2) PMBOK 2000 2000 122

PFI PFI VFM VFM VFM VFMVFM PFIVFM VFM PFI PFI VFM VFM PFI PFI PFI VFM PFI PFI 123

PFI 3.10-1 PFI 3.10-1 PFI PFI / PFI PFI PFI VFM VFM PFI PFILCCPSC VFM=PSC-PFILCC VFM 3.10-2 124

3.10-2 VFM VFM VFM VFM VFM VFM VFM VFM VFMPr[VFM>0]VFM 10 Pr[VFM>10] Value at Risk VFM VaR Pr[VFM>x]=90 x 90 VFM x Distribution for VFM VFM VFM=9.11 Pr[VFM>10]=75 95 VaR=7.08 3.10-1 VFM VFM VFM VFM VFM PFI PFI IRR: Internal Rate of ReturnNPV: Net Present ValuerIRRNPV 3.10-3 3.10-3 IRR NPV IRR> NPV>0 IRR= NPV=0 IRR< NPV<0 125

IRRVFMIRRNPV IRRNPV 3.10-2 IRR NPV IRR1 2%IRR 10 DSCR DSCR 1.0 DSCR>1.0 DSCRDSCR DSCR 3.10-2 DSCR 3.9-2 1.0 1.11.3 ) VFM NPVDSCR 3.10-3.10-3) 3.10- / // - 126

3.10-5 * PERT * 3) PERT 3.10-3.10-6 (Availability) (Representativeness) (Adjustment and Anchoring) 127

) χ K-SK-S A-D 3) Excel @RISKCrystal Ball PFI 323.3 3.12 PFI 1)3.9 3) 2) 10VFMPSC-PFILCC/PSC VFM PFILCC PSC VFM 10 3) RISK BestFit Crystal Ball Batch Fit 1) PFI 1999 2) VFM 1 VFM 2003 3) David VoseRisk Analysis - A Quantitative Guide-John Wiley Sons2000 2003 4) 2003 5) 1998 128

PFI PFI 3.11-1 3.11-1 3.11-1 1-0.9, 0, +0.9 +0.9 0-0.9 0 @RISK Crystal Ball 3.11-2 3.11-2 129

3.11-1 =0.6 =0.6 3.11-2 @RISK 1) y=ax+b 1 3.11-3 3.11-3 y=triang(-0.28x+57, -0.46x+74.5, -0.42x+88) : y=normal(-0.46x+74.5, 8.16) y=uniform(-0.28x+57, -0.42x+ 88) 3.11-3 130

PFI {},{ } ( a11, a12, p11, p12 ) ({ a21, a22},{ p21, p22} ) = { } { } + = ({ a11 + a21, a11 + a22, a12 + a21, a12 + a22},{ p11 p21, p11 p22, p12 p21, p12 p22}) = p p ( a + a ) + p p ( a + a ) + p p ( a + a ) + p p ( a + a ) 11 21 11 21 11 22 11 22 12 21 12 21 12 22 12 22 3.11-4 ( a11, L, a1 m, p11, L, p1 m ) ({ a21, L, a2n},{ p21, L, p2n} ) ({ } { }) { } { } 1 i 1 i a 2 j p 2 j = a 1 i + a2 j p1 ip2 j i = + { } { } ( ) ({ } { }) ( L L ) = a, p +,, = 1,, n; j = 1,, m = m n p1 ip2 j( a1 i + a2 j) i= 1 j= 1 3.11-5 m m m m ( aij, p ), ( 1,, ) i ij a i ij p i ij j L i i ni i= 1 i= 1 i= 1 = = = n1 nm m m = L pij a 1 1 1 1 i ij 1 i j = jm = i= i= { } { } 131

3.11-6 f1( x1) f2( x2) f ( ) ( ) = ( ) ( ) f x f x x f x dx 1 2 2 2 2 [ ] = ( ) = ( ) ( ) E x xf x dx xf x x f x dx dx n f,, 1 x1 fn xn 1 2 2 2 2 3.11-7 ( ) L ( ) f ( ) x x n f x f x x f x f x dx dx L ( ) = L ( ) L ( ) 1 i 2 2 n n 2 n i= 2 n E[ x] = xf ( x) dx= x f x f2 x2 fn x L 1 x i L n dx2l dxndx ( ) ( ) i= 2 132

Excel Palisade Risk Decisioneering Crystal Ball 1)@RISK Crystal Ball 2) 1) David VoseRisk Analysis - A Quantitative Guide -John Wiley Sons2000 2003 2) Alfredo H-S. Ang and Wilson H. TangProbability Concepts in Engineering Planning and Design ProbabilityJohn Wiley Sons1984 133

PFI PFI PFI PFI 3.12-1 30 3.12-1 3.12-2 134

1 2 3 4 5 6 7 8 3.12-1 1 2 3 4 3.12-2 3.12-3 3.12-3 No * 1 2 3 L D C I 3.12-2 *L(Risk Level) D(Dependence) C(Controllability) I(Impact) 3.12-4 135

3.12-4 L (Risk Level) D ( Dependence) C (Controllability) I ( Impact) 5 85 4 5085 ----------- 3 2550 2 125 ----------- 1 1% 3.12-5 3.12-6 3.12-1 No 1 2 3 3.12-5 / A B C D = B x C E = A + D F (%) G = E x F 136

3.12-6 No () / () () () A B C D = B x C E = A + D F G = E x F 1 855,000 855,000 1 25 20 171,000 2 TBM 7 46,073 322,511 322,511 50 85 60 193,507 3 423,263 34.7 47,259 1,639,887 2,063,150 25 50 40 825,260 4 5 TBM 30 46,073 1,382,190 1,382,190 1 25 20 276,438 TBM 100 46,073 4,607,300 4,607,300 1 25 5 230,365 6 374,000 374,000 25 50 25 93,500 7 1,000,000 1,000,000 1 25 2 20,000 8 TBM 18.3 46,073 843,136 843,136 1 25 20 168,627 11,447,287 1,978,697 3,664,616 3.12-1 137

3.12-1 198 9797 Value at Risk 366 341 10 10 1) 26 2003 138

PFI (Contingency) 2.2 VFM 3.103.11 PFI 3.12 PFI 3.3 Contingency) [] PFI SPC 3.13-1 SPC 3.13-1 139

3.13-1 ESIMATED TOTAL BID MARGIN (BID TOTAL) (BUILDERS CLAIMSDETAILS) 8 DESIGN CHANGE INDUSTRIAL GROUN COND ACCESS CHANGE SITE ALLOWANCE RISE & FALL8% AUST CHANGE OTHER CLAIM 7 (BID TOTAL) (PROBABILITY FACTOR)(BUILDING CLAIM TOTAL) N1.0 5.0+4.0+10.0+2.0+5.00.75=19.50 (BID TOTAL) N1. 0 (CONTRACT COST) 15.7 BOT 11 SPC 3.8 [] win-win 140

[] PFI [] 1) PFI- 2001 2) BOT Vol.8 No.11997 141

PFI 3.93.11 3.5 PFI PFI PFI 142

143 3)

1Highways AgencyValue for Money Manual1996 2 2000 2003 3) PFI PFI 2004 144

PFI

PFI PFI VFM [] PFI PFI PFI PFI PFI PFI PFI PFI PFI VFM PFI [] PFI PFI PFI PFI PFI PFI PFI PFI PFI 145

PFI H12.12PFI PFI PFI PFI PFI PFI PFI Benefit Cost PFI PFI PFI PFI PFI PFI 146

VFM PFI IRR DSCR PFI VFM PFI PFI VFM VFM VFM PFI 147

PFI LCC PFI VFM LCC [ PFI VFM 2030 PFI PFI 30 PFI 30 30 PFI PFI 4.2-1 148

PFI 4.2-1 4.2-1 4.2-2 PFI 30 () 2/3 PFI 4.2-2 LCC LCC LCC 149

30 LCC () DBFO 30 VFM PFI VFM LCC PFI ( ) LCC 150

BOTBTO PFI BTOBuild-Transfer-Operate BOTBuild-Operate-Transfer BOTBTO PFI PFI PFI PFI 4.3-1 4.3-1 151

PFI BTO BOT BTO BOT PFI BTO 4.3-2 2.13VFM 4.3-2 BTO 2 5 10 BOT 206 BTOBOT PFI PFI PFIBOT PFIPFI PFI BOT PFI BTO PFI 13 BTOBOT 4.3-1 PFI PFI PFI 152

4.3-1 BTO BOT BTO BOT PFI PFI PFI PFI PFI PFI 13 1) PFI BOT (Build-Operate Build -Transfer Operate Transfer BTO(Build-Transfer- Build Operate TransferOperate BOO BuildOwn Build-Own-Operate Operate BLT Build (Build-Lease-Transfer Lease Operate ROT(Rehabilitation BOT BuildRehabilitation Operate Transfer OperateTransfer DBFO PFI Design (Design-Build-Finance BuildFinanceOperate -Operate 2) PFI BOT PFI 1) (http://www8.cao.go.jp/pfi/shiryo_a_10_3_4.pdf) 2) PFI2001 3) PFI- 2001 153

PFI PFI PFI [] PFI PFI PFI PFI 4.4-1 8) PFI 4.4-1 1) 10 6 2) 13 7 3) 10 11 4) 13 6 5) 13 12 6) 13 12 7) 13 4 154

Highways Agency 9), 10) Highways AgencyPFI the Managing Agent Contractor Contract (MAC Contract) 11) 4.4-2 MAC Contract 1 2 1 24 28 6 2 1 2 1 1 2 7 2 1 24 28 6 2 1 24 28 6 2 1 24 28 6 2 SCRIM 14 1 7 1 24 28 6 2 Highways Agency: MAC Model Document, Annex 10, Jun. 2002 155

Highways Agency 12) Highways Agency 4.4-3 Highways Agency EU Highways Agency: Developing Performance Specification (consultation document), 2003.4 13) 4.4-1 2001 1992 20% 4.4-1 156

PFI Highways Agency Highways Agency PFI PFI 14) PFI PFI 157

1) ( ) 2000 http//www.sonpo.or.jp/publish/book_kenchiku.html 2) 2001 7 http//www.mlit.go.jp/kisha/kisha01/14/140709_.html 3) 1998 12 http//www.mlit.go.jp/road/press/press0/98-11-0 5.htm 4) 2001 6 http//www.mlit.go.jp/r oad/sign/pavement.html 5) 2001 12 http//www.mlit.go.jp/road/press/press01/20011227/20011227.html 6) 2001 12 http//www.mlit.go.jp/kisha/kisha01/08/081225_2_.html 7) 2003 4 http// www.mlit.go.jp/crd/city/sewerage/information/tosikeikaku/minkan010423.html 8) 2003.3 http//www.mlit.go.jp/kisha/kisha03/13/130331/130331-3.pdf 9) Private Finance PanelWriting an Output Specification1996 10) Public Private Partnership Programme Output Specifications for PFI Projects: A 4Ps Guide1999 11) Highways AgencyM AC Model DocumentAnnex 102002 12) Highways AgencyDeveloping Performance Specification (consultation document)2003 http//www.highways.gov.uk/roads/projects/dps/perform_spec_consult.pdf 13) No.522003 7 14) 1999 2 http//www.mlit.go.jp/road/press/press0/990224.html 158

PFI VFM PFI PFI PFI PFI VFM PFI 10 13 (70) 46 (65) (70) 159

(68) (54) (38 ) (46) (51) PFI PFI PFI A PFI PFI PFI PFI VFM PFI LCC VFM PFI 1) 2002 11 2) 43-42001 160

[] PFI PFI [] PFI 4 (1) (2) PFI (3) PFI PFI 161

PFI VFM [] PPI 10 PFI EHC PFI BOT PFI JAPIC PFI PSC PFIVFM [] 162

PFI PFI PFI [] 1) PFI 2001 1 22 2) PFI PFI 2002 3) PFI PFI 2004.1 4) PFI PFI 2004.2 163

PFI PFI PFI 2000 3 PFI PFI 15 3 PFI PFI () PFI PFI EU (Post Tender Negotiation) OGC (After Tender) (BAFO: Best and Final Offer) BAFO 164

3 (Invitation to Negotiation) (BAFO) EU (Competitive Dialogues) 35 1) PFI 2001 1 22 2) PPP 2002 3) 2003 4) PFI 2003 5) PFI PFI 2004 1 165

PFI 2 2 1 PFI PFI 166

VFM 50 50 50 50 0 50 100 50 50 100 50501.0 1001001.0 100 99 100991.01 50501.0 50 99 50 49 49 167

VFM PFI PFI PFI 1) PFI 2001 1 22 2) PFI PFI 2002 3) PFI PFI 2004.1 4) PFI PFI 2004.2 168

PFI PFI 2 H11.2.17 169

PFI PFI 1) PFI 2001 1 22 2) PFI PFI 2002 3) ( ) PFI 2003 4) ()PFI PFI 2004.2 170

PFI PFI PFI 5 29 4 107.5 30 29 9 PFI 10 PFI 10 PFI 234 167 7 38 12 10 24 41 3 24 30 167 5 167 11 171

2 234 2 167 16 10 10 29 9 38 12 10 24 7 6 16 49 167 5 167 11 2 PFI 5 10 3 13 4 13 12 1 7.5 30 172

BTOBOT PFI PFI 12 3 13 100 10 PFI PFI PFI PFI BOTBTO 2560 PFI VFM 100 PFI PFI PFI 14 PFI 16 6 PFI 10 BTO 5 BOT 5 1 BTO PFI 5 3 173

BOT 2 2 BOT PFI BOT BTO BOT BOT 4.11- PFI 1) BTO 2) BTO ( ) 3) BTO 4) BTO ( ) 5) BTO 6) BOT 7) BOT 8) BOT 9) 2 BOT 10) BOT BTO BOT 174

PFI PFI PFI PFI PFI VFM PFI 175

PFI PFI 2560 BTO PFI PFI PFI PFI 1) PFI 2002.92004.6. 2) PFI PFI PFI BTO/BOT 2001 1 176

PFI DBFO 4.12-1 DBFO 3 25% PFI 177

VFM 1 178

PFI 1) PFI 2002 2) 2003 6 23 3) 2003 6 23 4) 2003 5) Milgrom, P.Roberts, J.Economics, Organization & Management, Prentice hall, 1992 NTT 1997 179

BTOBOT PFI PFI PFI (3) 1) 2) 3) PFI PFI BTO BTO PFI PFI PFI SPC PFI 180

PFI SPC 4.13-1 PFI PFI SPC SPC PFI PFI PFI PFI 1) 2003 6 23 2) 2003 6 23 3) PFI 1 2003 10 4) PFI 2004 3 181

182

PFI

PFI SPC [] PFISPC PFISPC+ SPC+PFI [] PFI SPC PFI SPC PFI SPC+ PFI VFM Public Sector Bond [] PFI PFI PFI PFIPFI PFIPFI PFI Bankruptcy Remote PFIPFISPC 183

SPC+ PFI PFI PFI PFI SPC SPC PFI PFI PFI SPC+ PFI PFI PFI SPC SPC PFI PFI PFI SPC PFI PFI PFI SPC+ SPC+ 5.1-1 PFI PFI PFI SPC+ 184

PFI PFI SPC PFI 5.1-1 PFI PFI [] SPC+ SPC+ SPC+ SPC+ [] SPC+ SPC PFI SPC+ SPC+ [] ) SPC SPC ) SPC+ SPC+ SPC+ [] 1) HM TreasuryPFI: Meeting the Investment Challenge2003 185

PFI VFM 186

PFI PFI PFI PFI PFI PFI PFI 187

PFI PFI PFI PFI 188

PFI [] PFI SPC(PFI ) [] PFI SPC SPC PFI 10 [] SPC SPC BOT PFI 189

PFI PFI PFI PFI [ ] PFI PFI PFI PFI PFI proven technology proven technology 190

[] 3.8 [] 191

PFI PFI PFI PFI PFI PFI PFI 192

5.4-1 ) FA FA ) FA ) PFI PFI PFI PFI PFI PFI PFI PFI PFI 193

PFI PFI PFI PFI PFI 194

PFI defaultpfi PFI PFI 195

SPC SPC Direct Agreement SPC SPC PFI Step-in PFI SPC PFI 196

PFI SPC PFI 1) 2003623 2) 2003623 3) PFI- 2001 4) PFI21 pp.91-942003 197

PFI [] PFI PFI [] PFI loan PFI PFI [] PFI A74(M)/M74 DBFOPFIAutolink 1) BOOTSPC 2) M2 BOOTSPC 1/4 1/3 1/5 3) SPC 4) PFISPC AAAA74(M)/M74 DBFOBBB+FSA AAABBB+ 5) BIS PFI ALM SPC M2 SPC 198

[] PFI PFI PFI [] Innisfree PFI Macquarie BOOT PFI [] 1) NAO The Private Finance Initiative: The Contract to Complete and Operate the A74(M)/M74 Motorway in Scotland, 1999 2) M2 PFI, 41 1,, 2000 1 3) AustroadsPrivate Sector Financing in Roads, 1998 4) BOT 5) Offering Circular Autolink Concessionaires (M6) plc., Apr. 1997M6 199

200

PFI PM PFI PMProject Management PM CMConstruction Management 20 700 PM PM 1997 PMBOKProject Management Body of KnowledgePM PMPProject Management Professional PM P2MProject & Program Management2001 P2M PFI PFI PFI PFI PFI 6.1-1 DB QCDS CM 10 FM 201

PFI 6.1-1 PFI PFI PFI PM 6.1-2 PM PFI FM 6.1-2 202

6.1-2 PFI SPC PM PFI PFI 6.1-1 6.1-1 PFI 1) PFI 54 12 1999 12 2) ()2001 3) PFI: Vol.841999 5 203

PFI PFI PFI 6.3 PFI PFI VFM IRRInternal Rate of Return PFI DSCRDebt Service Coverage Ratio 1,400 204

PFI VFM IRR 6.2-1 PFI VFM (Value For Money) IRR (Internal Rate of Return) PIRR(Project IRR) EIRR(Equity IRR) DSCR (Debt Service Coverage Ratio 6.2-1 PFI PFI PPP PFI 205

Conflict of Interest BOT FS 1) PFI- 2001 206

PFIPFI PFI PFI 1315PFI PFI PFI PFI 1992 PFI 1993 PUK Partnership UK OGCOffice of Government Commerce 1992PFI 1994 2004 PFIPFI PFI1997 3PFIPPP PFI 50 207

76 84 PFI PFI 50 PFI PFI PFI 6.3-1 PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI 25 208

6.3-2 PFI 1 2001.12 PFI 10 1 2 2002. 3 PFI 10 1 3 2002.11 PFI 10 1 4 2002.12 PFI 10 1 5 2003. 1 PFI 10 6 2003. 3 PFI 10 7 2003. 3 PFI 10 1 8 2003. 3 PFI 10 9 2003. 4 PFI 20 10 2003. 9 PFI 10 3 [] PFI PFI PFI PFI PFI PFI PFI PPP PFI PFI PFI PFI PFI HP 209

PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI ( 1 ) PFI PFI 210

3 PFI PM PM PM 211

PFI PFI PFI PFI PFI PSC PFILCC PFI PSCPFILCC VFM PFILCC 212

HP PFI PFI PFI PFI PFI PFI 213

PFI PFI PFI PFI PFI PFI PFI 6.5-1 214

PFI 6.5-1 PFI PFI 1) PFI 2003 3 20 2) PFI 1 2003 10 3) 2003 1 24 4) PFI 2000 3 29 215

SPC PFI SPC PFI SPC JV PFI PFI PFI PFI JV 6.6-1 (SPC) 6.6-1 216

JV SPC PFI PFI PFI PFI SPC SPC PFI SPC PFI SPC 20 PFI 217

PFI SPC 218

SPC PFI SPC 6.6 PFI SPC SPC Special Project CompanyPFI PFI SPC PFI PFI SPC PFI 6.6 219

6.7-1 PM 1 ( A) 2 ( B) 3 ( C) 4 ( D) 6.7-1 510 PFI 23 PM ()50% () 220

PFI SPC PFI BTO PFI SPC SPC SPC PFI SPC SPC PFI PFI SPC 221

PFI SPC 6.8-1 1) 2003 6 23 2) PFI- 2001 222

SPC PFI SPC SPC PFI SPC SPC PFI PFI SPC SPC PFI PFI SPC SPC SPC SPC P.D.C.A SPC 223

SPC PFI SPC SPC SPC 10 6.9-1 6.9-1 224

PFI PFI SPC SPC SPC 1 2 3 SPC SPC PFI PFI SPC 225

PFI SPC ISO PFI SPC SPC SPC SPC SPC PFI PFI SPC PFI SPC 1) 2003 6 23 2) PFI- 2001 226

SPC PFI PFI SPC PFI PFI SPC SPC PFI PF PFI VFM SPC VFM SPC PF VFM 6.11-1 PFI PFI SPC VFM PFI SPC PF 227

PFI SPC Audit SPC CF CF SPC SPC Direct Agreement Step-in Right SPC PFI PF PFI PF PFI PFI PFI PFI 1) PFI- 2001 2) 2003 6 23 3) PFI 27200211 228

PFI

PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI (H14.8.23) PFI PFI PFI PFI PFI PFI PFI (H15.3) PFI 7.1-1 PFI PFI PFI 229

PFI 7.1-1 PFI 230 PFI 1. () 2. 3. 4. () 2 5. 6. 7. 8. PFI 9. 10. 510 510 PFI PFI PFI PFIPFI PFIPFIPFI PFI

PFI 161PFIPFI () SPC PFI PFI PFI PFI PFI 1) PFI2002 2) PFI 2001 3) 2003 4) 2002 5) PFI2004 231

PFI PFI PFI PFI 15 9 PFI PFI PFI BOT BOO PFI PFI BOT BOO PFI PFI PFI 232

709 PFI 715 PFI PFI PFI PFI PFI 715 717 PFI () PFI 717 49 10 31 714715 233

7.2-1 7.2-2 PFI 7.2-1 BOT BOO 7.2-1 7.2-2 BTO BOTBOO BTO BOTBOO 234

PFI PFI PFI PFI (2003) 1) PFI PFI 17 7.3-1 7.3-2 PFI 2 PFI PFI PFIPFI PFI PFIPFI 1) 235

7.3-1 PFI PFI PFI 236

1 S.38.6.13 104 S.43.8.18 77m 10m 2m 400t 104 7.3-2, 1996 237

4.4 PFI PFI PFI PPIPrivate Participation in Infrastructure PPI 1) 2003 2) 1996 3) Web http://www.geocities.co.jp/wallstreet/1747/kokkabaisyou.html 238

PFI PFI PFI PFI 1.7 PFI PFI PFI 7.4-1 7.4-1 PFI PFI PFI PFI PFI 239

PFI VFM PFI VFM PFI PFI PFI PFI PFI PFI 1 7.4-1 7.4-1 PFI PFI 1 15 10 240

7.4-1 11 11 11 7.4-2 7.4-2 H13.10.1 H13.11 H14.3 H14.6.10 H14.8.26 PFI PFI H14.7 H14.8 H14.9 H14.10 H14.11.25 H14.12.27 H15.3.13 H15.34 H15.4.24 H15.7.3 H15.4 : HP(http://www.mlit.go.jp/gobuild/pfi/c7th/c7th.htm) DBFO 7.4-2 7.4-2 DBFO Highways Agency, Value in Roads, 1997 241

PFI PFI PFI PFI PFI PFI 1) PFI 1 2003 http://www.mlit.go.jp/gobuild/pfi/pfi.htm 2) Highways AgencyValue in Roads, 1997 3) 19 2003 http://www.keizai-shimon.go.jp/2003/0902/0902item1.pdf 242

PFI 2 5 PFI 214 PFI 121 2 7.5-1 7.5-1 PFI PFI PFI 500,000 300,000 150,000 50,000 243

PFI PFI 20 30 PFI PFI PFI 7.5-1 PFI 7.5-1 244

PFI PFI PFI 4.2 PFI 11 PFI PFI PFI 7.6-1 7. 6-1 b) a) -1 7.6 7.6-1 245

7.6-1 PFI PFI 7.6-2 7.6-2 PFI PFI VE PFI PFI PFI PSC PFI 246

PFI PFI PFI PFI 7.6-3 PFI PFI PFI PFI PFI 1) () 2002 2) 2002 247

PFI VEDBCMPM PFI PFI PFI 7.7-1 PFI 7.7-1 CMPM 248

PFI PFI PFI PFI PFI PFI PFI 7.7-2 (Design Build) 7.7-2 PFI PFI PFI PFI DB PFI PFI PFI VE DB PFI Early Design Build Partnering PFI PFI PFI 249 PFI PFI

VFM PFI PFI PFI PFI PFI PFI PFI PFI 1) http://www.mlit.go.jp/tec/nyuusatu/keiyaku/ve/newnyukei.htm 2) 14 3 3) Highways AgencyImproving DBFOsConsultation Document2002 http://www.highways.gov.uk/roads/dbfo/dbfo_improve_dec_02/dbfo_improve.pdf 250

1994 4 15 23 14 29 5 167 8 15 167 2 2 4 PFI 70 99 8 251

PFI 1 2 PFI 15 3 PFI PFI 14 14 252

PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI 253

JAPIC 3 38 2 PFI ADRAlternative Dispute Resolution PFI PFI PFI ( ) 2004 3 1 ADR ADR Adjudication ADR PFI ADR ADR ADR PM Dispute Resolution Boards Dispute Adjudication Boards 254

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256

PFI 6.1 PFI 6.1 6.1-1 10 1994 30 PFI PFI PFI PFI SPC 257

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PFI PFI PFI PFI PFI PFI PFI PFI PFI 8.2-1 259

PFI 8.2-1 260 14 12 50 PFI PFI

PM TUPETransfer of Undertaking; Protection of Employment 261

PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI PFI 8.3-1 PFI PFI PFI 8.3-1 PFI SPC 262

PFI PFI 8.3-2 8.4 PFI SPC PFI PFI PFI PFI PFI PFI PFI 263

PFI PFI CM PM PFI PFI PFI BOT 8.1 PFI 1) PFI 2004 2) NPO PFI PFI2004 3) PFI PFI 2003 4) 2002 5) PFI 2002 6) PFI 2001 7) PFI 2001 264

PFI PFI MOT PFI PFI 8. 5-1 265

() 8.5-1 PFI a) b) c) PFI a) b) a) b) c) ( 8.5-2 ) 266

267 8.5-2 1) 2004 1 ()

PFI NPO NPO PFI PFI PFI NPO 98 NPO NPO PFI NPO NPO NPO NPO NPO PFI PFI PFI PFI PFI 268

NPO PFI PFI PFI SPC NPO NPO 98 NPO 2003 16,000 NPO PFI PFI NPO NPO PFI NPO PFI NPO PFI PFI NPO PFI NPO NPO NPO PFI PFI NPO PFI PFI NPO NPO NPO PFI 1) NPO NPO H14 2003 2) NPONPO http://www.npo-sc.org/ 269

PFI 2003 2004 3 31 PFI 160-0004