Details

Autor(en) / Beteiligte

• Sainati, Tristano
• Locatelli, Giorgio
• Smith, Nigel
• Brookes, Naomi
• Olver, Graham

Titel

Types and functions of special purpose vehicles in infrastructure megaprojects

Ist Teil von

• International journal of project management, 2020-07, Vol.38 (5), p.243-255

Ort / Verlag

Elsevier Ltd

Erscheinungsjahr

2020

Link zum Volltext

Quelle

Elsevier ScienceDirect Journals Complete

Beschreibungen/Notizen

• •SPVs is a hybrid instrument combining features of both contracts and companies, which are under-investigated in project studies•SPVs are frequently used in project finance and public-private partnership, and they can play a relevant role in the governance of infrastructure megaprojects•This paper explains what SPVs do for projects; it presents the types and functions of those SPVs involved in infrastructure megaprojects•A comprehensive understanding of what SPVs do for the project is essential to negotiate and design the project governance Special Purpose Vehicles (SPVs) are legal instruments, widely employed in infrastructure megaprojects. SPVs support specific transactions, including public-private partnerships and project finance. Despite the widespread use of SPVs, there is limited research concerning their importance and role for project governance. Furthermore, project studies don't distinguish between the different types of SPVs. This paper employs a grounded theory approach to understand the four types of SPVs and their functions for transactions in infrastructure megaprojects. This paper shows that specific types of SPVs, called project companies and industrial vehicles, are relevant for the formal governance of infrastructure megaproject. The paper describes the hybrid nature of SPVs, being between corporations and contracts, and discusses the implications for the transaction cost theory. A better understanding of the types and functions of SPVs will facilitate and enhance the design and negotiation of the formal governance of infrastructure megaprojects.