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Shadow-benefits in public private partnerships : the portuguese case
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O objetivo desta dissertação é estudar os benefícios-sombra, no caso das PPP Portuguesas. Os benefícios-sombra podem ser definidos como benefícios financeiros que não são contratualmente considerados no caso base e que potencializam o parceiro privado a aumentar a rentabilidade, sem qualquer contrapartida para o Estado (Tribunal de Contas, 2008). Em Portugal, o tema sobre os benefícios-sombra das concessionárias de PPPs tem sido controverso. A literatura económica sobre os benefícios-sombra é praticamente ausente.
Esta dissertação tem dois estudos subjacentes. Primeiro, foram identificados os benefícios-sombra presentes nos 36 relatórios da DGTF, em setores como o das Estradas, Ferroviário, Segurança e Saúde. A recolha de dados permitiu concluir o número de benefícios-sombra por PPP e também por tipo de benefício. Em segundo lugar, análise dos ganhos e perdas dos contratos de financiamento das concessionárias. No caso em que não existem contratos swap, o beneficiário será a concessionária. Caso contrário, o beneficiário é o banco. O problema identificado foi que a DGTF não considerou os ganhos deste segundo ponto como benefícios-sombra.
Este estudo permitiu concluir como o risco financeiro foi alocado, quais foram os resultados produzidos entre 2007-2012 e, finalmente, que valor têm os benefícios identificados.
This master thesis aims to study the shadow-benefits in the Portuguese PPPs case. The shadow-benefits can be defined as financial benefits that are not contractually considered in the base case, which potentiate the private partner to increase profitability without any counterpart to the State (Tribunal de Contas, 2008). In Portugal, the theme concerning the shadow-benefits of the PPPs has been controversial. The economic literature about the shadow-benefits is practically absent. This dissertation has two underlying analysis. First, the shadow-benefits presented in the 36 reports of DGTF which were identified in sectors such as roads, railway, security and health. Through these reports, the data collected led to the conclusion of the number of shadow-benefits by PPPs and also the type of benefit. Secondly, the analysis of gains or losses of the financing contracts. In this case, there are two possible scenarios: when there are no swap contracts, whose beneficiary is the concessionaire and when there are swap contracts, whose beneficiary is the bank. The existent problem is that the DGTF did not consider the gains of this second point as shadow-benefits. This analysis led to the conclusion of how the financial risk was allocated, which were the results produced from 2007-2012 and finally, which value the identified benefits have.
This master thesis aims to study the shadow-benefits in the Portuguese PPPs case. The shadow-benefits can be defined as financial benefits that are not contractually considered in the base case, which potentiate the private partner to increase profitability without any counterpart to the State (Tribunal de Contas, 2008). In Portugal, the theme concerning the shadow-benefits of the PPPs has been controversial. The economic literature about the shadow-benefits is practically absent. This dissertation has two underlying analysis. First, the shadow-benefits presented in the 36 reports of DGTF which were identified in sectors such as roads, railway, security and health. Through these reports, the data collected led to the conclusion of the number of shadow-benefits by PPPs and also the type of benefit. Secondly, the analysis of gains or losses of the financing contracts. In this case, there are two possible scenarios: when there are no swap contracts, whose beneficiary is the concessionaire and when there are swap contracts, whose beneficiary is the bank. The existent problem is that the DGTF did not consider the gains of this second point as shadow-benefits. This analysis led to the conclusion of how the financial risk was allocated, which were the results produced from 2007-2012 and finally, which value the identified benefits have.
Descrição
Mestrado em FInanças
Palavras-chave
Parcerias Público-Privadas Benefícios-sombra Estradas Saúde Segurança Ferroviário Public-Private Partnerships Shadow-benefits Roads Railway Security Health
Contexto Educativo
Citação
Beltrão, Francisca de Azevedo (2013). "Shadow-benefits in public private partnerships : the portuguese case". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão