ابتکار امور مالی شخصی ژاپن و کاربرد آن در بخش مدیریت مواد زائد جامد شهری

In Japan, the development and financing of infrastructure are traditionally dominated by the public sector. Learning from the failures of so called “third sector” projects in the 1970s and 1980s as well as based on experience from the Private Finance Initiative (PFI) in other countries, Japan introduced a PFI Promotion Law in 1999 to enhance private participation in the provision of infrastructure. This paper presents the legislative and administrative framework of the Japanese PFI model and its application in the municipal solid waste management sector by analysing two case studies of Ohdate BOO incineration plant and Narumi BTO incineration plant. Findings from the dual case study indicate that total costs can be reduced due to life-cycle integration, output specifications and capitalisation of economies of scale. However, inconsistencies between the existing fiscal system and the legislative PFI framework must be addressed to increase the benefits from the PFI procurement strategy.

Japan is one of the leading industrial nations in the world and possesses excellent infrastructure. While private enterprises were the driving force for the rapid economic growth after World War II, the state traditionally remained responsible for the provision of major physical infrastructures. A tendency to incorporate the private sector into the provision of infrastructure can be traced to the emergence of the so called third-sector during the 1970s and 1980s. Third sector entities are enterprises based on commercial law with joint governmental and private investments to implement infrastructure projects that where formerly developed by the public sector. By the year 2000, about 6800 third-sector entities were founded in many diverse sectors such as education, fishery, tourism or city development [1]. However, third-sector developments did not fulfil the high expectations to combine public interests with private sector efficiency and many entities faced financial difficulties or bankruptcy. According to Takamasa [1], the major reasons for the third-sector failures are: (1) organizational and structural problems due to inefficient joint management by public and private stakeholders combined with poorly defined responsibilities; (2) selection of unsuitable projects that lacked economic feasibility; and (3) unfavourable changes in socio-economic environment leading to recession in the 1990s. While the third-sector developments are widely regarded as failures, Japan on the other hand implemented various successful material privatisations of state-owned infrastructures. Most notably to mention are the privatisation of the Japanese National Railways (JNR), Nippon Telegraph and Telephone (NTT), and Japan Air Lines (JAL). However, the planned privatisation of further state-owned infrastructure, such as national highways and national post face severe public and political resistances and proof to be more difficult. Until today, the public sector remains the main source for financing and developing physical infrastructure projects. To fight against deflation after the collapse of the “bubble economy”, the Japanese government spent enormous amounts of money on public infrastructure projects. These investments are mainly financed by continuous large governmental deficits. As a result of continuous government spending, gross public debt rose to over 160% of GDP by the year 2004 [2]. Following international tendencies to increase private participation in the provision of infrastructure, Japan began to adopt a Private Finance Initiative (PFI) policy at the end of 1990s. Even so many ideas and policies are based on experiences from the United Kingdom and other western countries, it can be observed that the implementation of the PFI model in Japan features some unique characteristics.

The Private Finance Initiative (PFI) in Japan must be seen in the light of overall structural changes in the Japanese economy towards more market orientation. Based on the introduction of the PFI law in the year 1999, Japan has ambitiously implemented a legislative and administrative framework to support private participation in the provision of infrastructure that was formerly provided exclusively by the public sector. The Japanese PFI model is characterised by strong political support from National Government and high transparency during all tendering phases. Current macroeconomic conditions favour the implementation of PFI projects. Due to low interest rates and high liquidity, private companies and investors are very eager to participate in long-term infrastructure projects. The implementation of the PFI procurement strategy in Japan reduces the development of “white elephants” due to a thorough assessment of project requirements. This is an important advantage since the government used to fight against deflation through extensive public spending programmes. To receive more benefits from the PFI procurement strategy, existing constraints must be reduced during the continuous adjustment of the Japanese legislative and administrative PFI framework. Inconsistencies with the existing taxation and subsidy system, administrative hurdles for the private sector to receive planning permission as well as comparatively higher time consumption in the tendering phase should be addressed. One option for financially subsidising projects while supporting a project finance strategy could be to shift from traditional subsidies during the construction phase to a more comprehensive facility like PFI credits. The system of PFI credits is currently implemented in the United Kingdom, where the HM Treasury provides grant payments to PFI projects through implementing ministries and agencies [11]. For example, in the UK municipal waste sector, the Department for Environment, Food and Rural Affairs (DEFRA) has approved PFI credits of up to £100m (€146.3m) for new investments in PFI waste project [12]. These grants are paid as quarterly instalment throughout the operational phase of the facilities and services. The two case studies of the Narumi BTO incineration plant and Ohdate BOO incineration plant illustrate the application of the PFI procurement strategy in the Japanese municipal solid waste management sector. The findings indicate that total life cycle costs could be reduced due to tendering based on output specifications and integration of planning, construction and operation. Only Narumi BTO incineration plant generates additional revenues from electricity production. In none of the projects, the usage of excess capacities for treatment of industrial waste is foreseen. This prevents competition with industrial incineration plants. The case studies show also the limitations of the applied PFI procurement strategy within the municipal waste management sector. Since private companies possess expertise in planning, construction and operation of incineration plants, they are able to take over technical and environmental risks. However, risks that are strongly influenced by public policies like generated waste amounts, waste compositions, and risks associated with public opposition to waste projects in their neighbourhood are difficult to transfer to the private sector. In both studied cases, the demand risks are therefore totally borne be by the public sector.