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Risk sharing in joint venture projects : ジョイントベンチャー・プロジェクトにおけるリスク分担に関する研究
| Content Provider | Semantic Scholar |
|---|---|
| Author | Zhang, Shuangtian |
| Copyright Year | 2007 |
| Abstract | Joint ventures are widely used in construction industry as one important cooperation way between the contractors. Risk-sharing is argued an important motivation of construction joint ventures. Risk management and risk-sharing are important topics in construction industry. They are also important topics in construction joint ventures. About risk management in construction joint ventures, the previous literatures focused on providing a list of risks in construction joint ventures. There are no literatures focus on risk-sharing or risk allocations between joint venture partners. The literatures about risk-sharing problem just focus on one risk, there are no literatures about risk-sharing when there are multi-risks. The main purpose of this dissertation is to find when there are multiple risks under which conditions partners will prefer joint ventures to undertaking the whole project themselves. We also try to find which kind of joint venture agreement is relative efficient. When there are multi-risks how the partners can share risks efficiently. When there are multiple risks, the problem that which kinds of contractors would prefer to set up a joint venture for a project is analyzed. It is found that when there is a background risk partners can improve their certainty equivalent values by setting up a joint venture instead of undertaking the whole project by one contractor. If both partners undertake limited liabilities, setting up joint ventures will make the contractors face another risk here it is called as a partner risk. Then the partners not only have to face all the risks which are related to the project, he also has to face his partner risk. Under this condition the problem that which kinds of contractors will agree to set up a joint venture to undertake a project is analyzed in this thesis. The result of this research showed joint ventures can only be set up successfully between the partners who are different on at least one of the following characteristics: capacities to deal with risks and different degrees of risk-aversion. The efficiency of joint venture agreements (integrated type joint ventures and separated joint ventures) when there is a risk is analyzed. These two types of joint ventures can be classified into two styles according to their management styles (sponsor style and partner |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://psa2.kuciv.kyoto-u.ac.jp/lab/images/stories/users/zhang/thesis.pdf |
| Alternate Webpage(s) | http://www.docum-enter.com/get/1CcB5IcHsqTEuQQOK3CHDYFnFnSJFh-1iBekCNk_zOk,/Risk-Sharing-in-Joint-Venture-Projects.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
