Application of capital structure optimization model for PPP projects : a case study of Civil Aviation Training Center of the Thailand | |
| Author | Aung Khin Tun |
| Call Number | AIT Thesis no.CM-06-11 |
| Subject(s) | Thailand.--Civil Aviation Training Center Capital investments--Thailand--Mathematical models |
| Note | A thesis submitted in partial fulfillment of the requirements for the degree of Master of Engineering, School of Engineering and Technology |
| Publisher | Asian Institute of Technology |
| Abstract | The development of PPP projects has been growing rapidly, and numerous projects have been implemented around the world. Public-Private Participation (PPP), in other words, is the initiated combination of capital investment from the public sector and the private sector. One key aspect to the successful implementation of the PPP project in any country is the raising of finance by project sponsors. Financial engineering techniques and capital structuring skills are required to find the proper mix of debt and equity and to achieve successful financing for the proposed project. The objective of this research is to present a simplified model to determine the optimum equity level for decision-makers at the evaluation stage of the PPP project, which takes place after the completion of the feasibility study. The resulting model is the combination of optimization model developed in Microsoft Excel with the function of determining the optimal equity level from the equity holder's point of view. To show versatility of the model, a real case study (Civil Aviation Training Center of Thailand) is conducted. Thus, this research is concerned with the determination of an equity funding level in PPP project development. There are different equity levels found in this kind of program, and there is a need for such a model to determine optimal capital structure, which would assist the project sponsors to ensure that the equity level necessary for optimal capital structure is available prior to the project implementation stage |
| Year | 2006 |
| Type | Thesis |
| School | School of Engineering and Technology (SET) |
| Department | Department of Civil and Infrastucture Engineering (DCIE) |
| Academic Program/FoS | Construction Engineering and Infrastructure Management (CM) |
| Chairperson(s) | Chotchai Charoenngam; |
| Examination Committee(s) | Pannapa Herabat ;Hadikusumo, Bonaventura H. W. ; |
| Scholarship Donor(s) | His Majesty the King of Thailand |
| Degree | Thesis (M.Eng.) - Asian Institute of Technology, 2006 |