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Aghimien, D O, Aghimien, E I, Fadiyimu, A O and Adegbembo, T F (2018) Survival strategies of built environment organisations in a challenging economy. Engineering, Construction and Architectural Management, 25(07), 861–76.

Aghimien, D O, Oke, A E and Aigbavboa, C O (2018) Barriers to the adoption of value management in developing countries. Engineering, Construction and Architectural Management, 25(07), 818–34.

Bao, F, Chen, C, Chan, A P, Martek, I and Shrestha, A (2019) Dynamic framework transfer model for public–private partnerships. Engineering, Construction and Architectural Management, 26(07), 1218–39.

Chen, C, Tang, L, Hancock, C M and Zhang, P (2019) Development of low-cost mobile laser scanning for 3D construction indoor mapping by using inertial measurement unit, ultra-wide band and 2D laser scanner. Engineering, Construction and Architectural Management, 26(07), 1367–86.

Chen, K and Lu, W (2019) Bridging BIM and building (BBB) for information management in construction. Engineering, Construction and Architectural Management, 26(07), 1518–32.

Chia, F C, Skitmore, M, Gray, J and Bridge, A (2018) International comparisons of nominal and real construction labour productivity. Engineering, Construction and Architectural Management, 25(07), 896–915.

Cui, Z, Liu, J, Xia, B and Cheng, Y (2019) Beyond national culture difference. Engineering, Construction and Architectural Management, 26(07), 1476–97.

Dang, C N and Le-Hoai, L (2018) Revisiting storey enclosure method for early estimation of structural building construction cost. Engineering, Construction and Architectural Management, 25(07), 877–95.

Goel, A, Ganesh, L and Kaur, A (2020) Social sustainability considerations in construction project feasibility study: a stakeholder salience perspective. Engineering, Construction and Architectural Management, 27(07), 1429–59.

Hasan, A, Baroudi, B, Elmualim, A and Rameezdeen, R (2018) Factors affecting construction productivity: a 30 year systematic review. Engineering, Construction and Architectural Management, 25(07), 916–37.

Karami, H and Olatunji, O A (2020) Critical overrun causations in marine projects. Engineering, Construction and Architectural Management, 27(07), 1579–94.

Khattak, M S and Mustafa, U (2019) Management competencies, complexities and performance in engineering infrastructure projects of Pakistan. Engineering, Construction and Architectural Management, 26(07), 1321–47.

Leung, M, Famakin, I O and Wang, C (2019) Developing an integrated indoor built environment–quality of life model for the elderly in public and subsidized housing. Engineering, Construction and Architectural Management, 26(07), 1498–517.

Lew, Y, Hassim, S, Muniandy, R and Hua, L T (2018) Structural equation modelling for subcontracting practice: Malaysia chapter. Engineering, Construction and Architectural Management, 25(07), 835–60.

Li, G, Chen, C, Zhang, G and Martek, I (2019) Bid/no-bid decision factors for Chinese international contractors in international construction projects. Engineering, Construction and Architectural Management, 27(07), 1619–43.

Liu, N, Ruan, L, Jin, R, Chen, Y, Deng, X and Yang, T (2019) Investigation of individual perceptions towards BIM implementation-a Chongqing case study. Engineering, Construction and Architectural Management, 26(07), 1455–75.

Moussavi Nadoushani, Z S, Akbarnezhad, A and Rey, D (2018) Optimization of concrete placing operation based on competing carbon footprint, cost and production rate objectives. Engineering, Construction and Architectural Management, 25(07), 938–57.

Nasirzadeh, F, Carmichael, D G, Jarban, M J and Rostamnezhad, M (2019) Hybrid fuzzy-system dynamics approach for quantification of the impacts of construction claims. Engineering, Construction and Architectural Management, 26(07), 1261–76.

Oechler, E, Molenaar, K R, Hallowell, M and Scott, S (2018) State-of-practice for risk-based quality assurance in state departments of transportation. Engineering, Construction and Architectural Management, 25(07), 958–70.

Olatunji, O A (2019) Promoting student commitment to BIM in construction education. Engineering, Construction and Architectural Management, 26(07), 1240–60.

Pablo, Z and London, K A (2020) Stable relationality and dynamic innovation: two models of collaboration in SME-driven offsite manufacturing supply chains in housing construction. Engineering, Construction and Architectural Management, 27(07), 1553–77.

Rostamnezhad, M, Nasirzadeh, F, Khanzadi, M, Jarban, M J and Ghayoumian, M (2020) Modeling social sustainability in construction projects by integrating system dynamics and fuzzy‐DEMATEL method: a case study of highway project. Engineering, Construction and Architectural Management, 27(07), 1595–618.

Salama, T and Moselhi, O (2019) Multi-objective optimization for repetitive scheduling under uncertainty. Engineering, Construction and Architectural Management, 26(07), 1294–320.

Sun, H, Wang, Y and Meng, J (2019) A trading and pricing method of expansion options for BOT freeway projects in China. Engineering, Construction and Architectural Management, 26(07), 1406–23.

Tayeh, B A, Hallaq, K A, Zahoor, H and Al Faqawi, A H (2019) Techniques and benefits of implementing the last planner system in the Gaza Strip construction industry. Engineering, Construction and Architectural Management, 26(07), 1424–36.

Uusitalo, P, Seppänen, O, Peltokorpi, A and Olivieri, H (2019) Solving design management problems using lean design management: the role of trust. Engineering, Construction and Architectural Management, 26(07), 1387–405.

Wang, G, Xia, C and Cao, D (2020) State and determinants of inter-regional market entry practices in the Chinese construction industry: evidence from national quality award projects. Engineering, Construction and Architectural Management, 27(07), 1461–77.

Wang, Y and Jin, X (2019) Determine the optimal capital structure of BOT projects using interval numbers with Tianjin Binhai New District Metro Z4 line in China as an example. Engineering, Construction and Architectural Management, 26(07), 1348–66.

• Type: Journal Article
• Keywords: Optimization; Risk management; Project management; Decision support systems; Strategic management; Novel model;
• ISBN/ISSN: 0969-9988
• URL: https://doi.org/10.1108/ECAM-07-2018-0259
• Abstract:
  Various factors may influence project finance when a multi-sourced debt financing strategy is used for financing capital investments, in general, and public infrastructure investments, in particular. Traditional indicators lack comprehensive consideration of the influences of many internal and external factors, such as investment structure, financing mode and credit guarantee structure, which exist in the financing decision making of BOT projects. An effective approach is, thus, desired. The paper aims to discuss these issues. This paper develops a financial model that uses an interval number to represent the uncertain factors and, subsequently, conducts a standardization of the interval number. Decision makers determine the weight of each objective through the analytic hierarchy process. Through the optimization procedure, project investors and sponsors are provided with a strategy regarding the optimal amount of debt to be raised and the insight on the risk level based on the net present value, as well as the probability of bankruptcy for each different period of debt service. By using an example infrastructure project in China and based on the comprehensive evaluation, comparison and ranking of the capital structures of urban public infrastructure projects using the interval number method, the final ranking can help investors to choose the optimal capital structure for investment. The calculation using the interval number method shows that X2 is the optimal capital structure plan for the BOT project of the first stage of Tianjin Binhai Rail Transit Z4 line. Therefore, investors should give priority to selecting a capital contribution ratio of 45 per cent for this investment. In this paper, some parameters, such as depreciation life, construction period and concession period, are assumed to be deterministic parameters, although the interval number model has been introduced to analyze the uncertainty indicators, such as total investment and passenger flow, of BOT rail transport projects. Therefore, more of the above deterministic parameters can be taken as uncertainty parameters in future research so that calculation results fit actual projects more closely. This model can be used to make the optimal investment decision for a project by determining the impact of uncertainty factors on the profitability of the project in its lifecycle during the project financial feasibility analysis. Project sponsors can determine the optimal capital structure of a project through an analysis of the irregular fluctuation of the unpredictable factors in project construction such as construction investment, operating cost and passenger flow. The model can also be used to examine the effects of different capital investment ratios on indicators so that appropriate measures can be taken to reduce risks and maximize profit.

Xue, J, Shen, G Q, Yang, R J, Zafar, I, Ekanayake, E, Lin, X and Darko, A (2020) Influence of formal and informal stakeholder relationship on megaproject performance: a case of China. Engineering, Construction and Architectural Management, 27(07), 1505–31.

Yap, J B H, Leong, W J and Skitmore, M (2020) Capitalising teamwork for enhancing project delivery and management in construction: empirical study in Malaysia. Engineering, Construction and Architectural Management, 27(07), 1479–503.

Yu, J, Ma, G and Cai, S (2019) Disparities in the provision of aging-friendly communities in old and new urban neighborhoods in China. Engineering, Construction and Architectural Management, 26(07), 1277–93.

Yuan, F, Tang, M and Hong, J (2020) Efficiency estimation and reduction potential of the Chinese construction industry via SE-DEA and artificial neural network. Engineering, Construction and Architectural Management, 27(07), 1533–52.

Zhang, J, Xie, H and Li, H (2019) Improvement of students problem-solving skills through project execution planning in civil engineering and construction management education. Engineering, Construction and Architectural Management, 26(07), 1437–54.