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            <title xml:lang="fr">La prise en compte par le droit des contraintes de financement des marchés de partenariats : Concilier flexibilité et maîtrise des engagements</title>
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                <title xml:lang="fr">La prise en compte par le droit des contraintes de financement des marchés de partenariats : Concilier flexibilité et maîtrise des engagements</title>
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                <term xml:lang="en">public accounts</term>
                <term xml:lang="en">fiscal commitments</term>
                <term xml:lang="en">private financing</term>
                <term xml:lang="en">public-private partnerships</term>
                <term xml:lang="fr">financement privé</term>
                <term xml:lang="fr">comptes publics</term>
                <term xml:lang="fr">redevabilité</term>
                <term xml:lang="fr">engagements budgétaires</term>
                <term xml:lang="fr">marché de partenariat</term>
                <term xml:lang="fr">partenariat public-privé</term>
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              <p>For a procuring entity, opting for public-private partnership contracts may pertain to two different logics. A first one consists in a fiscal strategy consisting in a private financing of public investments, a second one in a search for economic efficiency, based on an optimal risks allocation. Whatever the motive, the additional cost of private finance, compared to sovereign bonds, appears as the Gordian knot of the public-private partnership contract economics. However, minimizing this additional cost may lead to alter the contractual incentives. A trade-off between value for money and contract fiscal affordability may be highlighted. In such a context, the legal and regulatory framework may appear both as a source of additional legal resources helping to reach the contract financial close and as a safeguard for maintaining the proper balance between these conflicting objectives and for guaranteeing public accountability. Our purpose consists in analysing the dynamics of the French legal regime of availability payments public-private partnership schemes from 2004 to 2016. First, we stress the growing margins of manoeuvre provided to procuring authorities. Second, we put the accent on the increasing requirements imposed to procuring authorities to guarantee a proper use of public funds and to enhance the disclosure of their commitments through their financial and budgetary statements.</p>
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              <p>Le recours aux marchés de partenariat peut répondre à deux motivations distinctes. La première peut tenir à un préfinancement privé des investissements publics, la seconde à une recherche de gains d’efficience résultant d’une répartition optimale des risques. Dans les deux cas, le surcoût du financement privé constitue le nœud gordien du contrat de partenariats public-privés. Minimiser le surcoût à des fins d’amélioration de la soutenabilité budgétaire des engagements peut se traduire par de moindres gains d’efficience. Dans ce contexte, le droit applicable aux marchés de partenariat peut à la fois apparaître comme une ressource pouvant faciliter le bouclage financier des opérations et comme une force de rappel permettant d’évaluer l’équilibre entre soutenabilité et efficacité et de rendre compte des engagements de la personne publique. Notre objectif, dans le cadre des évolutions du cadre législatif et réglementaire des partenariats public-privé strico sensu (i.e. reposant sur des paiements à la disponibilité) entre 2004 et 2016, est de tracer de premières pistes quant à un bilan entre octrois d’une flexibilité nécessaire et sécurisation des dispositifs indispensables afin de garantir le bon usage des deniers publics et de permettre aux comptes publics de donner une image régulière, sincère et fidèles de la situation de la personne publique et de ses engagements de long terme.</p>
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