Механизмы государственно-частного партнерства в модернизации санаторно-курортной инфраструктуры Кавказских Минеральных Вод

Vollständiger Abstract

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Introduction: The spa and resort complex of the Caucasian Mineral Waters (CMW) provides up to 20% of the total volume of sanatorium services In Russia; however, the depreciation of medical equipment in the North Caucasus Federal District reaches 51.1%, with critical asset wear at certain health resorts exceeding 70%. Amid growing consumer demand (from 3.9 to 7.3 million guests during 2020–2024) and the adoption of the CMW agglomeration master plan with an investment volume of 700 billion rubles, the development of optimal public-private partnership (PPP) mechanisms as tools for resort infrastructure modernization becomes highly relevant. Objective: To assess the economic efficiency of PPP mechanisms in modernizing the spa and resort infrastructure of CMW and to substantiate the optimal model for investment resource distribution between public and private sectors. Materials and methods: The study utilized data from Rosstat, the "TOP-100 Russian Health Resorts" rating for 2019–2024, investment passports of the Special Economic Zone "Resorts of Caucasian Mineral Waters", and the comprehensive development plan for CMW resort cities until 2030. The empirical base comprised performance indicators of 118 sanatorium organizations of Stavropol Krai. Comparative economic analysis, investment modeling (NPV, IRR, DPP), correlation-regression analysis, and SWOT analysis were applied. Statistical processing was performed using SPSS Statistics 26.0 at significance level p<0.05. Results: The concession-based PPP model demonstrated an internal rate of return (IRR) of 14.7% with a discounted payback period of 9.2 years, which is 38% more efficient than direct budget financing. Each ruble of public investment in engineering infrastructure of the SEZ attracts 4.8 rubles of private capital. Average occupancy of modernized facilities reached 72.4% compared to 49% industry-wide. The multiplier effect of investments in CMW sanatorium infrastructure was estimated at 2.37. Conclusions: A PPP model based on public financing of engineering infrastructure with subsequent attraction of private capital into the sanatorium-medical segment through SEZ mechanisms is optimal for modernizing the CMW resort complex and can be scaled to other resort regions of Russia.