Exploring Critical Variables That Affect the Policy Risk Level of Industrial Heritage Projects in China

Ping Guo, Huimin Li, Guangmin Zhang and Yang Zhang
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Ping Guo: School of Civil Engineering, Xi’an University of Architecture and Technology, Xi’an 710055, China
Huimin Li: School of Civil Engineering, Xi’an University of Architecture and Technology, Xi’an 710055, China
Guangmin Zhang: School of Civil Engineering, Xi’an University of Architecture and Technology, Xi’an 710055, China
Yang Zhang: School of Management, Xi’an University of Architecture and Technology, Xi’an 710055, China

Sustainability, 2019, vol. 11, issue 23, 1-18

Abstract: With the rapid development of the transformation and urbanization of Chinese social structures, more and more industrial heritage renewal projects are emerging. However, there are significant policy risks associated with Chinese industrial heritage renewal projects. Through a literature review, a total of 20 policy risk factors were determined, and a total of 10 industrial heritage renewal project managers in six regions nationwide conducted a pilot study. A questionnaire survey was conducted to collect 398 evaluations of these 20 risk factors from relevant professionals. Secondly, through confirmatory factor analysis, a six-part policy risk assessment model was established. The results indicated that the critical variables that affect the policy risk level were: (1) industry maturity, (2) tax policy, (3) financial freedom, (4) the rule of law, (5) local market size, and (6) local market experience. Moreover, there are significant opportunities and policy risks in Chinese industrial heritage renewal projects, and appropriate strategies can capture these opportunities and mitigate risks. As there are few pieces of research on the policy risks of industrial heritage renewal projects in China, this study has a certain reference significance for the policy risk management of industrial heritage renewal projects in China.

Keywords: policy risks; industrial heritage; risk assessment; structural equation model (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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