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Open AccessArticle

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

1
School of Civil Engineering, Xi’an University of Architecture and Technology, Xi’an 710055, China
2
School of Management, Xi’an University of Architecture and Technology, Xi’an 710055, China
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Author to whom correspondence should be addressed.
Sustainability 2019, 11(23), 6848; https://doi.org/10.3390/su11236848
Received: 18 September 2019 / Revised: 26 November 2019 / Accepted: 27 November 2019 / Published: 2 December 2019
(This article belongs to the Special Issue The Continuing Value of Civil Engineering Heritage)
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. View Full-Text
Keywords: policy risks; industrial heritage; risk assessment; structural equation model policy risks; industrial heritage; risk assessment; structural equation model
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Guo, P.; Li, H.; Zhang, G.; Zhang, Y. Exploring Critical Variables That Affect the Policy Risk Level of Industrial Heritage Projects in China. Sustainability 2019, 11, 6848.

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