摘要
论述PPP模式下社会资本方的投资收益组成并通过对比分析确定社会投资财务内部收益率作为投资定价的主要指标,同时分析并归纳PPP模式下实施的管廊项目全过程的风险。通过资本资产定价模型(CAPM)确定行业风险的财务基准收益率,采用模糊综合评估法评价确定项目风险等级,从而计算出项目风险回报率。最终确定PPP模式下城市综合管廊项目的社会投资财务内部收益率,为社会资本方在城市综合管廊PPP模式的投资决策提供参考。
This paper discusses the composition of investment returns of social capitals,determines FIRR of social capitals as the key indicator of investment pricing through contrastive analysis,summarizes the potential risks lying in the whole process of PPP projects.Then,determines the financial benchmark rate of return in industry risks through the Capital Asset Pricing Model(CAPM),confirms the rank of project risks through the fuzzy integrated evaluation method and calculates the return rate of project risks.Finally,determines the FIRR of social capitals in PPP project of urban underground comprehensive pipeline corridor,based on which social capitals make investment decisions in PPP projects.
作者
杨勇
刘帆
YANG Yong;LIU Fan(Investment Development Company of China Construction Eighth Engineering Bureau Co.,Ltd,Shanghai 200125,China;Hanqing Advanced Institute of Economics and Finance,Renmin University of China,Beijing 100872,China;Urumqi Linkong-CSCEC Airport Construction and Operation Co.,Ltd,Urumqi 830000,China)
出处
《建筑经济》
北大核心
2020年第S01期88-91,共4页
Construction Economy
关键词
社会投资
内部收益率
定价模型
项目风险
模糊综合评估法
social investment
internal rate of return
evaluation model
project risks
fuzzy integrated evaluation method
