摘要
为了确定供水工程PPP项目合理的特许经营期,在传统净现值法的基础上,提出实物期权,将政府给予的担保价值进行量化,建立基于实物期权的特许经营期决策模型。通过实例,与传统方法进行对比分析,得出在考虑实物期权后私人投资者可以在较短时间内获得预期收益,使特许经营期的确定更为合理,同时为政府部门与私人投资者就特许经营期谈判提供一定的理论依据。
In order to determine the reasonable concession period of PPP water supply projects,based on the traditional net present value method,the real option is proposed,the value of the guarantee given by the government is quantified,and a decisionmaking model for the concession period based on the real option is established. Compared with the traditional method,the private investors can obtain the expected return in relatively short time after considering the real option,and the concession period ismore reasonable through case studies. At the same time,it can provide a theoretical basis for the government departments and private investors to negotiate the concession period.
出处
《水利经济》
2016年第6期26-29,共4页
Journal of Economics of Water Resources
基金
国家社会科学基金重点项目(14AZD024)
中央高校基本科研业务费专项资金(2013/B14020090)
中国博士后科学基金(2014M551498)
贵州省水利厅科技专项经费项目(KT201321)
