摘要
收费公路PPP项目在项目运营过程中,CPI的变化影响项目的收益.在项目谈判阶段,分析CPI对项目收益的影响方式,依据PPP项目的风险共担、收益共享原则,对CPI影响下的社会资本收益不足或超额收益设定收益调节方法,能保障政府和社会资本双方收益、实现双方共赢.本文研究CPI对收费公路PPP项目运营期间收益的影响,提出能体现PPP项目投资回报机制的收益补偿和超额收益分享要求的应对CPI变化的收益调节模型,并用实物期权理论评价模型的期权价值.实证表明,收益调节模型能保障社会资本在收费公路PPP项目运营中的收益,并可以为政府和社会资本的合理决策提供参考,实现合作共赢.
CPI is an important factor that influences the earnings of toll road public private partnership（PPP） projects during the operating period. In order to ensure both government and private partners＇ incomes and achieve the win-win cooperation, it is necessary to analyze how CPI influence projects＇ incomes and make the income adjustment regulations to adjust the insufficient and excess income influenced by CPI based on the risk sharing and revenue sharing principle in the negotiation. This paper analyses the way that the CPI influences the operating incomes in the toll road PPP projects. This paper also puts forward the income adjustment model aimed to adjust income oriented to CPI influence, which reflects the requirements of income compensation and excess income sharing in return of investment mechanism of PPP projects.Moreover, the income adjustment model is evaluated by real option method. The empirical results show that this income adjustment model can protect the private partners＇ earnings in toll road PPP projects and provide reference for decision making of the government and private sectors, which makes a win-win situation of both sides.
出处
《交通运输系统工程与信息》
EI
CSCD
北大核心
2017年第3期7-11,18,共6页
Journal of Transportation Systems Engineering and Information Technology
基金
中央高校基本科研业务费专项资金资助项目(Y1117)~~
