基于实物期权PPP养老机构项目投资价值评估

Investment Value Evaluation of PPP Pension Project Based on Real Option

政府和社会资本通过PPP模式合作养老项目建设,是我国机构养老建设的一种主要模式。对社会资本而言,科学有效地评估项目的投资价值是首要解决的问题。本文基于实物期权理论,考虑了PPP养老项目建设运营期间的延迟期权和扩张期权,建立二叉树期权模型计算项目的投资价值。结合案例分析,表明该模型具有较好的适用性和有效性,可为PPP养老机构项目的投资价值评估提供参考。

the government and social capital through the PPP model cooperation project for the elderly,is a major model for the construction of our country’s institutions for the elderly.To the social capital,it is the first problem to evaluate the investment value of the project scientifically and effectively.Based on the real option theory,this paper sets up a binomial tree option model to calculate the investment value of PPP pension project.The case study shows that the model has a good applicability and effectiveness,which can provide a reference for the evaluation of investment value of PPP endowment institution projects.