管廊PPP项目物有所值定量评价折现率优化研究

Research on Optimization about Discount Rate of VFM in PPP Project

本文以管廊PPP项目为研究案例,分析了物有所值评价中折现率的选取现状,提出政府支出责任采用优化后的无风险利率作为折现率,项目公司取得的使用者付费采用市场报酬率测算收益,运营补贴采用项目公司的期望市场报酬率进行折现。结果表明:管廊项目使用者付费适用的市场报酬率为15.29%,可以降低政府承担的运营补贴支出35.22%,有助于提升项目公司的运营能力,减轻政府在未来的支出责任。

This paper analyzes the current status of the selection of discount rate in value-for-money evaluation,taking the pipe gallery PPP project as a case,and proposed that the government expenditure responsibility adopts the optimized risk-free interest rate as the discount rate,the user fees obtained by the project company use the market rate of return to measure the income,and the operating subsidy is discounted by the expected market rate of return of the project company.The results show that the market rate of return applicable to the users’payment of pipe gallery is 15.29%,and the operating subsidy expenditure undertaken by the government is reduced by 35.22%,which can improve the operating capability of the project company and reduce the government’s expenditure responsibility in the future.