摘要
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.
出处
《工程经济》
2022年第3期46-51,共6页
ENGINEERING ECONOMY
基金
河北省社会科学基金项目“基于BIM的河北地下工程安全事故预警及应急管理研究”(HB20GL023)
河北省教育厅社科项目:基于BIM的河北省装配式建筑全产业链工程质量智能管理体系研究(SQ2021093)
河北经贸大学在读研究生创新能力培养资助项目“基于综合管廊PPP项目物有所值评价体系优化及实证分析研究”(XYCX202225)
河北经贸大学教研项目“新财经视域下工程管理BIM虚拟仿真实训平台构建研究(2022JYQ09)”
关键词
物有所值
综合管廊
PPP项目
定量评价
折现率
Value for Money
Pipe Gallery
PPP Project
Quantitative Evaluation
Discount Rate