基础设施项目融资政府担保价值研究

A Research on the Prompting of Government Guarantee in Infrastructure Financing

利用或有负债的思想,研究基础设施项目融资中的政府担保行为,建立了基于实物期权的基础设施项目政府担保价值模型,测算了基础项目变动率、预期收益率和担保程度对政府担保价值的影响效应。政府担保模型表明,政府担保因信息不对称而导致政府与非政府投资者对基础设施项目定价不一致。

In infrastructure financing, the government guarantee gives a promotion to the infrastructure financing effectively. There are some differences between the stock rights investment and the creditors rights investment during the government financing guarantee. This is likely to lead to the effectiveness of the government guarantee. Based on the analysis of the characteristic of the government guarantee, the author establishes a pricing model for the government guarantee making use of the option theory, and extends some research on the transfer of the value of the government guarantee among different investors in the process.