经营性公路合理回报测算方法研究

Study on Measuring Method of Reasonable Return of Commercial Highway

针对经营性公路项目的合理回报目前法律上没有明确规定,社会上各方认识不统一的问题,研究提出了经营性公路合理回报的衡量指标——合理收益率,明确了合理收益率的考核模式,并对确定的考核模式,给出了测算合理收益率区间上限和下限的具体方法。最后,运用提出的测算方法,借助于经营性高速公路项目进行了实证分析。根据研究结果,建议经营性高速公路项目的合理收益率上限值取10.0%,下限值取相应年份的无风险收益率。测算结果为经营性高速公路项目的投资及行业收益监管提供了参考依据。

It has not explained explicitly about reasonable return of commercial highway projects in current laws and policies, which induced different understandings in society. To resolve the problem, the concept of reasonable rate of return was presented as a reference index of reasonable return of commercial highway projects, and corresponding checking modes were analyzed. For selected reasonable rate of return checking mode, concrete measuring methods for maximum value and minimum value of reasonable rate of return were put forward. Finally, the selected commercial highway projects were verified by applying these methods. On the basis of the research results, it was suggested that the suitable maximum value of commercial highway reasonable rate of return is 10.0% and the suitable minimum value adopts risk-free rate of return of the same year. The research provides a reference for investing and regulating rate of return in commercial highway projects.