取消高速公路收费创造多赢格局:基于实物期权视角的解读

An Evaluation on the Rationality and Profitability of the Cancelled Expressway Toll in China:an Analysis Based on Real Option Theory

本文基于实物期权思想,运用布莱克—舒尔茨公式,以在建的巴南高速公路为例,评估了取消高速公路收费的合理性和收益性。本文的研究发现,实物期权理论很好地解释了取消高速公路收费的合理性。将组合期权的投融资方式运用到高速公路的建设当中,高速公路即便没有收费,也会有很大的利润空间,既保证了公路建设的资金,又能很好地服务经济发展,规避了现有高速公路以收费还贷款的弊端,可以实现多赢的格局。

Based on the idea of real option,this paper uses B-S model to evaluate the rationality and profitability of canceled expressway toll by using the construction of Ba＇nan expressway as an example,we find that the real option theory well explains the rationcelity of the cancelled highway toll,and even without toll,the combination option financing ways used in highway construction will bring about great profit margins,which ensures the highway construction funds and also does good to the economy,and which avoids returning the loan by the toll and also achieves a win-win situation.