摘要
文章基于资本资产定价模型分析了政府最低收益保证对私人投资基础设施项目的债务成本、权益成本、预计权益收益率和净现值等财务指标的影响,并进行了风险评价和算例分析。研究表明,最低收益保证可以降低债务成本,还可通过杠杆作用增加或减少权益成本,并能提高NPV和预计权益收益率,使得原本不可行的基础设施项目得以实施。
The paper discusses the influence of government minimum revenue guarantee on cost of debt, cost of equity, expected return on equity and net present value of private infrastructure projects. And then risk assessment and example analysis are brought up. The resuhs show that the presence of a guarantee reduces the cost of debt, promotes or reduces the cost of eq- uity through leverage level and promotes the expected return on equity and net present value. Thus the infeasible infrastructure project could be implemented favorably. Definite evaluation index formula and risk analysis in this article can help provide decision reference for government departments and private investors.
出处
《华东经济管理》
CSSCI
2013年第6期98-100,共3页
East China Economic Management
关键词
基础设施项目
政府最低收益保证
私人融资
风险决策
infrastructure project
government minimum revenue guarantee
private financing
risk decision
