摘要
VfM是对政府与社会资本合作(PPP)项目进行评估的主要方法。基于保险以及未定权益估值方法,对项目现金流的风险进行量化估值,被量化的已识别的项目风险构成项目的真实成本。数据模拟结果表明,改进的"物有所值"法能够确定项目潜在的风险来源并进行风险定价,通过了解这些风险如何影响现金流,能够制定更好的管理决策,保证PPP项目成功实施。
＂Value for M oney＂is the main evaluation method for Public- Private- Partnership（ PPP）project. Based on insurance and contingent valuation method,this paper quantifies the risk valuation of project cash flow,then the quantification of the identified project risk makes up the true cost of the project. Finally,the data simulation show s the improvement of the＂Value for M oney ＂method can determine potential sources of risk and then risk pricing. By understanding these risks how to influence the cash flow,better management decisions can be made and then the value of the project can be improved.
出处
《财贸研究》
CSSCI
北大核心
2016年第2期120-127,共8页
Finance and Trade Research
基金
国家社科基金重大项目"PPP(公司合作伙伴)中财政资金引导私人资本机制创新研究"(14ZDA029)
关键词
基础设施
物有所值
风险量化
公私合作
infrastructure
Value for M oney
risk quantification
Public-Private-Partnership
