基于实物期权的综合管廊PPP项目投资决策研究

Research on Investment Decision of the Pipe Gallery PPP Project Based on Real Option

本文针对综合管廊PPP项目投资决策的特点,从前人研究的基础上,系统总结了综合管廊项目采用PPP模式的优势,分析了传统评价方法的局限性及实物期权方法的优势,明确了实物期权方法在综合管廊PPP项目中的适用性,并构建了基于实物期权的综合管廊PPP项目投资决策模型。且以综合管廊PPP项目为例,验证其模型的实用性和可行性,为不确定环境下综合管廊PPP项目投资决策提供一定的参考,同时丰富和深化了实物期权在基础设施项目中的应用和研究。

According to the characteristics of investment decision of the Pipe Gallery PPP project, first of all, on the basis of previous studies, summarized the advantages of Pipe Gallery projects using the PPP model. This paper analyzes the advantages and limitations of real options method of traditional methods of assessment, and clarifies the applicability of real option in the Pipe Gallery PPP project. The investment decision model of the Pipe Gallery PPP project based on the real option is constructed. Taking a Pipe Gallery PPP project as an example, the practicability and feasibility of the model are verified. And provide a certain reference for the investment decision of the Pipe Gallery PPP project in the uncertain environment, and enrich and deepen the application and research of the real option in the infrastructure project.