地下综合管廊公私合作项目定价机制

Pricing mechanism of urban utility tunnel use public-private partnership mode

为了确保地下综合管廊公私合作(PPP)项目的合理定价,使价格对社会资本参与管廊项目的建设和运营有足够的吸引力,同时控制价格在管线用户的承受范围内,运用资本资产定价模型(CAPM)和加权平均资金成本法(WACC),确定出可用性资产回报率和日常维护利润率.考虑PPP项目三方诉求,构建基于多因素分析法的多目标规划定价模型.通过分析管线用户承受能力、政府财政能力和社会资本的合理预期收益确定出入廊费和政府补贴,分析项目公司应收费用和管线空间占比等因素确定出日常维护费,结合实际管廊PPP项目进行实例验证.结果表明:该模型确定出的入廊费、日常维护费及政府补贴额度具有一定的合理性,能够为地下综合管廊PPP项目的定价提供参考和帮助.

Capital asset pricing model(CAPM)and weighted average cost of capital method(WACC)were introduced to determine the availability asset return rate and the routine maintenance profit rate in order to ensure the reasonable pricing of urban utilities tunnel use public-private partnership(PPP)mode,make the price attractive enough for the social capital to participate in the construction and operation of this project,and control the price within the users tolerance range.A multi-objective programming pricing model was constructed based on multivariate analysis method according to three parties interest demands.The price was divided into three parts:entrance fee,government subsidies and routine maintenance fee.The entrance fee and the government subsidies were determined by the analysis of user s suffering ability,the government s fiscal capacity and social capital s reasonable revenue.The routine maintenance fee was determined by considering the factors such as management expenses and pipeline s space occupation ratio.A real utilities tunnel project use PPP mode was used to verify the model.Results show that the entrance fee,the maintenance fee and the government subsidies determined by the multi-objective programming pricing mechanism are reasonable,and can provide reference for the pricing of urban utilities tunnel use PPP mode.