PPP模式下公路项目政府付费研究

A Study on the Government Payment of an Expressway under a PPP Scheme

PPP(Public Private Partnerships),政府部门和社会资本合作,共同进行基础设施的建设和公共产品的供应,有利于解决地方债务危机以及政府在投资管理上的不足。PPP项目的核心就是PPP项目的定价机制。政府付费模式的PPP项目能否吸引社会资本,关键在于政府各年的运营补贴支出折算成现值后是否满足社会资本最初的项目投资。本文利用CAPM模型和债务成本综合加权平均法测算企业预期的最低投资回报率,即折现率,通过实际案例,来验证政府付费是否合理,有助于提高政府付费中支出测算的准确性。

PPP(public private partnership),the cooperation between governments and social capitals,is conducive to the construction of infrastructure and the supply of public goods to solve the local debt crisis and the insufficiency of the government in investment management The core of PPP projects is the pricing mechanism of PPP projects.The key to attract social capital in government paid-for PPP projects lies in whether the initial project investment of social capital can be met after the government's subsidy expenditure is converted into the present value.This paper uses the CAPM model and the cost of debt weighted average method to calculate the expected minimum investment return rate,namely the discount rate,to verify the rationality of government payment through actual cases,which is helpful to improve the accuracy of the measurement of government payment.