准经营性PPP项目收益定价机制研究--基于期权定价的视角

Research on Income Pricing Mechanism of Quasi-profit PPP Project--From the Perspective of Option Pricing

本文根据期权定价思想构建准经营性PPP项目收益定价的理论基础,设计政府、社会资本、用户3方合作的一般均衡模型,采用系统动力分析方法研究收益定价及其影响因素、价格调整与支付方案。结果表明项目运营期资金收入与项目结束时净资产或有价值构成全部收益,"使用者付费"结合"可行性缺口补助"是收益的有效实现方式。劳动要素成本、资本产出效率、全要素技术水平是影响收益定价的敏感性因素,其波动冲击对于项目服务供给收益、使用者付费、可行性缺口补助3类定价方案的作用机理与效应强度存在差异。上述结论对于优化准经营性PPP项目的收益补偿、资源配置、风险管理等方案具有参考价值。

Based on the theory of option pricing,this paper designs a general equilibrium model of government,social ca-pital and user cooperation,and studies the project income pricing and its influencing factors,price adjustment and payment scheme with the method of system dynamic analysis.The results show that the effective way to realize the income is to combine the user’s payment with the feasibility gap subsidy.Labor cost,capital output elasticity and total factor productivity are the sensitive factors that affect the project income pricing.Their fluctuating risk impact leads to the differences in the mechanism and effect intensity for the three pricing schemes,which are project service income unit price,user’s payment and feasibility gap subsidy.The above conclusions are of reference value to optimize the income compensation,resource allocation,risk management and other organizational schemes of quasi-profit PPP projects.