基于风险规避视角的PPP项目特许权抵押值评估——以凌海市城区净水厂项目为例

Assessment of PPP Project Franchise Mortgage Value Based on Risk Aversion Perspective——Taking Linghai Urban Water Purification Plant Project as an Example

基于金融机构存在风险规避特征,本文研究PPP项目特许权抵押值评估问题。首先从项目投融资角度,剖析PPP项目特许权抵押运作机理,引出金融机构风险规避度与特许权抵押率的定量关系。然后在此基础上,通过构建项目特许权抵押风险评估模型给出风险规避度的测算方法,并运用收益贴现法给出特许权价值估算方法,进而构建出PPP项目特许权抵押值评估模型。最后将所构建模型应用于凌海净水厂项目的特许权抵押值评估,进行案例研究。结果表明,基于风险规避度的PPP项目特许权抵押值评估模型不仅为金融机构的贷款决策提供了一种实务操作方法,而且从敏感性机理上揭示了金融机构风险规避度存在影响项目债务融资可行性的变化区间,对提高PPP项目投资决策水平具有重要的实际意义。

Based on the risk aversion characteristics of financial institutions,this paper studies the evaluation of the mortgage value of PPP project concessions.Firstly,from the perspective of project investment and financing,analyze the operation mechanism of PPP project franchise mortgage,and introduce the quantitative relationship between financial institution risk aversion and franchise mortgage rate.Then,based on this,a risk assessment model for project concession mortgage is constructed to provide a method for calculating risk aversion,and the income discount method is used to estimate the value of the concession.Subsequently,a PPP project concession mortgage value assessment model is constructed.Finally,the constructed model will be applied to the evaluation of the franchise mortgage value of the Linghai Water Treatment Plant project for a case study.The results indicate that the PPP project concession mortgage value evaluation model based on risk aversion not only provides a practical operational method for financial institutions'loan decisions,but also reveals the range of changes in financial institutions'risk aversion that affect the feasibility of project debt financing from a sensitivity mechanism,which has important practical significance for improving the investment decision-making level of PPP projects.