Optimization of Concession Period for Public Private Partnership Toll Roads
Optimization of Concession Period for Public Private Partnership Toll Roads
复制标题
公私合作收费公路特许经营期限的优化
DOI：
10.5755/j01.ee.30.1.19215
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发表时间：
2019-02
期刊：
影响因子：
--
通讯作者：
Hu Wangyin
中科院分区：
文献类型：
--
作者：
Feng Ke;Wang Shouqing;Wu Chunlin;Xia Guangtao;Hu Wangyin
在过去的几十年里，政府和社会资本合作（PPP）作为一种刺激私人投资和改善公共服务供应的有效方式被广泛采用。特许期的优化是PPP项目成功实施的关键。本文将特许期的决策活动视为公共部门与私营部门之间的讨价还价博弈过程，并在一系列假设条件下建立了计算最优特许期的数学模型。用逆向归纳法求解这一优化问题。最后，通过数值模拟进一步验证了模型的有效性，并分析了不同因素对最优特许权期的影响。结果表明，最优收费费率应根据所提供服务的平均水平来确定。风险利率、初始投资、预留效用等因素与最优特许期限正相关，私募股权比例、收费费率与最优特许期限负相关。本研究将公众权益和货币时间价值的影响纳入到模型的构建中，是对前人研究的有益补充。此外，它可以作为公共和私营部门就有关问题进行谈判的有益参考。
In the past decades, public private partnership (PPP) has been widely used as an effective approach to stimulating private investment and improving supplies for public services. The optimization of the concession period is very critical for the successful implementation of PPP projects. This paper takes decision making activities of the concession period as a bargaining game process between public and private sectors, and presents a mathematical model to calculate the optimal concession period under a series of assumptions. Backward induction is applied to solve this optimization problem. Finally, numerical simulation is used to further verify the model and analyze the influence of different factors on the optimal concession period. The results indicate that the optimal toll rate should be determined based on the average level of service provided. Factors such as the risk interest rate, initial investment, reservation utility are positively correlated with the optimal concession period, while the private equity ratio and the toll rate are negatively correlated with it. The current study is a useful supplement to previous research works as it incorporates the influence of public equity and time value of money into the construction of model. Moreover, it can act as a helpful reference for both public and private sectors in negotiations concerning related issues.
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DOI：
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发表时间：
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期刊：
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影响因子：
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