Evaluation of restrictive competition in PPP projects using real option approach
Evaluation of restrictive competition in PPP projects using real option approach
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DOI：
10.1016/j.ijproman.2013.07.007
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发表时间：
2014-04
影响因子：
8
通讯作者：
Jicai Liu;Xibing Yu;C. Y. Cheah
中科院分区：
文献类型：
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作者：
Jicai Liu;Xibing Yu;C. Y. Cheah
在PPP项目中，由于投资规模大，项目期限长，风险较大，往往需要东道国政府为投资者提供担保。虽然PPP已经成为建设管理中一个成熟的课题，但对PPP项目限制性竞争评价的研究却出奇的少。运用实物期权理论，分析了政府对PPP项目限制性竞争的保障，构建了政府对PPP项目限制性竞争的评价模型。研究结果说明了估值对东道国政府和投资者的重要性，并为他们在限制性竞争水平的谈判中提供了明确的参考。
In PPP projects, it is often necessary for host governments to provide guarantees to investors due to the large scale of investments involved, long tenure of the project, and hence greater risks. Although PPP has become a matured topic in construction management, research on evaluation of restrictive competition in PPP projects remains surprisingly scarce. With real option theory, this paper analyzes government's guarantee of restrictive competition in PPP projects, and constructs an evaluation model for restrictive competition. The results illustrate the significance of the valuation to both host government and investors, and provide them with a clear reference when negotiating on the level of restrictive competition.