Research on the Optimal Ownership Structure of an Expressway under a PPP Scheme
Research on the Optimal Ownership Structure of an Expressway under a PPP Scheme
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发表时间：
2011
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通讯作者：
Shi Ye
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作者：
Shi Ye
私人财团是政府为基础设施项目的建设和运营筹集资金的有效渠道，BOT方式虽然被各国政府广泛采用，但也存在政府参与度低、投资者风险大、以及投资者和政府之间的持续冲突。公私合作伙伴关系（PPP）是一种替代渠道，可以克服BOT方法固有的弱点。项目利益相关者，包括政府和公司，参与管理基础设施项目的积极性，因为PPP方法可以创造双赢，为了验证上述观点，本文运用博弈论的方法对一个采用PPP模式的高速公路项目中各方的投资比例进行了评估，并通过一个完全信息动态博弈模型分析了PPP模式下各参与方的投资比例对政府投资的影响。结果表明，政府在PPP模式下的投资比例是最大的，而在BOT模式下的投资比例是最小的私人财团的定价决策会影响最优的所有权结构，通过建立动态博弈模型，对BOT和PPP模式下的公路项目进行了定价和社会效益的比较分析，结果表明，由于私人财团追求自身利益最大化，BOT和PPP模式下的收费价格基本相同，PPP模式下政府的投资回报率高于BOT模式本文首先讨论了PPP模式下公路项目定价和最优决策的相关问题，PPP模式使政府可以根据项目风险选择最佳的股东比例，从而优化投资结构，降低项目风险。其次，本文还讨论了PPP模式下公路项目定价和最优决策的相关问题。比较了PPP和BOT两种融资模式对政府收入的不同影响，虽然这种融资模式对公共利益没有影响，，对政府的收入有不同的影响。政府在向私人公司寻求资金发展基建项目时，可考虑采用公私营合作模式。总括而言，私人财团会自行厘定可使其利润最大化的收费价格，因此收费价格不会因融资模式而有所不同。不过，PPP模式比BOT模式能获得更大的投资回报。
Private financial consortium has been an effective channel for governments to source capital for construction and operation of infrastructure projects.Although BOT has been widely used by governments to source sufficient capital,this method has many disadvantages,such as low involvement by the government,high risks to investors,and sustained conflicts between investors and the government.Public-Private-Partnerships(PPP) are an alternative channel and can overcome the weaknesses inherent in the BOT method.Project stakeholders,including the government and companies,are motivated to be involved in managing the infrastructure project because PPP method can create a win-win situation.The government also has more ownership in PPP mode than in BOT mode.This study uses the game theory to assess the investment ratio of each party in a highway project that uses PPP mode in order to validate propositions.A dynamic game model with complete information is introduced to analyze how the pricing decisions of a private consortium may affect the optimal ownership structure.This dynamic game model enables us to compare pricing and social benefits of the studied highway project in BOT and PPP models.Our analysis results show that BOT and PPP modes have the same charging prices because the private consortium always pursues the maximum profit to benefit itself.PPP mode allows government to realize a higher return on investment than BOT mode.In this paper,we first discuss issues related to highway project pricing and optimal decision making in the PPP mode.The PPP model enables the government to choose the best shareholder ratio according to project risks.The PPP model can lead to better investment structure and minimize project risks.Second,we compare PPP and BOT models with respect to their different effects on government's revenues.Although the financing mode has no effect on public interests,it has differential effects on government's revenues.The government may want to consider adopting the PPP mode when sourcing capitals from private companies to develop infrastructural projects.In summary,the private consortium will determine the charging price that can maximize its profit.Therefore,the charging price will not vary with financing modes.However,the government can receive greater return on investment from PPP mode than BOT mode.