文章基本信息

标题：Government motivation-embedded return guarantee for urban infrastructure projects based on real options
本地全文：下载
作者：Qingpeng Man ; Chengshuang Sun ; Yuesheng Fei 等
期刊名称：Journal of Civil Engineering and Management
印刷版ISSN：1392-3730
出版年度：2016
卷号：22
期号：7
DOI：10.3846/13923730.2016.1204362
语种：English
出版社：Vilnius Gediminas Technical University
摘要：Governments usually guarantee the amount of investment income to private sector partners to encourage their participation in Public-Private Partnership urban infrastructure development projects, with the ‘float return on investment guarantee’ being the main method in use by the Chinese government today. The current problems with the float return on investment guarantee are analysed and a guarantee approach with embedded motivatio nal behaviour is presented as an alternative. A pricing method option is then introduced as the motivation-embedded return guarantee has similar characteristics to real options. From this, a valuation model is developed that provides the basis of a new systematic method for calculating the government guarantee value.