基础项目融资中政府担保的定价  

A pricing model of government guarantee in infrastructure project financing

作　　者：范小军[1,2] 钟根元[2] 陆萍 

机构地区：[1]南京财经大学营销与物流学院,南京210046 [2]上海交通大学安泰管理学院,上海200052 [3]上海陈政市政工程有限公司,上海201900

出　　处：《哈尔滨工业大学学报》2009年第4期270-273,共4页Journal of Harbin Institute of Technology

基　　金：国家自然科学基金资助项目(70172003)

摘　　要：在基础项目融资中,政府提供的担保有效地促进了基础项目融资的发展.政府提供担保会给政府造成或有债务,需要采用定量方法研究担保,从而为政府的担保提供量化依据.论文在分析担保期权特性基础上,采用期权理论建立了担保的定价模型,并研究了模型在基础项目融资收益担保中的应用.The guarantee provided by government accelerates the development of infrastructure project financing. But the guarantee can induce contingent claim for government. So it is necessary to study the price guarantee quantitatively to provide quantitative data for government guarantee. Through the analysis of option characteristics of government guarantee, this paper sets up a pricing model by means of option theory. Moreover, this model is applied to the price income guarantee in infrastructure project financing.

关 键 词：基础项目融资 政府担保 定价模型 收益担保 

分 类 号：F282[经济管理—国民经济]