基于WSR—巴拉特方法的TOT水电项目融资定价  

WSR-Bharat method based financing and pricing of TOT hydropower project

作　　者：李璞[1] 王松江[1] 

机构地区：[1]昆明理工大学管理与经济学院,云南昆明650093

出　　处：《水利水电技术》2012年第9期95-98,共4页Water Resources and Hydropower Engineering

基　　金：国家自然基金课题"经营性公共基础设施TOT霍尔三维模式研究(70962003)"

摘　　要：通过引入WSR(物理—事理—人理)理论对TOT水利水电项目案例进行定性分析,以三维模型的形式对水利水电项目所涉及的内容进行总结同时确定三个维度的边界条件,再运用巴拉特模型进行一次性资产定价,得出TOT项目的特许经营价格,并以灰色关联分析方法对资产定价过程中的影响因素进行分析。最终得出各指标的关联系数,由大到小排序依次为年经营成本、企业利润、经济增长率、水资源开发利用率和政策变动率,从而为确定项目的定价及其定价过程中的影响因素提供有效的参考。Through the introduction of WSR （ Wuli-Shili-Renli ） Theory, a qualitative analysis is made on the case of a TOT （Transfer-Operate-Transfer） hydropower project; i. e. the contents related to the water resources and hydropower project are summarized in form of 3-D model and the 3-D boundary conditions are simultaneously determined ; furthermore, an one-off asset pricing is made with Bharat model and then the price for the franchise of the relevant TOT project is obtained, while the impact factors during the asset pricing are analyzed with the grey relational analysis method. Finally, the correlation coefficients of all the indexes are educed in descending order in turns of the annual operating costs, corporate profits, economic growth rate, rate of water resources development and utilization and the rate of policy change; thereby, an effective reference is provided for determining the impact factors on the pricing for the project and during its pricing process.

关 键 词：TOT项目融资 水利水电项目 WSR理论 巴拉特模型 

分 类 号：F294[经济管理—国民经济]