政府和社会资本合作投资组合的镜像效应分析  

An analysis of the mirror effect of investment portfolio based on government and social capital cooperation

作　　者：陈恒[1] 许振宇 李清均[2] CHEN Heng;XU Zhenyu;LI Qingjun(School of Economics and Management, Harbin Engineering University, Harbin 150001, China;Research Office of Heilongjiang Provincial People′s Government, Harbin 150001, China)

机构地区：[1]哈尔滨工程大学经济管理学院,黑龙江哈尔滨150001 [2]黑龙江省人民政府研究室,黑龙江哈尔滨150001

出　　处：《哈尔滨工程大学学报》2020年第12期1868-1876,共9页Journal of Harbin Engineering University

基　　金：国家自然科学基金项目(71473059).

摘　　要：为了揭示在中国政府和社会资本合作政府增信治理过程中,增信经验通过投资组合风险溢价产生的镜像效应,本文运用股权溢价之谜理论。通过建立镜像效应模型,分析了政府和社会资本合作投资组合增信风险溢价产生的镜像效应对决策者的风险厌恶态度变化与风险溢价激励之间的影响。研究结果表明:中国政府和社会资本合作增信是在预支部分政府信用资本并在适度增加资产的流动性上展开的,投资组合增信在风险规避与风险寻求之间出现风险态度“反转”的镜像效应情形是:风险溢价作为风险损益均衡指令信号,总能存在让风险投资者适度打开或关闭风险损益平衡的心理账户,实现风险溢价最大限度的对冲风险损失。Based on the equity premium puzzle theory,in the process of China′s public-private partnership(PPP)government credit enhancement governance,the credit enhancement experience is observed through the mirror effect of the risk premium of an investment portfolio.Through the establishment of the mirror effect model,the influence of the mirror effect produced by the PPP investment portfolio credit enhancement risk premium on the change in the risk aversion attitude of decision-makers and the risk premium incentive is analyzed.The research results show that China′s PPP credit enhancement is based on the advancement of some government credit capital and a modest increase in asset liquidity.The mirror effect of the risk attitude"reversal"between risk aversion and risk-seeking on portfolio credibility is that the risk premium,which is used as an instruction of the risk profit and loss equilibrium,can always be a mental account that allows risk investors to open or close to balance the risk profit and loss appropriately to realize the risk premium to hedge the risk loss to the maximum.

关 键 词：中国政府和社会资本合作 投资组合 风险溢价 心理账户 镜像效应 增信 期权溢价 行为金融 

分 类 号：F283[经济管理—国民经济]