实物期权视角下城市生活垃圾PPP项目收益分配策略研究  

Research on revenue allocation strategy of municipal solid waste PPP project from the perspective of real options

作　　者：徐颖[1] 李潘婷 杜淼 王有松 XU Ying;LI Panting;DU Miao;WANG Yousong(School of Economics and Management,Beijing Information Science and Technology University,Beijing 100192,China;Beijing Globe-Law Firm,Beijing 100020,China)

机构地区：[1]北京信息科技大学经济管理学院,北京100192 [2]北京高文律师事务所,北京100020

出　　处：《再生资源与循环经济》2021年第7期18-22,共5页Recyclable Resources and Circular Economy

基　　金：北京市社会科学基金项目(17GLB029)。

摘　　要：运用实物期权方法,通过Black-Scholes期权定价模型,量化政府双边担保带来的城市生活垃圾PPP项目价值增值,以及在不同签约方式下,项目价值增值变化方向及不同分配比例对政府与企业利益的影响。研究表明,收益分配比例存在可行域,但需要通过对不同的分成和补贴比例组合不断试错得出;签约方式影响合作双方价值增值,一次签约时,政府价值增值呈下降趋势;分次签约时,政府价值增值呈上升趋势,社会企业与之相反。This paper used the real option method,through the Black-Scholes option pricing model,to quantify the added value of municipal solid waste PPP project brought by the government's bilateral guarantee strategy,and analyzed the direction of the change in the value added of the project and the impact of different distribution ratios on the interests of the government and the enterprise under different signing methods.The research showed that there is a feasible range of income distribution ratio,but it needs to be obtained through trial and error of different combination of share and subsidy ratio;the way of signing contracts affects the value appreciation of both parties.When signing a contract,the increase in government value is higher in the early stage,showing a downward trend;when signing contracts by stages,the increase in government value is lower in the early stage,showing an upward trend,and social enterprises are the opposite.

关 键 词：PPP项目 实物期权 政府担保 收益分配 

分 类 号：F283[经济管理—国民经济] X799.3[环境科学与工程—环境工程]