基于Shapley模型的PPP项目初始股权结构研究
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摘要
近年来,PPP模式在传统基础设施建设及公共服务提供中应用广泛,而确保该模式高效运作的关键是初始股权结构的确定。将社会资本分为纯投资者和承建商两类,并将与政府部门共同参与的项目公司作为一种合作联盟,运用Shapley值利益分配模型,把各方股东在不同合作联盟下产生的成本节约看作其对联盟的贡献度,计算各方最终利益分配。根据股权比例与收益比例成正比的原则,确定项目公司的股权结构,为以后PPP项目初始股权结构的确定提供了参考。
In recent years,PPP model has been widely used in traditional infrastructure and public services,and the key for efficient operation of the model is determination of the ownership structure. It separates the social capital into two types,the pure investor and the contractor,and views the joint item company of them and government department as a cooperative alliance,and regards the parties in different alliance cost savings as its contribution. According the equity is proportional profit and using the Shapley value of the profit distribution model to determine the ownership structure,it provides reference for the determination of the PPP project initial equity structure in the future.
In recent years,PPP model has been widely used in traditional infrastructure and public services,and the key for efficient operation of the model is determination of the ownership structure. It separates the social capital into two types,the pure investor and the contractor,and views the joint item company of them and government department as a cooperative alliance,and regards the parties in different alliance cost savings as its contribution. According the equity is proportional profit and using the Shapley value of the profit distribution model to determine the ownership structure,it provides reference for the determination of the PPP project initial equity structure in the future.
引文
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[12]AKATJAN S,ARIKAN M,TIONG R L K.Optimal capital structure model for BOT power projects in Turkey[J].Journal of Construction Engineering and Management,2003,129(1):89-97.
[13]马若微,王召方.基于Shapley模型的公私合营基建项目股权结构研究[J].当代经济科学,2015,37(4):118-128.
[14]樊亮.基于Shapley值修正的PPP项目利益相关者收益分配研究[D].天津:天津大学,2014.
[15]MARCO A D,MANGANO G,ZOU X Y.Factors influencing the equity share of build-operate-transfer projects[J].Built Environment Project and Asset Management,2012,2(1):70-85.
[2]盛和太,王守清,黄硕.PPP项目公司的股权结构及其在某养老项目中的应用[J].工程管理学报,2011,25(4):388-392.
[3]沈俊鑫,南金秀.PPP项目股权结构研究[J].项目管理技术,2017,15(6):7-12.
[4]朱振鑫,钱淑琴.PPP项目公司股权结构全梳理[J].新理财:政府理财,2017(4):58-61.
[5]FARUQI S,SMITH N J.Light rail transit:a private finance proposal[J].Journal of Engineering Construction and Architecture Management,1997,4(3):233-246.
[6]YESCOMBO E R.项目融资原理与实务[M].王锦程,译.北京:清华大学出版社,2010:137-152.
[7]张春庆,李安辉.基于控制权视角的PPP项目股东治理探讨[J].华北金融,2016(1):27-29.
[8]冯珂,王守清,薛彦广.基于多方满意的PPP项目股权配置优化研究[J].清华大学学报(自然科学版),2017,57(4):376-381.
[9]江春霞,周国光.PPP项目股权结构模型构建与应用研究[J].理论价格与实践,2016(4):140-143.
[10]杨文安,李敏.城市轨道交通PPP项目股权结构配置研究[J].西安交通科技,2015(12):94-98.
[11]SYGHEER M,LYER K C.Optimization of bidwinning potential and capital structure for build-operate-transfer road projects in India[J].Journal of Management in Engineering,2012,28(2):104-113.
[12]AKATJAN S,ARIKAN M,TIONG R L K.Optimal capital structure model for BOT power projects in Turkey[J].Journal of Construction Engineering and Management,2003,129(1):89-97.
[13]马若微,王召方.基于Shapley模型的公私合营基建项目股权结构研究[J].当代经济科学,2015,37(4):118-128.
[14]樊亮.基于Shapley值修正的PPP项目利益相关者收益分配研究[D].天津:天津大学,2014.
[15]MARCO A D,MANGANO G,ZOU X Y.Factors influencing the equity share of build-operate-transfer projects[J].Built Environment Project and Asset Management,2012,2(1):70-85.