不完全契约下PPP项目运营期触发补偿机制研究
摘要
近年来,政府和社会资本合作(PPP)作为一种行之有效的公共产品和服务的供给方式,在国内外广泛使用。然而PPP项目较长运营期内各种不确定因素影响社会资本合理收益,本文研究的目的从PPP项目初始契约天然的不完全性出发,研究PPP项目运营期内政府通过再谈判如何建立多层次、多阶段的动态补偿机制。在回顾已有研究及阐述触发补偿内涵的基础上,运用数理分析法构建PPP项目运营期触发补偿模型,以社会资本损失曲线斜率变动的不同范围确定不同触发阈,进而根据不同触发阈损失变动特征设计相应阶梯型、比例型及0-1型触发补偿机制,并运用案例研究法进行实证。以期为政府设计有效动态补偿机制提供理论支持,提高政府补偿效率,实现PPP项目可持续运作发展。
引文
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[4]Alonso-Conde A B,Brown C,Rojo-Suarez J.Public private partnerships:Incentives,risk transfer and real options[J].Review of Financial Economics,2007,16(4):335-349.
[5]Carmen J,Fernando O,Rahim A.Private-public partnerships as strategic alliances[J].Transportation Research Record:Journal of the Transportation Research Board,2008,206(02):1-9.
[6]Xiong W,Zhang X Q,Chen H Y.Early-Termination Compensation in Public-Private Partnership Projects[J].Journal of Construction Engineering and Management,2015.
[7]Jin Song,Yanan Fu,Ousseni Bagayaya.Compensation Mechanism for Early Termination of Highway BOT Projects Based on ARIMA Model[J].International Journal of Architecture,Engineering and Construction,2016,5(1):53-60.
[8]叶苏东.BOT模式开发城市轨道交通项目的补偿机制研究[J].北京交通大学学报(社会科学版),2012,(4):22-29.
[9]王颖林,赖芨宇,傅梦.基于实物期权理论的PPP项目限制竞争担保研究[J].建筑经济,2015,(2):46-49.
[10]王刚,庄焰.地铁项目融资模式研究[J].深圳大学学报,2006,(3):217-221.
[11]况勇,廉大为,赵雪锋.城市轨道交通PPP融资模式中补偿和服务水平的确定研究[J].中国工程科学,2008,(6):87-90.
[12]吴孝灵,周晶,王冀宁,彭以忱.依赖特许收益的PPP项目补偿契约激励性与有效性[J].中国工程科学,2014,(10):77-83.
[13]高颖,张水波,冯卓.PPP项目运营期间需求量下降情形下的补偿机制研究[J].管理工程学报,2015,(2):93-102.
[14]曲文婷.基于CAPM的BOT项目提前终止补偿研究[D].大连理工大学,2015.
[15]陈进杰,王兴举,高桂凤.城市轨道交通运营成本模糊聚类估算模型[J].交通运输系统工程与信息,2011,(2):136-154.