收费公路权益转让问题研究
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摘要
20世纪90年代以来,收费公路权益转让在深化我国公路项目投融资体制改革的过程中取得了巨大的成就,它不仅有效缓解了政府投资公路建设资金严重不足的压力,还极大地提高了广大社会资本投资公路产业的积极性,收费公路权益转让在快速筹集公路项目建设资金和引进先进管理经验等方面都有着其他筹资模式无可比拟的优势。但是,由于收费公路权益转让在我国发展的时间还不长,配套的法律法规和特许经营制度还不健全,收费公路权益转让在实践当中出现了许多问题,最突出的是转让模式使用不当、转让价格不合理、转让的监管效率较低。因此,有必要对收费公路权益转让问题做进一步的研究,并提出针对性的措施,以期指导收费公路权益转让的实践。本文以契约理论、产权理论、管制理论为研究的理论基础,明晰了收费公路权益转让的主要内容,通过对收费公路权益转让的基本模式、价值评估方法及政府管制进行分析,探源收费公路权益转让过程中所存问题的成因,提出完善收费公路权益转让行为的对策。本文认为,为解决目前收费公路权益转让存在的上述问题,必须采取以下主要措施：一是规范收费公路权益转让模式；二是明晰基准浮动比率作为确定收费公路权益转让价格浮动范围,并通过引入基准浮动比率确定收费公路权益的转让价格；三是建立起基于政府监督、转让双方互相监督和社会监督的收费公路权益转让三层次监管体系；四是培育收费公路权益二级转让市场。最后,本文采用案例分析的形式对引入基准浮动比率的收费公路权益价值评估模型进行了验证。
Since the 1990s, the transfer of the rights and interests of toll roads has seen significant development on the background of the investment and financing system reform;it not only alleviated government's pressure of serious shortage in highway building investment funds,but also dramatically improved the social capital's activity in highway building investment.The transfer of the rights and interests of toll roads takes incomparable advantage in raising highway construction funds and introducing advanced administration experience and so on.But because of the not so long time development,distempered related law and regulation, the transfer of the rights and interests of toll roads encountered many problems in practice,the outstanding are improper use of transfer model,unreasonable transfer price,and inefficient supervision of transfer. Therefore,it is necessary to do further research on the transfer, and propose specific measures to improve and perfect the practice of it.Taking property rights theory, contract theory, regulation theory as a logical starting point,this paper clarifies main content of the transfer of rights and interests of toll road,through analyzing the basic transfer mode,value assessment methodologies and government regulation, probe into genesis of the transfer process of rights and interests of toll road, put forward countermeasures that can perfect the transfer. This thesis deems,to solve the existing problems,we must take the following measure:firstly, regulate transfer mode of the transfer, secondly, definite benchmark floating rates as price-float range of transfer of the rights and interests of toll roads,and determine the transfer price of the toll roads by benchmark floating interest rate,thirdly, establish three level supervision system for the transfer which is based on government supervision,mutual supervision and social supervision, fourthly, breed secondary transfer market of the toll road. Finally, by case studies method, the transfer valuation mode which is based on introduction of benchmark floating interest rate presented above was validated.
Since the 1990s, the transfer of the rights and interests of toll roads has seen significant development on the background of the investment and financing system reform;it not only alleviated government's pressure of serious shortage in highway building investment funds,but also dramatically improved the social capital's activity in highway building investment.The transfer of the rights and interests of toll roads takes incomparable advantage in raising highway construction funds and introducing advanced administration experience and so on.But because of the not so long time development,distempered related law and regulation, the transfer of the rights and interests of toll roads encountered many problems in practice,the outstanding are improper use of transfer model,unreasonable transfer price,and inefficient supervision of transfer. Therefore,it is necessary to do further research on the transfer, and propose specific measures to improve and perfect the practice of it.Taking property rights theory, contract theory, regulation theory as a logical starting point,this paper clarifies main content of the transfer of rights and interests of toll road,through analyzing the basic transfer mode,value assessment methodologies and government regulation, probe into genesis of the transfer process of rights and interests of toll road, put forward countermeasures that can perfect the transfer. This thesis deems,to solve the existing problems,we must take the following measure:firstly, regulate transfer mode of the transfer, secondly, definite benchmark floating rates as price-float range of transfer of the rights and interests of toll roads,and determine the transfer price of the toll roads by benchmark floating interest rate,thirdly, establish three level supervision system for the transfer which is based on government supervision,mutual supervision and social supervision, fourthly, breed secondary transfer market of the toll road. Finally, by case studies method, the transfer valuation mode which is based on introduction of benchmark floating interest rate presented above was validated.
引文
①Jyh-Fa Tsai, Chih-Peng Chu.The analysis of regulation on private highway investment under a build-operate-transfer scheme[J].Transportation,2003,30 (2):221-243
② Anthony Chen, Kitti Subprasom. Analysis of regulation and policy of private toll roads in a build-operate-transfer scheme under demand uncertainty[J].Transportation Research Part A:Policy and Practice,2007,41(6):537-558
①徐海成.公路资产论[D].西安公路交通大学博士论文.西安：长安大学,1999,8：13-37
①袁新岭.收费公路权益流转问题研究[D].长安大学博士论文.西安：长安大学,2009,6：80-140
①徐海成.公路资产论[D].西安公路交通大学博士论文.西安：长安大学,1999,8：13-37
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[3]Barry Ubbels,Erik T. Verhoef. Auctioning concessions for private roads[J]. Transportation Research Part A:Policy and Practice,2008,42(1):155-172
[4]M.M.Kumaramy, X.Q.Zhang.Governmental role in BOT-led infrustructure development[J].Journal of Construction Engineering and Management,2001,(19): 195-205
[5]Santi Charoenpornpattana, Takayuki Minato, Shunsuke Nakahama.Government Supports as Real Options in Built-Operate-Transfer Highways Projects[OB/OL]. http://www.realoptions.org/papers2003/CharoenMinatoNakahama.pdf
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[7]Laure Athias,Antonio Nunez. Winner's curse in toll road concessions[J]. Economics Letters,2008,101(3):172-174
[8]Daniel Albalate, Germa Bel. Regulating concessions of toll motorways:An empirical study on fixed vs.variable term contracts[J].Transportation Research Part A:Policy and Practice,2009,43(2):219-229
[9]Jyh-Fa Tsai, Chih-Peng Chu.The analysis of regulation on private highway investment under a build-operate-transfer scheme[J].Transportation,2003,30(2): 221-243
[10]Jose Holguin-Veras,Mecit Cetin, Shuwen Xia. A comparative analysis of US toll policy[J].Transportation Research Part A:Policy and Practice,2006,40(10): 852-871
[11]Anthony Chen, Kitti Subprasom.Analysis of regulation and policy of private toll roads in a build-operate-transfer scheme under demand uncertainty[J].Transportation Research Part A:Policy and Practice,2007,41(6):537-558
[12]徐海成.公路资产论[D].西安公路交通大学博士论文.西安：长安大学,1999,8：13-37
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[15]马贤明,郑朝晖.用益物权会计初探[J].事业财会,2004,(4)：4-8
[16]姚晓霞.公路特许经营制度的分析与探讨[J].综合运输,2006,(5)：41-43
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[18]林伊亘.关于收费公路权益转让的若干问题研究[J].交通财会,2006,(9)：9-12
[19]金花.开辟公路经营权二级交易市场的思考[J].经济与社会发展,2003,1(4)：62-63
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[22]梁峰.公路特许经营问题研究[D].长安大学硕士学位论文.西安：长安大学,2005,4：16-18
[23]周国光,李颜娟.规范公路收费权转让行为的政策研究[J].中国公路学报,2005,18(4)：104-109
[24]宋翔.公路建设发展中BOT模式及特许经营问题与政府职能分析[D].长安大学硕士学位论文.西安：长安大学,2005,3：10-11
[25]杜晓华.收费公路民营化中产权问题探析[J].科技情报开发与经济,2005,15(3)：137-138
[26]李蒙,白蕾.收费公路民营化中产权问题浅析[J].当代经理人,2006(2)：145
[27]刘彦.高速公路特许经营模式研究[D].北京交通大学硕士学位论文.北京：北京交通大学,2006,12：13-16
[28]刘喜平.高速公路企业整合模式研究[D].贵州大学硕士学位论文.贵阳：贵州大学,2006,11：12-14
[29]祁剑锋.公路TOT项目融资问题研究[D].天津大学硕士论文.天津：天津大学,2007,6：7-13
[30]殷俊.我国公路经营权转让问题研究[J].理论月刊,2007,(3)：80-83
[31]徐凯桥.经营性公路公司股权转让研究[J].交通财会,2008,(9)：68-69
[32]袁新岭.收费公路权益流转问题研究[D].长安大学博士论文.西安：长安大学,2009,6：80-140
[33]周国光.论公路收费权价值的确定[J].综合运输,1999,(12)：31-36
[34]周国光,卫静.公路收费权价值确定及其转让的筹资作用[J].长安大学学报(社会科学版),2008,10(4)：16-19,24
[35]周凯,徐海成,张林.收费公路权益转让价格的灰色预测[J].长安大学学报(社会科学版),2009,11(1)：46-49
[36]王先进.如何搞好公路基础设施国有资产管理[J].综合运输,2004,(9)：41-42
[37]郑潇罡,政府特许经营研究[D].华东政法学院硕士学位论文.上海：华东政法学院,2006,10：17-22
[38]樊建强,徐海成.高速公路产业化经营及政府规制探析[J].经济问题探索,2007,(3)：93-98
[39]李庆瑞.我国高速公路政府监管模式改革的思考[J].中外公路,2007,27(4)：295-298
[40]梁志爱.高速公路产业政府管制体制问题初探[J].理论导报,2008,(1)：62
[41]王洪,邵鲁宁.特许经营收费公路的价格管制模型研究[J].上海管理科学,2007,(5)：29-31
[42]卢正宇,郑莉,雷碧涛.基于激励性价格管制模型在高速公路中的应用[J],长沙铁道学院学报(社会科学版),2007,8(1)：203-204
[43]郝二虎,陈小萍.收费公路价格管制问题探析[J].价格月刊,2008,(1)：28-30
[44]交通运输部,国家发展和改革委员会,财政部.收费公路权益转让办法[Z].2008年9月21日
[45]李明.收费公路价值评估的收益法及相关指标参数研究[D].长安大学硕士学位论文.西安：长安大学,2009,4：22
[46]宣江平,周凯.经营性公路收费权政府回购问题研究[J].交通企业管理,2009,(7)：22-23
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② Anthony Chen, Kitti Subprasom. Analysis of regulation and policy of private toll roads in a build-operate-transfer scheme under demand uncertainty[J].Transportation Research Part A:Policy and Practice,2007,41(6):537-558
①徐海成.公路资产论[D].西安公路交通大学博士论文.西安：长安大学,1999,8：13-37
①袁新岭.收费公路权益流转问题研究[D].长安大学博士论文.西安：长安大学,2009,6：80-140
①徐海成.公路资产论[D].西安公路交通大学博士论文.西安：长安大学,1999,8：13-37
[1]Gines de Rus,Manuel Romero.Private financing of roads and optimal pricing:Is it possible to get both?[J].The Annals of Regional Science,2004,38(3):485-497
[2]Eduardo Engel,Ronald Fischer, Alexander Galetovic.Privatizing Highways in the United States[J].Review of Industrial Organization,2006,29(1):27-53
[3]Barry Ubbels,Erik T. Verhoef. Auctioning concessions for private roads[J]. Transportation Research Part A:Policy and Practice,2008,42(1):155-172
[4]M.M.Kumaramy, X.Q.Zhang.Governmental role in BOT-led infrustructure development[J].Journal of Construction Engineering and Management,2001,(19): 195-205
[5]Santi Charoenpornpattana, Takayuki Minato, Shunsuke Nakahama.Government Supports as Real Options in Built-Operate-Transfer Highways Projects[OB/OL]. http://www.realoptions.org/papers2003/CharoenMinatoNakahama.pdf
[6]Judith Y.T.Wang, HaiYang and Erik T. Verhoef, Strategic Interactions of Bilateral Monopoly on a Private Highway[J].Networks and Spatial Eeonomics,2004,4(2): 203-235
[7]Laure Athias,Antonio Nunez. Winner's curse in toll road concessions[J]. Economics Letters,2008,101(3):172-174
[8]Daniel Albalate, Germa Bel. Regulating concessions of toll motorways:An empirical study on fixed vs.variable term contracts[J].Transportation Research Part A:Policy and Practice,2009,43(2):219-229
[9]Jyh-Fa Tsai, Chih-Peng Chu.The analysis of regulation on private highway investment under a build-operate-transfer scheme[J].Transportation,2003,30(2): 221-243
[10]Jose Holguin-Veras,Mecit Cetin, Shuwen Xia. A comparative analysis of US toll policy[J].Transportation Research Part A:Policy and Practice,2006,40(10): 852-871
[11]Anthony Chen, Kitti Subprasom.Analysis of regulation and policy of private toll roads in a build-operate-transfer scheme under demand uncertainty[J].Transportation Research Part A:Policy and Practice,2007,41(6):537-558
[12]徐海成.公路资产论[D].西安公路交通大学博士论文.西安：长安大学,1999,8：13-37
[13]陶思海,姚王信,从无形资产准则看公路收费权[J].交通财会,2002,(4)：22-23
[14]刘文成.论公路收费权是公路经营企业的无形资产[J].交通财会,2003,(5)：30-32
[15]马贤明,郑朝晖.用益物权会计初探[J].事业财会,2004,(4)：4-8
[16]姚晓霞.公路特许经营制度的分析与探讨[J].综合运输,2006,(5)：41-43
[17]杨建平,周健.中国收费公路资产的属性与特征[J].交通财会,2007,(8)：31-34
[18]林伊亘.关于收费公路权益转让的若干问题研究[J].交通财会,2006,(9)：9-12
[19]金花.开辟公路经营权二级交易市场的思考[J].经济与社会发展,2003,1(4)：62-63
[20]孟迎春.关于开辟公路经营权二级交易市场的探讨[J].经济师,2004,(11)：169
[21]王英炜.高速公路特许经营研究[D].南京理工大学硕士学位论文.南京：南京理工大学,2004,12：7-9
[22]梁峰.公路特许经营问题研究[D].长安大学硕士学位论文.西安：长安大学,2005,4：16-18
[23]周国光,李颜娟.规范公路收费权转让行为的政策研究[J].中国公路学报,2005,18(4)：104-109
[24]宋翔.公路建设发展中BOT模式及特许经营问题与政府职能分析[D].长安大学硕士学位论文.西安：长安大学,2005,3：10-11
[25]杜晓华.收费公路民营化中产权问题探析[J].科技情报开发与经济,2005,15(3)：137-138
[26]李蒙,白蕾.收费公路民营化中产权问题浅析[J].当代经理人,2006(2)：145
[27]刘彦.高速公路特许经营模式研究[D].北京交通大学硕士学位论文.北京：北京交通大学,2006,12：13-16
[28]刘喜平.高速公路企业整合模式研究[D].贵州大学硕士学位论文.贵阳：贵州大学,2006,11：12-14
[29]祁剑锋.公路TOT项目融资问题研究[D].天津大学硕士论文.天津：天津大学,2007,6：7-13
[30]殷俊.我国公路经营权转让问题研究[J].理论月刊,2007,(3)：80-83
[31]徐凯桥.经营性公路公司股权转让研究[J].交通财会,2008,(9)：68-69
[32]袁新岭.收费公路权益流转问题研究[D].长安大学博士论文.西安：长安大学,2009,6：80-140
[33]周国光.论公路收费权价值的确定[J].综合运输,1999,(12)：31-36
[34]周国光,卫静.公路收费权价值确定及其转让的筹资作用[J].长安大学学报(社会科学版),2008,10(4)：16-19,24
[35]周凯,徐海成,张林.收费公路权益转让价格的灰色预测[J].长安大学学报(社会科学版),2009,11(1)：46-49
[36]王先进.如何搞好公路基础设施国有资产管理[J].综合运输,2004,(9)：41-42
[37]郑潇罡,政府特许经营研究[D].华东政法学院硕士学位论文.上海：华东政法学院,2006,10：17-22
[38]樊建强,徐海成.高速公路产业化经营及政府规制探析[J].经济问题探索,2007,(3)：93-98
[39]李庆瑞.我国高速公路政府监管模式改革的思考[J].中外公路,2007,27(4)：295-298
[40]梁志爱.高速公路产业政府管制体制问题初探[J].理论导报,2008,(1)：62
[41]王洪,邵鲁宁.特许经营收费公路的价格管制模型研究[J].上海管理科学,2007,(5)：29-31
[42]卢正宇,郑莉,雷碧涛.基于激励性价格管制模型在高速公路中的应用[J],长沙铁道学院学报(社会科学版),2007,8(1)：203-204
[43]郝二虎,陈小萍.收费公路价格管制问题探析[J].价格月刊,2008,(1)：28-30
[44]交通运输部,国家发展和改革委员会,财政部.收费公路权益转让办法[Z].2008年9月21日
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