基于“运营商—投资者”的PPP项目双角色主体投资收益模型

doi:10.3969/j.issn.1007-7375.e17-3202

工业工程 ›› 2017, Vol. 20 ›› Issue (6): 1-8.doi: 10.3969/j.issn.1007-7375.e17-3202

• 专题论述 • 下一篇

基于“运营商—投资者”的PPP项目双角色主体投资收益模型

刘继才, 刘珈琪

西南交通大学经济管理学院, 四川成都 610031

收稿日期:2017-08-22 出版日期:2017-12-30 发布日期:2018-01-09
作者简介:刘继才(1976-)男,湖北省人,副教授,博士,博士生导师,主要研究方向为项目管理、项目融资(PPP).
基金资助:
国家自然科学基金面上资助项目（71571149）

Investment Profits of a Dual Role Subject Based on the Operator-Investor in PPP Projects

LIU Jicai, LIU Jiaqi

School of Economics and Management, Southwest Jiaotong University, Chengdu 610031, China

Received:2017-08-22 Online:2017-12-30 Published:2018-01-09

摘要/Abstract

摘要： 在PPP项目中，当运营商通过投资项目兼任投资者的角色时，会形成双角色主体的情形。然而，双角色主体存在投机行为的风险。因此，为了探讨PPP项目中运营商形成的双角色主体的最优投资决策和收益，降低双角色主体的投机风险，研究基于博弈理论，对PPP项目中运营商的投资收益结构和投机行为进行了分析。同时建立了运营商在4种决策组合下的投资收益模型，并对比分析了其在不同决策情景下的最大投资收益。然后结合数值分析，得出运营商入股成为双角色主体，并付出努力水平和避免投机行为可以实现自有资产的投资收益最大化。同时，结论显示项目公司应制定动态的合同价以降低运营商投机行为的风险。

关键词: PPP项目, 双角色主体, 投机行为, 努力水平

Abstract: In Public-private partnerships (PPP) project, when operators act an investor by investing in the project, the scenarios of dual-role subject will be formed. However, there exists risk of speculation of the dual-role subject, which can result in serious conflicts of interest between pure-investors and the dual-role subject. Therefore, in order to discuss the dual-role subjects' optimal investment decision and profit under the scenario that operator becomes an investor, and reduce the risk of dual-role subjects' speculation in PPP project, the structure of investment profits and speculation behavior of the operators in the PPP project are analyzed based on the game theory. Meanwhile, the investment income models of operators are constructed under the four decision combinations. Then, the maximum benefit is analyzed based on different decision situations. Combining with a numerical analysis, it is concluded that the operator becoming an investor and exerting efforts and avoiding speculation can maximize the return on investment of private assets. Meanwhile, the results show that project company should establish dynamic contract price to reduce the risk of operators' opportunistic behavior.

Key words: PPP Project, Dual Role, Speculation Behavior, level of effort

中图分类号:

F282

刘继才, 刘珈琪. 基于“运营商—投资者”的PPP项目双角色主体投资收益模型[J]. 工业工程, 2017, 20(6): 1-8.

LIU Jicai, LIU Jiaqi. Investment Profits of a Dual Role Subject Based on the Operator-Investor in PPP Projects[J]. Industrial Engineering Journal , 2017, 20(6): 1-8.

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基于“运营商—投资者”的PPP项目双角色主体投资收益模型

Investment Profits of a Dual Role Subject Based on the Operator-Investor in PPP Projects

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