高速公路PPP项目股权结构、质量水平与VFM的关系研究

doi:10.12005/orms.2019.0186

摘要/Abstract

摘要： 高速公路PPP项目属于具有经营收益的准经营性项目,政府制定有效的激励措施,可以鼓励项目公司发挥专业的建设和运营能力,提高项目质量和收益水平。本文以VFM作为政府绩效评价指标,通过构建完全信息静态博弈模型,研究了PPP项目股权结构、质量水平与VFM之间的关系,结果发现:虽然社会资本较多持有项目公司股份有助于提高VFM水平,但随着社会资本方股权比例的增加,项目质量水平在不断降低,所以政府应该将社会资本方的持股比例控制在一定范围内,在保证项目质量的同时达到VFM最大化,从而降低政府方风险,提高社会效益。在高速公路PPP项目中,政府应优化股权决策,激励项目公司改善项目质量和水平,为公私双方带来良好的绩效水平。

关键词: PPP, 股权结构, VFM, 质量水平

Abstract: The government formulates the effective incentive measures that could encourage the project company to develop professional construction and operation capabilities effectively, for the PPP project of Highway is a quasi-operating project with operating income. In this paper, we take VFM as government performance evaluation index, construct a complete information static state game model and study the relationship among ownership structure, quality level and VFM of PPP project .The results show that although it is beneficial that the social capital controlling more shares of the project company can help raise the VFM level, the government still needs to control the shareholding ratio of the social capital in a certain range to ensure projects’ quality as well as VFM can be maximized to reduce government risks and improve social benefits as the proportion of the social capital party increases and the quality of the project continuously decreases. In the highway PPP project, the government should stimulate the project company to improve the project quality and bring good performance level to both public and private parties by optimizing equity decision-making.

Key words: PPP, ownership structure, VFM, quality level

中图分类号:

胡振, 曹莹, 刘华. 高速公路PPP项目股权结构、质量水平与VFM的关系研究[J]. 运筹与管理, 2019, 28(8): 150-155.

HU Zhen, CAO Ying, LIU Hua. Study on Relationship among Equity Structure、Quality Level and VFM:Based on Highway PPP Project[J]. Operations Research and Management Science, 2019, 28(8): 150-155.

参考文献

[1] Kumar L, Jindal A, Velaga N R. Financial risk assessment and modelling of PPP based Indian highway infrastructure projects[J]. Transport Policy, 2017, 62.
[2] Hui S , Shuhua J , Yuning W . Optimal equity ratio of BOT highway project under government guarantee and revenue sharing[J]. Transportmetrica A: Transport Science, 2018.1-21.
[3] Xu Y, Skibniewski M J, Zhang Y, et al. Developing a concession pricing model for PPP highway projects[J]. International Journal of Strategic Property Management, 2012, 16(2): 201-217.
[4] Papajohn D , Cui Q , Bayraktar M E . Public—private partnerships in U.S. transportation: research overview and a path forward[J]. Journal of Management in Engineering, 2011, 27(3): 126-135.
[5] Brinkerhoff D W, Brinkerhoff J M. Public—private partnerships: perspectives on purposes, publicness, and good governance[J]. Public Administration & Development, 2011, 31(1): 2-14.
[6] 刘继才,高若兰,谢锐锋.随机利率下的PPP项目实物期权评价研究[J].运筹与管理,2018,27(7):170-176.
[7] 王秀芹, 阚梦莹, 张艺红. 基于实物期权的PPP项目最低收入担保界限研究[J].中国管理科学,2018(7).
[8] 李林,刘志华,章昆昌.参与方地位非对称条件下PPP项目风险分配的博弈模型[J].系统工程理论与实践,2013,33(08):1940-1948.
[9] 叶晓甦,邓云.伙伴关系视角的PPP基础设施项目可持续性实现途径研究[J].科技管理研究,2014,v.34;No.310(12):189-193.
[10] 刘婷,王守清,盛和太,等.PPP项目资本结构选择的国际经验研究[J].建筑经济,2014,35(11):11-14.
[11] 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.
[12] 陈红,黄晓玮,郭丹.政府与社会资本合作(PPP):寻租博弈及监管对策[J].财政研究,2014(10):20-24.
[13] 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(4):376-381.
[14] Verweij S. Achieving satisfaction when implementing PPP transportation infrastructure projects: a qualitative comparative analysis of the A15 highway DBFM project[J]. International Journal of Project Management, 2015, 33(1): 189-200.
[15] 彭为,陈建国,Cui Qingbin,等.公私合作项目物有所值评估比较与分析[J].软科学,2014,28(5):28-32.
[16] Siemiatycki M , Farooqi N . Value for money and risk in public—private partnerships[J]. Journal of the American Planning Association, 2012, 78(3): 286-299.
[17] Grimsey D, Lewis M K. Are public private partnerships value for money? evaluating alternative approaches and comparing academic and practitioner views[J]. Accounting Forum, 2005, 29(4): 345-378.
[18] Sharma D K, Cui Q, Chen L, et al. Balancing private and public interests in public—private partnership contracts through optimization of equity capital structure[M]// Transportation Research Record: Journal of the Transportation Research Board, 2010.60-66.
[19] 王俊豪,金暄暄.PPP模式下政府和民营企业的契约关系及其治理——以中国城市基础设施PPP为例[J].经济与管理研究,2016,37(3):62-68.
[20] 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(4):118-123.
[21] 江春霞,周国光.PPP项目股权结构模型构建与应用研究[J].价格理论与实践,2016(4):140-143.
[22] 孙慧,范志清,石烨.PPP模式下高速公路项目最优股权结构研究[J].管理工程学报,2011,25(1):154-157.
[23] Boardman A, Hellowell M. A comparative analysis and evaluation of specialist PPP units’ methodologies for conducting value for money appraisals[J]. Journal of Comparative Policy Analysis: Research and Practice, 2017, 19(3): 191-206.
[24] Wang B, Zhang S, Wang X, et al. The influence of quality benefit and marginal contribution on the optimal equity structure of the PPP projects: balancing public and private benefits[J]. Construction Management & Economics, 2018.1-12.
[25] 杨宏伟,周晶,何建敏.基于博弈论的交通BOT项目特许权期的决策模型[J].管理工程学报,2003,17(3):93-95.
[26] Iossa E, Martimort D. Risk allocation and the costs and benefits of public——private partnerships[J]. Rand Journal of Economics, 2012, 43(3): 442-474.