Study On Pricing And Price Adjustment Mechanism Of Urban Untility Tunnel Use PPP Mode

In 2013,the State Council launched the pilot project of urban underground utilitiy tunnel construction.In 2015,the State Council issued a“guideline on promoting the construction of urban utilities tunnel”to encourage enterprises to participate in the construction and operation of this project and promote the use of PPP mode.Until now,the urban utilities tunnel based on PPP mode has been pushed to a high level.The PPP mode can not only reduce the government’s financial pressure,provide high-quality services,but also release the vitality and creativity of the private capital.However,there are still many problems in the implementation,and the most important one is the imperfect pricing and price adjustment mechanism.Unreasonable pricing and price adjustment may lead to the social capital failed to get a reasonable return and the users can’t receive high-quality services.Therefore,solve this problem effectively is the key to the successful operation of PPP project.This paper analyzed the references on financing mode and investment return system of PPP projects in order to get the solution of the problem we mentioned before.And it also summarized the successful experiences of the utilities tunnel project in typical areas to provide some ideas for the later research.In the core part of this article,we have done the following research:Firstly,we studied the price formation mechanism of the urban utilities tunnel use PPP mode.We analyzed 31 factors that affect the price from three aspects of stakeholders,project market and external environment.Then we found that the government,the social capital and the public have their own demands.The final price should be a balanced price that satisfies three parties.Besides,the price is influenced by four external environments include society,politics,laws and economy.We used the causal feedback theory in system dynamics to explore how impact factors affect the entrance fee and the daily maintenance fee,and then obtained two causal feedback loops about the maintenance fee.Through these researches,we have a basic understanding of the price formation mechanism from a theoretical level.Secondly,we studied the pricing mechanism of the urban utilities tunnel use PPP mode.First,we use the CAPM to determine the availability asset return rate and the maintenance profit rate,and then use the WACC model to revise it.Second,set the users as ₁P,the government as P₂ and the social capital as ₃P,list constraints according to their interest demands and tolerance,then build the goal programming model between entrance fee and government subsidies,thus we can determine the annual amounts of those two factors.Finally,figure out the annual maintenance fee that the company should receive according to the operation cost and the maintenance profit rate and the annual fee that the users should pay according to the different types of storage and users’use scale.Thirdly,we studied the price adjustment mechanism of the urban utilities tunnel use PPP mode.We focused our study on the adjustment of availability payment and the adjustment of maintenance fee.For the former,we considered the impact of the availability performance evaluation,so we use the evaluation indexes and their weights to build the availability payment adjusting formula.Besides,we also considered the impact of the capital market’s average return rate on the availability asset return rate,For the latter,we considered the operation cost and maintenance performance evaluation.The cost will change according to the price level and inflation and the performance evaluation can be decided by the evaluation indexed and their weights,then we can build a formula,adjusting the maintenance fee that the company should receive to correct the fee that the users should pay.Finally,we consulted the actual data and used MATLAB to verify the pricing and price adjustment methods that given by this paper,and the results show that these methods are reliable.