The Research On Theory & Method Of Highway Asset Valuation In The Concessionary Time

With the rapid development of highway construction, highway economy is becoming the focus of attention. The theoretical circle of China has carried much study on highway economy, but very little on highway economy. This thesis analysis highway construction and development , based on the use of project finance and asset evaluation of the relevance of theoretical knowledge.This should be consideered economic attribute of highways is the same as that semi-public articles, namely, natural monopoly, which requires that author should made a preliminary assessment of the value of study and discussion.Firstly, the thesis discussed unique economic attributes of highway and highway franchising related issues, specifically the concept of highway franchising and development. when the highway in the concessionary time and at the end of concessionary time , analysis economic characteristics and research on method of highway asset valuation .when the highway in the concessionary time and at the end of concessionary time, analysis economic characteristics and research the value of the assets assessment methods.Secondly, through analysis and comparison, to determine the franchise should be used in different periods of the assets of different assessment methods. it should be used to assess the present value method the value of the operation of the highway in the concessionary time, it pointed out that the replacement cost approach is an ideal mode of highway concession evaluation at the end of concessionary time.based on the theoretical research on assess the value of a highway with a more complete theoretical basis for asset valuation. According to the standard of present value and characteristics of highway assets business, the thesis also provided the value calculating model of the highway replacement cost approach and specific ways to make certain its interrelated parameters. An example of practice on ChangTan highway project was then given to illustrate the main operating process of highway concession value calculation, so that a complete theory and method system of highway concession evaluation were established.Finally,the author also puts forward his viewpoints on the the replacement cost approach to assess that the use of the highway at the end of the concessionary time. The work of this thesis may offer some reference and gist for research on method of highway asset valuation at the end of concessionary time.