Research On The Determination Of BT Contract Price Of Highway Engineering Based On Cooperative Game

In recent years, BT mode has been developed rapidly in the industry of highway engineering, has eased financial pressure of government effectively, and provides investment channels for private capital. However, in the actual operation of BT mode, the lack of legal norms, the looseness of tender, the defect of BT investment and construction contract, the slackness of financing regulatory and other reasons, will cause the investment control of BT project difficult, but the premise of investment control is the reasonable determination of BT contract price. But, there is no standard about the determination method of BT contract price now, so the difficult determination of BT contract price comes. For the composition of BT contract price, the income distribution between project sponsor and organizer, the optimization of repurchase way, the return of investment and other key points, this paper explores the determination of BT contract price of highway engineering project.First, the paper defines the BT contract price and its composition of highway engineering project, shows the components and their calculation processes of BT contract price clearly, identifies the key factors of BT contract price, and, on this basis, analyzes the benefits of BT sponsor and organizer. Then, the paper analyzes the causes of the game between BT initiator and organizer, determines the cooperative game as the right relationship between BT initiator and sponsor through the inspiration of classic game model and the analysis of cooperative formation mechanism, and establishes the cooperative game model, compares the earnings of initiator and sponsor in the cooperative or non-cooperative game. Finally, based on the cooperative game theory, the paper discusses the game process and income distribution between BT sponsor and organizer under complete or incomplete information, presents the determination of BT contract price combined with the cash flow statement, and verify the determination of BT contract price through a case.