Research On Transfer Pricing Method Of The TOT Highway Operation Rights Based On Cooperative Game

Along with the contradiction between the invest requirement in the construction of the road fields with the limited financial capacity of government growing,as well the characteristics of high investment and low efficiency by existing government in the highway construction project,it not only require to reform the highway project investment and financing system,but also open highway projects field and encourage private capital to participate in it. The TOT financing mode is demonstrated effectively to introduce private capital in highway construction project financing.it can fill the lack of government investment on roads, but also can reduce the risk of road projects operation.But the transfer pricing of the assets become a focus of bilateral cooperation debate in TOT financing mode operation. For this focus,this paper find the achieve win-win point through reasonably allocated the income.For this focus, determine the value of the assets to be transferred is a key factor, it is related to the interests Game between the government and investors, also it is the basis of both income distribution. This paper analyzes the asset property of operating highways, and through its properties to find the factors that influencing its value. Then according to TOT mode application features in highway projects, we determine its transfer pricing by introduction of cooperative game theory. Setting and analysis cooperate Game factor of the negotiation process of the highway operation rights transfer pricing, then build a two-person cooperative game model,and study the method of Rubinstein bargaining model. Then the paper calculated some important parameters in the cooperate Game model that including the future traffic forecasts and minimum value income which investors expected. We can distribute the income on both of them by these methods,and then we can obtained the transfer pricing of highway operation rights.Finally, the paper calculate the transfer pricing of highway operation rights through case analysis,it verified the methods and models to be practical and scientific. This paper provides a new method to determine the transfer price of highway operation rights. These theories and models have a certain value to the theory and practice of TOT model.