Assessment Of The Value Of The Franchise Under The BOT Model Highway

China highway construction starts late, project financing such as BOT mode application in highway construction is late and incomplete, in practical application, there are still a lot of problems needing to keep learning. The highway is related to people’s livelihood, so it is an important infrastructure of national economic development, in recent years, its construction and development by the state attaches great importance to all countries, especially in the developed countries, they are in active exploration and innovation to seek new financing way to solve the highway financing difficulty and the low profit. Then there is BOT, TOT, PPP and other project financing way, they inherit the characteristics of the traditional business of highway franchise, but they are different from common sense, especially the BOT financing, in a sense, it is a kind of risk investment, because the highway construction is a huge project, its high investment and the characteristics of a long period determine the fact that there will be many uncertain factors appear, for example, the national policy, price changes etc. As we all know, the transaction is a kind of market behavior, a transaction must assess the value.In foreign research, the real option method has been applied to the highway franchise value and has made certain achievements, but BOT in our country starts late, BOT financing assets appraisal system is not scientific, so the current research on real options still in the research of foreign works level. Because of its special uncertain risk, the BOT mode of the highway franchise value evaluation cannot get the accurate assessment of the value by using the traditional cost method, market method and return method, however, considering the characteristics of options similar risk investment, this article applies the real option into the assessment of the value of the franchise, which not only overcomes the traditional shortcomings in many aspects, but also expands the application of real option. Using the classical B-S model, combined with the actual case, analyzes the real option method and income method to evaluate the value of the difference, fully shows that real option is a supplement of the income approach.